139: Investing in Your Legacy: How to Build Generational Wealth
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We’ve all heard about generational wealth. But do you know what it really is? And how to get it?
Have you ever thought about ensuring your family’s financial security 💰 for generations to come?
Building generational wealth is a great way to achieve this goal. But of course, it requires careful planning, shrewd investments, and surrounding yourself with a team of experts who can help you navigate and mitigate risks. After all, lasting prosperity takes effort and a good strategy!
So what exactly is “generational wealth”? Basically when one generation of a family passes down their financial assets to the next generation.
These assets can include things like cash, stocks, bonds, and other investments, as well as real estate and family businesses.
It’s a way to ensure that your family can continue to thrive financially for years to come.
At the end of the day, like anything else, it’s simply a strategy that families can use to safeguard and maintain their wealth over time. The secret to building generational wealth is all about proper planning and making wise investment decisions. By learning how to build generational wealth, you can create a solid foundation for your family’s financial future.
Luckily for you guys – that’s where we come in. So how can YOU create generational wealth?
Step 1: Create an Estate Plan
First things first, you need to create an estate plan 📋.
We get it, that doesn’t sound fun, but we promise, it’s really not that hard when you are organized.
No matter how many assets you think you do or don’t have, you need to create an estate plan so that your loved ones are protected — which is what we all want, right?
The fancy-sounding estate plan is really just a group of documents that essentially protect your assets and your loved ones in your absence.
The idea is to create an inventory of your assets and personal property and provide clear instructions on how you wish to pass them down.
This can include things like a will, a living will, a power of attorney, medical power of attorney, and even a trust. By having an estate plan in place, you can help ensure that your assets are distributed the way you want them to be and that your loved ones are taken care of after you’re gone. It’s all about providing peace of mind for you and your family! 🥰🥰
Step 2: Invest in Real Estate
Next, you need to invest in real estate. We know it might feel intimidating or daunting, but hear us out.
Have you ever heard of the saying, “real estate is where the money is”?
It turns out there’s some truth to that‼️
We aren’t going to lie to you – while real estate may not be as easy to buy and sell as stocks or shares in an index fund, it can be a great long-term investment strategy. In fact, Andrew Carnegie once said that “90% of all millionaires become so through owning real estate.” 🏬
It’s a powerful statement and speaks to the potential of investing in property.
While it may take some time to see a return on your investment, the payoff can be huge in the long run. So, if you’re looking to build wealth over time, real estate might just be the way to go!
Not only that, but like a lot of people, inflation 📉 is probably a topic on your mind a lot these days.
The great news is that real estate is an investment that typically grows in value alongside inflation and can potentially provide a steady stream of income when managed properly.
Of course, like any investment, it’s important to do your research and invest wisely.
➡️ Before jumping in, make sure you have a comprehensive understanding of the tax implications and that you have proper estate planning documents in place.
By doing so, you can set up lasting economic protection and create intergenerational riches for your family. It’s all about being strategic and setting yourself up for success!
Step 3: Create Passive Income
Have you ever heard the saying, “If you don’t find a way to make money while you sleep, you will work until you die,” by Warren Buffett?
It’s a powerful quote and speaks to the idea of creating passive income.
Passive income is a tool that can help you build generational wealth without actively managing it. ⭐
The best part is that there are many ways to generate passive income, but of course, our favorite is apartment syndication!
We love 😍 this method because it involves investing in a hard asset – something tangible that people will always need — shelter!
By investing in apartments, you can create a steady stream of passive income that can help build wealth for generations to come.
It’s all about finding ways to make your money work for you, so you don’t have to work for your money.
Not only that, but Maslow talks about the basic need for shelter in his hierarchy of needs.
At the very bottom of the pyramid are physiological needs, and they include things like air, food, water, shelter, clothing, warmth, and sleep.
These are basic biological requirements that we all need to maintain our health and well-being.
Without these things, it’s impossible to live a healthy and fulfilling life.
That’s why it’s so important to make sure that these needs are met, especially when it comes to things like shelter and food.
By taking care of these basic needs, we can focus on other aspects of our lives, like personal and professional growth.
So, let’s not forget about our physiological needs — they are the foundation of a healthy and happy life! And for the investor, take note of the fact that people always need a place to live! 🙌🏻
Why Create Generational Wealth?
So why bother? Well, it’s definitely not a quick process, but with a long-term strategy and some discipline, it is possible to achieve generational wealth.
It all starts with developing financial literacy and understanding the basics of money management.
This includes things like budgeting, investing, reducing debt, and saving. Once you have a good grasp on these concepts, it’s important to create a strategy that accounts for both your immediate and long-term goals. 🤓🤓
Yeah, for example, you may want to focus on retirement savings while also setting up an educational fund for your children or purchasing a home.
The key 🗝️ is to have a plan in place that will help you achieve both your short and long-term aspirations.
And of course, it’s important to stay disciplined and committed to following through on your plan. It may not always be easy, but the rewards of building generational wealth will be well worth it in the end!
You might even want to consider joining the Kitti Freedom Club if you are ready to start your journey to financial independence.
GET ME ON THE KITTI FREEDOM CLUB
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