Updated: Nov 4, 2021
Generational wealth is a common goal for many of us, but what does that really look like? Many people believe that only the rich can establish long-term generational wealth. However, wealth can be obtained and passed down in many realistic and achievable ways. Here are two easy ways you can create generational wealth for your family:
Buy a Home
Owning a home and staying current on your property taxes can create generational wealth for a lifetime. Homeowners can leverage their property in various profitable ways that will be beneficial to their present and future finances. For example, a home can be used as a rental property which generates an additional stream of income. Ownership of the home can also be transferred to future generations within your family for upkeep and continuation of any profitable leases or financial contracts.
Not sure if your credit history is fit for homeownership? We'd love to help! CLICK HERE to learn more about how to book a FREE consultation with a member of our team. We want to help you achieve your financial goals so that you can generate lasting wealth.
Start a Business
Business ownership can help you to build generational wealth in many ways. Your business can provide employment to loved ones while establishing a trusted brand that will support your children's lifestyle in the future. A business entity can be passed down properly with the correct policies, bylaws, and contracts in place. Be sure to start a company that sells a product or service that people will always need. This way, your future generations can step into a promising opportunity when it's their turn to run the family business.
If you need help preparing your business for financial longevity, we can help! CLICK HERE to learn more about how to book a FREE consultation with a member of our team. Our staff is well-versed in helping businesses obtain and leverage funding.
Generational wealth starts with planting seeds that will grow for a lifetime. We hope that with our help and your ambition, you will be able to create wealth that comforts your family for generations to come.