Everybody talks about building generational wealth, but is it a sneaky way for creators to sell online courses and “get rich quick” programs? This was a question posed to me on The Finance Rebel Show (link below)
Join Jay as he discusses his thoughts on generational wealth and gives you several ideas about how to realistically create generational and transformational wealth for your family.
LEARN MORE ABOUT HOW TO MONETIZE YOUR GENIUS IN JAY’S “PINPOINT & MONETIZE YOUR GENIUS” PROGRAM Go to www.BEBGenius.com and use code “genius97” and save $150 off the retail price of $247.
GET MY NEW BOOK: “Unlocking The Poer Of ChatGPT – The Ultimate Prompting Handbook For Beginners” at https://1181-info.systeme.io/434e935c
WATCH MY INTERVIEW ON THE FINANCE REBEL SHOW AT: https://www.youtube.com/live/mK9Mhke18ps?feature=share
LISTEN TO THE FULL PODCAST EPISODE
BLACK ENTREPRENEUR BLUEPRINT SHOW NOTES – EPISODE # 465
GENERATION WEALTH VS TRANSFORMATIONAL WEALTH
What is Generational Wealth – assets that are passed down through families to children, grandchildren, and beyond. Assets passed from one generation to the next might include cash, investments, property, and more.
What Is Transformational Wealth – Transformation is a dramatic change in form or appearance. Transformational wealth is a relative term that describes any positive change in your heir’s financial status compared to the previous generation. So, someone who grew up in abject poverty has now given their children the ability to go to college and make a great income is transformational. It has put them in a better position.
Is Generational Wealth Talk A Marketing Ploy?
Yes, I believe many people that sell products and services use it as a marketing buzzword or dog whistle to entice people to buy their get-rich-quick scam.
Answer: You must have discernment – who are you receiving your information from – remember the source
Do I Think Generational Wealth Is Attainable?
Yes. Most generational wealth is built over time. But there are a few simple ways to create generational wealth for your family such as:
- Buying life insurance (several millions of dollars to pass down).
- Building Assets such as real estate (don’t sell the first house you purchase keep it as a rental property after you move). Building other assets such as retirement accounts.
- Starting a full-time or part-time business.
- Creating intellectual property.
- Parlaying your W2 income into revenue-generating vehicles.
What Are Some Tips To Build Generational Wealth?
- Do not be scared of the pressure to build generational wealth (loser’s mentality) do the best you can
- Change your mindset and believe that it is possible by looking at other people’s success
- Create a plan (start now) and leverage time. The earlier you start the better
- Decide what vehicles you’re going to use to build generational wealth
- Build slowly and consistently – remember it’s about building assets
Examples: My in-laws (slow and steady) with real estate and retirement assets – never owned a business.
SIMPLE WAY TO CREATE GENERATIONAL WEALTH – Life insurance, your primary residence, and retirement assets