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.
The best legacy to leave to children is a good education and a solid financial foundation. A good education can open up opportunities for a better future, and indirectly we are passing on wealth to our children. Essentially parents with a solid financial foundation will make life easier for their children.
There are many cases of wealthy parents who love their children too much and indulge them in everything always following their whims but fail to teach them financial literacy. Furthermore their children lack the instinct to earn money because they haven't been trained. They are too comfortable with their parents' financial support and even receive subsidies as adults. Therefore no matter how much wealth we inherit our children will simply be wasted. To ensure wealth for our children, we need to provide a good education and solidify a strong financial foundation. This way when we pass on our wealth to our children they can maintain and even grow the assets we've inherited.