What is Generational Wealth?
Nov 16, 2022
Generational wealth, also known as family money or legacy wealth is wealth that has been passed down from one generation to the next.
Generational wealth is defined as the ability to leave a significant quantity of money or assets behind. Real estate, stock market investments, a business, or anything else with monetary value are examples of these assets.
Instead of borrowing from banks, their inheritance might be used to fund income-producing investments, appreciating assets, or even the purchase of their first home.
According to statistics:
It is, nevertheless, difficult to retain generational wealth over numerous generations. In the second generation, around 70% of families lose their wealth, and in the third generation, 90% of households lose their wealth.
Take Away:
- Know why you are creating generational wealth
- Requires working hard
- It requires being strategic
- You must start now
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