Finance

6 Sure-Fire Ways to Start Building Generational Wealth Now

By Aahil

November 3, 2022

Assets that parents leave to their children—and, ideally, to their children's children—are referred to as generational wealth.

Pay into your 401(k) 2. Most businesses offer 401(k) plans, which provide significant tax benefits. It enables their workers to make pre-tax payroll contributions to retirement plans, lowering their taxable income.

Purchase real estate 2. Investing in real estate is a fantastic way to generate income and increase your overall net worth.

Purchase stocks 2. Stock market investments, such as index funds, are another form of creating generational wealth and are more liquid than real estate.

Purchase Life Insurance 2. It’s always important to prepare for the worse, especially for your untimely death.

Start a Small Business 2. Although not commonly discussed in financial planning, small businesses are an excellent way for building generational wealth for their loved ones

Save Money 2. Another simple way toward building generational wealth is by saving

Estate Plan & Will 2. An estate plan is a series of legal documents, such as a will, trust, and power of attorney

Custodial accounts 2. Custodial accounts are accounts that are in the name of a minor (i.e., your child) but managed by a guardian or parent.

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