Generational wealth seems to be a buzz topic right now. Whether it be for your children, creating community impact, or investing sustainably these are topics that I seem to see all over the internet.
But how do we truly get there?
Today on the Thrive For[e]ward podcast, we are going to be talking about how to be “smart” with your wealth and how to plan for that to pass onto the next generation and hopefully the generation after that.
First step is to not take the back seat.
Women make 90% of the household financial decisions. So many women tend to give away their time, time is money. You need to reinvest in you before your family.
Next, it’s time to get serious about your investments.
Paying yourself first by investing into multiple investment strategies. Then, ensure you have an emergency fund that can cover expenses for the next 24 months. Lastly in this category is to diversify your investments (only once you’ve hit your savings goal and have flexibility) and understand what life insurance policies might be available to you.
Finally, get impactful with your money.
Think about what you can do to make an impact with your money.
Did you know that globally, women’s accumulated assets could reach $93 trillion by 2023, according to the Boston Consulting Group, and women are using their rising economic influence to make a difference in the world in new and powerful ways — including investing in companies and nonprofits that promote greater women’s equality.
Check out some previous episodes on our podcast!
Generational wealth is achieved when you’ve accumulated enough investments to pay for your families living expenses in perpetuity without touching the principal. When you google how to make generational wealth you will be in-fluxed with LOTS of how to get rich quick links.
Today I’ll leave you with some things you can do as you move forward in your wealth journey!
Define your wealth legacy
Think about what you want to leave when you are no longer here? What do you want to be able to provide for them? Write this all down and define it.
Meet with the necessary partners that you have (your personal board of directors)
What do you want to do and what are the action items you need to do to make it happen?
What are the tax qualifications? How can you be smarter now to prepare for the future?
Align and explore how your portfolio is in alignment with your values
Check out this website! www.asyousow.org
Here are some additional resources that support our episode today. I invite you to read, explore and share with someone you know who might benefit from our content.
If you are interested in learning more about Forethought Planning and how we can help you on your journey, please schedule an appointment to our complimentary 30 min Wealth Assessment session to learn more about how we incorporate these strategies and others to assist you through the financial planning process.
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