Building generational wealth takes dedication and a plan. The best way to build wealth, in general, is to spend less than you make and invest your money in things that will provide you with income. However, when it comes to generational wealth, focus on creating multiple streams of income through investing, real estate, and starting your own business.
Investing is a great way to grow your money and earn passive income. If you invest in stocks that provide you with a dividend, you can live off the dividends or invest that amount back into your portfolio. Over time, your account will grow, and that growth can be passed down to the next generation.
Real estate is another way to create another stream of income from rental potential. Having a few properties that you can rent out can provide you with passive income. In addition, home prices typically increase, and homes can be passed down through your estate to provide additional income to your family.
Lastly, starting a business is a great way to create another income stream and potentially earn a higher income. A business can be passed down to your family as well.
