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Your kids, grandkids, great-grandkids could go broke if you do not fix this problem. Yes, that may seem a bit harsh, but when you look at the statistics of generational wealth building it is very somber.
Contrary to a commonly held belief that most wealthy people are born into their wealth, most millionaires are self-made. However, this earned wealth struggles to be maintained or grown by second and third generation family members. We call this the wealth wash cycle.
Tune in to this weeks episode of The Money Guy Show as we reveal the secrets to sustaining your wealth through future generations. Learn the practical steps you and your family can implement to keep your wealth for generations to come.
The steps you can follow to extend wealth beyond the first generation.
: Why you shouldnt avoid the money conversation with your adult children, and how to start including them in important financial discussions.
Foster Financial Behaviors that Create Future Success:
What a timeline of things that you can do throughout the different stages of life to nurture good financial behaviors in your children:
: Teach the basics of how money works. Talk to your children early and often about finance.
: Show them that every dollar needs a plan. Share books that can inspire them to understand their money even more.
: Be their counselor for big life decisions like joining money with a spouse, buying their first home, preparing for emergencies, and getting finances in order before having children.
How you can make your children aware of your estate plan and the decisions youve made and why. Consider having a family meeting to share your estate plan with your children. It is important for your family to know this information and where it is located.
Break The Cycle:Find out how to break the cycle of generational wealth dissipation and why bringing in an outside voice, a financial expert, can help facilitate productive discussions that can lead to successful generational wealth maintenance.
You can end the Generational Wealth Wash Cycle by applying these steps to go beyond common sense and make sure that your children and grandchildren are building a legacy that works just as hard as you did building those assets.
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