For many individuals, the word “generational wealth” may signify a lot of different things. Wealth can be summarised as happiness, prosperity and abundance and can be linked closely with money but what is generational wealth? Why is it important?

Why is generational wealth Important?

The phrase “generational wealth” refers to assets passed down from one family generation to the next. In some circumstances, assets are passed down the generations in the form of an inheritance. They are passed down to the following generation in some cases while the sender is still living.

Building generational wealth is a simple notion. All you have to do is accumulate assets or save money that you don’t plan to use in retirement. Then, when you die, you leave those assets to your offspring.

The issues that make it tough to go ahead financially in the modern world are mitigated by generational wealth. Even small payments can give beneficiaries a leg up on the competition, allowing them to live more comfortably and possibly avoid taking on debt for things like schools and housing.

The greatest approach to pass on wealth from generation to generation is by:

  • Investing in the stock market

Many people have been motivated by the epidemic to work for a better financial future, and many have taken on their first challenge: stock market investment and this can be very beneficial to generational wealth as it provides another income stream for the household and can be invested in over time.

  • Building a business to pass down through your family line

Forming a business idea and building a brand may not get your income straight away into your account but it will set up a viable income source for your family and future generations. Plus, a home-based business can minimise your income tax.

  • Take advantage of life insurance
  •  Investing in your child’s education
  •  Creating multiple streams of income
  • Setting up a crypto-currency and building on your income
  • Invest in real estate to be passed down to the next generation:

The majority of Australians pass along their wealth through homeownership. Your parents’ house rises in value over time and is passed on to the following generation.

  • Create a trust fund for your family
  • Investing in your life insurance policy

Another way generational wealth begins is as a beneficiary of a life insurance policy. You can use the money to pay off debts or establish a company.

  • Teach your children good habits when it comes to finance’s and not to go into debt

It is critical to pass on the information we gain to future generations, especially when it comes to financial matters. There’s an old proverb about standing on the shoulders of giants and learning from their mistakes. Our generational job is to not just inspire the next to adapt, but also to thrive in affluence. To succeed where we may have failed, while simultaneously teaching them to appreciate the source of their money.

If you need help in building your generational wealth please let our friendly team know.

Contact Us

Why you should use a Financial Planner instead of doing it yourself!

Download your free report now!

What our clients have to say

Steve Pollard is a highly professional and ethical financial planner, who practices what he preaches. He is on the few financial planners to have provided independent fee for service advice since he started in the industry. I trust Steve to provide quality advice to me, my friends and clients.

Andrew Wegener  Aquila
Andrew Wegener

Every time I see Steve present at a seminar, I realise it is so much more than financial information, which anyone can provide, and more about finding the right motivator. Steve definitely knows how to motivate in a friendly non confronting manner. I can see why his greatest successes are with clients that stay with him year on year.

Greg Davies  Davies Home Loans
Greg Davies

I have know Steve pollard personally now for a couple of years and meet with him once a week for breakfast. He is literally a breath of fresh air as I have always been wary of Finance Advisors in the past. Steve is now working with myself and my partner to help build a financial plan for the future and has really opened my eyes to the possibilities there are. I totally recommend that if you are looking at advice for your personal or business matters to book a time to Steve as you won't be disappointed.

Sam Skehan  "Great Advice"
Sam Skehan

Your next step to financial security

Having conducted 3000+ complimentary sessions to date, we haven't yet found someone whose financial position we couldn't improve.

Please don't go another year, having not improved your financial position. Click the button below to request a Complimentary Consultation with the Gold Coast Financial Planning Advisors who offer truly objective financial advice.

Our Location
(by appointment only)

CONTACT

Stephen Pollard | 1300 911 721
enquiry@oasisfinancialplanning.com.au
oasisfinancialplanning.com.au

PO Box 114, Mudgeeraba QLD 4213

AUTHORISED REP

Stephen Pollard and SVJJ Pty Ltd, ACN 158 131 269, ATF SVJJ Family Trust ABN 85 718 454 789 trading as Oasis Financial Planning, are Authorised Representatives of Synchron AFS Licence No. 243313, an Australian Financial Services Licensee.

PRIVACY POLICY

To view our Privacy Policy please click on the following link here: Authorised Representative of Synchron AFS Licensee No. 243313

See full Disclaimer

ELSEWHERE