Outside of accomplishing your own dreams and desires, there is another factor that should be highly motivational to push you and your family to experience financial freedom. This factor is generational wealth building. Legacy is everything. Ancient religious proverbs tells us that a good man or woman leaves an inheritance for their children. When you are gone, what will you leave behind for your family?
Generational wealth is key to preserving your family’s legacy. While money is not everything, a family can drastically change over the course of just a few decades. Children who do not have adequate savings can be drowned by debt, student loans, and bad credit. Generational savings and wealth building creates a needed support system for future generations to save necessary funds.
Beyond the survival side, generational wealth is key to creating financial flourishing. Would you like your children to buy a house one day? Would you like them to acquire undergraduate and graduate degrees without being saddled with a mountain of debt? Would you like them to be able to start their own businesses and invest in the stock market? All these realities can be accomplished through generational wealth-building. Becoming financially free yourself can be a powerful, motivational examples for your children to do the same.
Considering that building wealth for your legacy is a process that requires patience and time, there is one principle that you can start today that will yield intangible benefits over the course of many years: Teaching your children to be financially free. Taking a few minutes every day to teach your children how to save, invest, and spend wisely can change the course of their financial future.
You can start with pennies and nickels before they receive dollars. Teach them to set aside birthday money or to ask relatives to buy them a stock in their favorite company rather than a new video game system. Teach them not to look for the most value rather than buying the most expensive product on the market. These practices may seem small, but they will create patterns of financial literacy and wisdom that will live long past you. Teaching them wise financial practices now can create patterns of wealth for their future. Financial responsibility is a value that is worth teaching and passing down to our children.
Whether you have young children or teenagers, now is the right time to encourage them toward financial responsibility. This starts with adults who are disciplined and financially responsible, but it doesn’t stop there. Children can learn from a young age to use their money wisely and value their investments. One of the greatest gifts we can pass on to our children is generational wealth and the example of financial freedom. For more information on how you can build generational wealth for your family, visit our website and see how we can help you!