In this episode, Carmen Perez covers some simple yet effective ways to start building generational wealth.
Video Transcript
CARMEN PEREZ: When you hear the term generational wealth, you might roll your eyes and write it off as rich people problems. But I promise you, it’s for everyone. And you don’t need a trust fund to do it.
What’s up, everyone? I’m Carmen Perez, and this is “Getting Rich.” And today, we’re going to be talking about some simple yet effective ways to start building generational wealth.
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What is generational wealth? Well, in short, it’s stacking coins and cashing checks. But the textbook definition of generational wealth is as simple as setting aside some cash and investments for your family or future family, if you don’t have one yet. The whole idea is taking some of the struggle out of your kids’ future.
So whether that’s money for college or even money for a new car, it’s one less thing that they’ll have to worry about. Now, let’s cover some of the most effective ways to start building generational wealth, AKA stacking coins. The stock market is perfect for long-term financial planning, because a good investment will grow over time.
If the stock market seems scary, perhaps consider investing in a low cost index fund or index ETFs. These are a basket of stocks that basically mimic the entire stock market. You can invest with as little as $5 to $500. And historically, they have returns of about 8% to 10%.
Kind of a no-brainer, but investing in real estate is one of the best ways you can provide for your family long-term. You also get the nice perk of being able to live in or rent out that investment. Forget everything you’ve heard on true crime podcasts– life insurance is one of the best ways to ensure that your kids or loved ones won’t be left in financial ruin if something happens to you.
Yes, it sounds morbid, I know. But it’s important in building generational wealth for your family members that depend on you. Now, let’s meet our next guest who is ready to start crushing their financial future. Jimmy, welcome to the show.
– Thank you so much for having me.
CARMEN PEREZ: Yeah, absolutely. So tell me a little bit more about yourself and what brings you on the show.
JIMMY LAVAR: I live in New York. I’m 20 years old. And I’m looking to build generational wealth …….
Source: https://www.yahoo.com/lifestyle/generational-wealth-start-building-today-220000888.html
