I hear a lot of young people wishing they can build generational wealth for their kids. The kids of their kids and the kids of their kids' kids. But is it really up to us? We can build wealth now and leave all our assets to our kids but how can be sure they can protect the wealth and make it grow even more?
Honestly the best thing we can do is to teach our kids and hope that all the things we got to accomplish for them won't be put into waste. Build your portfolio now. Invest in assets that will be profitable in the long term so you can leave this to your kids.
You have to invest in longterm assets to build generational wealth. But to safeguard it for future generations, you need to teach them financial literacy prior. They have to understand budgeting, investing basics, risk management, and recovery as well. Encouraging entrepreneurship and passive income is also very helpful. Structuring assets through trusts or family LLC may keep them safe from debt, bad divorce, or poor financial decisions. Think about succession planning, adjustable family financial meetings, and even setting up charters or behavioral covenants. These things will help ensure that your legacy isn't just preserved, it's multiplied as well.