A Roadmap for Building Generational Wealth for a Young Family

Many young families are torn with the balance of digging out of student loans and other debt while feeling the pressure of living it up or keeping up with the Joneses.

For families who have young children, all kinds of other pressure, especially financially, comes into play.

Not all of us will build generational wealth during our lifetime, but even if we don’t quite get to the finish line, following these steps will significantly improve your financial life.

You first need to understand where your money is going. Tracking your expenses for a couple of months, so you know where your money is going is a critical first step.

Track Your Expense


You can put this money in a high-interest checking or savings account or invest it in a money market account through a brokerage account.

Establish an Emergency Fund


It simply means setting up systems to automatically invest, save, pay down debt, or pay your monthly bills.

Automate Your Finances


Have a plan to build a small emergency fund, and have taken steps to automate your finances, it’s time to get laser-focused on paying down debt.

Pay Off Your Debt


Take an evening to find out all your outstanding debt and write it down. You can take a few different approaches to pay down your debt.

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