Income is the amount of money you receive on a regular basis, while wealth is the length of time you can maintain your current lifestyle without additional income from your job.
Some of the major factors that can get in the way of building wealth are:
• Spending on basic necessities like housing,
• Paying back student loans, and
• Spending on our children, parents or grandparents
These expenses are necessary to live and prosper. Yet, if we have insufficient income, we have less to save and less to take the necessary steps to build generational wealth.
So how do we create generational wealth? One way is to encourage family members to focus on ONE TRANSACTION - sit down with your family to discuss that One Transaction that will start building generational wealth for your family and grandchildren. Having your family be a part of this journey helps to keep everyone on track.
Some of us have a few options, i.e. a will, life insurance, homeownership, a profitable business, automatic savings/investments, or improving credit - select one to be the focus and use that to start your journey!
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