How do we create generational wealth?
Working together until we die together as a people. If we are divided from each other that is when we are the worst with each other as a whole. Creating generational wealth comes from the most positive attitudes of working and owning resources together as one humanity or managing our Earth’s resources.
This is an article repost from FamilyLegacyLegal’s Keys To Building Generational Wealth Article:
Welcome to Straight Talk. We at Legacy Legal and Family Legacy Trainings appreciate your enjoyment of our weekly insights on Building Generational Wealth.
Building Generational Wealth is about more than just money. It is about wealth in values, beliefs and traditions. There are 4 keys to Building Generational Wealth.
Key number one is personal power. The thinking and actions you take each and every day consistent with your values and beliefs. How your thoughts become your beliefs and then your actions. Do you take responsibility for what happens to you in life or do you blame others or circumstances? As I have moved through this journey in life, I have learned a very powerful lesson and that is that we create our world. Everything in our world is a construct of our own mind. How we perceive events, how we interpret them, the stories we tell. So if we create our own world and it isn’t what we like, guess what? We can change it. That is personal power.
Key number two is Business Prosperity. Every one needs an income. For some it’s a job. For others it’s a career and for some it’s being an entrepreneur and building a business. Some people think they have a business when in reality they created a job for themself. So how do we get Business Prosperity? Well, for one thing, we have to first look at the model we are going to use for that prosperity and once we have chosen that model then we can look at how we invest in ourselves and build a mindset of asset based thinking rather than income based thinking.
Key number three is financial wealth. Do you make money and spend money? What is your approach to money? Do you invest it in assets that generate income without you having to do anything for it? In the financial advising world there are really only 5 categories of assets you can invest in. Stocks, bonds, real estate, commodities and currency. That’s it. That is the universe of assets. Now of course, there are a myriad of strategies within each of these and we are told to diversify into broad classes of assets and categories within each class so that your portfolio as a whole can be protected. Understanding these different types of investments and then the manner in the way you will invest in them is important to building overall financial wealth. And don’t forget the rule of 72’s which says that over a certain period of time with a certain interest rate, your money will double. So at a 7% interest rate it will take 10 years to double your money. This of course assumes you can get 7% every year and also assumes that you don’t suffer a downturn. Sometimes not very realistic which means charting a course and adjusting is imperative.
Key number four is a tax fortress. What type of plan have you created to preserve and protect your wealth by having an impenetrable wall against the IRS and creditors? We have found in all our work that most people approach this last area from a benevolent dictator position. Here is the money, I will be dead so what! I will suggest that while you are still here, having the right conversations with the family, creating a vision and a plan will cement the opportunity to build wealth and know that the family can achieve and accomplish more for themselves than they realized is possible. Wouldn’t it be nice not to have a mortgage payment. Wouldn’t it be nice not to have to rely on credit cards. Making sure your money can provide benefits for future family members.
Building Generational Wealth the right way is a team effort. Our advisors are knowledgeable, experienced and deliver quality to make sure you are put at-ease in these turbulent times.
Thank you for being a part of our Straight Talk community. We educate, transform and inspire business owners and families in changing the way they think and talk about wealth in money, values, beliefs and traditions. By Uniting, Aligning and Nurturing your common purpose and vision you can preserve and protect wealth and leave each generation accomplishing clarity year round. Legacy. What is your Legacy?