Generational wealth comes in many forms, but the simplest way to put it is that it includes any financial resources you give to your children, their children, and beyond, offering them a head start in life so they don’t have to start from zero.
The most basic form of generational wealth is money. That can be in the form of simple cash or other valuable assets, such as a car, home, or investments.
Teaching your children how to build a budget, use a credit card, or how investing works is all a form of generational wealth. The knowledge you give them can help them improve their financial life.
Support systems are another form of generational wealth that doesn’t strictly require that you have a lot of money to give to your kids. Simply being there and being willing to help can help your children get a leg up financially. .
Get your children involved in your family’s finances from a young age. Even something as simple as having them sit down with you while you pay the bills and explaining what you’re doing can help them learn about managing their money and family wealth.
Make sure that your kids know that you’re there to help and serve as a support system for them. Even small gestures to make sure they know you care can help them feel more comfortable asking for help, saving them from falling deeper into a financial hole.