Building Blocks to Wealth: Constructing a Stable Financial Future for Your Family
March 23, 2023
March 23, 2023
The best time to start building wealth is right now. No matter where you are in your personal financial journey, there are steps you can take to build a more stable and sustainable future for you and your family. Here is a closer look at steps you can take to begin building wealth.
Building and managing your wealth is a lifelong process that can have major implications for you and your children or other beneficiaries. In fact, CNBC reports $68 trillion will be passed down from the Baby Boomer generation between 2019 and 2044. Having a plan in place can ensure that your wealth is distributed to the people who mean the most to you.
Your approach to building wealth should be personalized to your specific situation, but you can base your plan around three main pillars: accumulate, preserve and protect.
The first step to building wealth is earning enough money to save and invest in your future while covering your basic expenses. Steps you can take to accumulate wealth include:
Once you have begun to accumulate wealth, the next step is preserving it. This includes making plans to protect and grow your money over an extended period of time. Steps you can take to preserve wealth include:
Last but not least, you should have a plan in place to eventually transfer the wealth you have built to family and loved ones. Steps you can take to protect wealth include:
Building inter-generational wealth is a long-term effort — consistency and commitment are key. Do not get discouraged if you are not seeing results as quickly as you would like.
If you need help at any point in your wealth building journey, there are professional financial planners and counselors who can help keep you on track.
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