Generational wealth is a way to create wealth for your family that is passed down through generations. It provides freedom of choice to live the life you want and not worry about debt.
Building generational wealth is easier than you may think. All you have to do is spend less than you earn and save and invest as much as possible. Let’s look at a few ways to invest and build generational wealth for years to come.
Invest In Real Estate
Investing in a rental property is one of the most common ways to build wealth. 90% of millionaires are wealthy because they invested in real estate. Start small by buying your first home or duplex or renting out a room in your rental property. After a few years, you can purchase a second property, and eventually, your real estate portfolio will take off.
Invest In Your Children
Because generational wealth is passed down to younger generations, investing in them and their education at an early age is essential. Teach your children the importance of money and how to save, invest, and work for it.
Invest In The Stock Market
The primary source of wealth in America comes from investing in the stock market. If you’re just getting started in the stock market, start with low-cost index funds. They are usually inexpensive, provide long-term growth, and are easy to manage.
Invest In Yourself/Your Business
Building your own business may take a lot of time, but it provides a huge opportunity for generational wealth. Many family-owned businesses are very successful and are passed down to the second generation.
As you can see, there are many different options to invest in and build generational wealth. If you have any questions about building wealth through real estate, reach out to us! We would love to help!