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.
It is not wrong to transfer wealth to your children, but they should be taught to value and preserve it. Our offspring should be able to pursue a career so that they will not just depend on inherited wealth. Another means of helping children sustain and build wealth is to identify their talents or gifts at an early stage. They should be guided to pursue a career that suits their skills and personality.
Some of the successful sportsmen were encouraged and guided by their parents. This support helped them develop these skills at an early age, which made them excel as professionals. If they are engaged in a profitable venture, it will be difficult for them to squander transgenerational wealth.