How to Make Financially Conscious and Wealthy Children
Author: Elle Miller
Building generational wealth isn’t exclusive to people like the Kardashians, the Hiltons or the families of tech giants like Elon Musk, Jeff Bezos, and Bill Gates. For people who are only starting their financial journey, it might seem impossible to even think of setting your children or family up for the future but that’s definitely not the case. The truth is, leaving an inheritance for your children is something anyone can and should aspire to do.
Here we’ll be discussing what generational wealth is, why it’s important, and how you can build it starting today.
What is Generational Wealth?
Generational or legacy wealth is wealth passed down from generation to generation. It’s most commonly associated with money and assets like real estate and stock market investments but more importantly, it is also financial literacy and a positive relationship with money that can truly change the trajectory of the generations after you.
The first step is all about understanding your goals. Decide the world and life you want to build and create for, and with, your children and understand your ‘why’. For many, it’s because they’ve dealt with a lot of struggle and debts already in their life. It’s not something they want their children to ever experience. For some, it’s the feeling of safety that they’re considering. For others, it’s giving your children access to the best opportunities in the world.
No matter what it is, this exercise will pave the way for you to start believing it is possible despite how daunting it may feel.
The importance of Financial Literacy
The one thing to note as true, is that knowledge is what completely separates the 1% earners from the rest. Knowledge is truly power and can make or break any financial journey.
Just imagine if you knew how to harness the power of investments, what the most effective ways to make money are, the power of compound interest, and the best ways to protect and grow your wealth as early as ten years old.
What if you had a positive relationship with money as early as a toddler? What if you already cracked the code to accumulate wealth?
These are the things that could truly set your children apart from a life full of struggle and life full of choices.
What do you need to build Generational Wealth?
As mentioned above, the life-changing things to pass down in order to foster generational wealth are knowledge and mindset. But what exactly should you be sharing?
One of the key differences between the super-wealthy do differently is the way they view money. They see money as a tool to be utilised to create more money. Every dollar is like a soldier and if it’s not out there fighting and recruiting more soldiers, it’s a waste.
The super-wealthy gets there by accumulating yield-generating assets. Properties, homes, businesses, and dividend-paying stocks… are all forms of yield-generating assets.
These assets generate a regular dividend which is used as income and to re-invest into further cash-generating assets. Rinse and repeat…
That’s it!
But not all of us have millions of dollars lying around waiting to be invested and turned into hundreds of millions of dollars…
Should you be purchasing one property with all your savings and getting into debt on top of that to finance it? No!
What if there was a way to gain knowledge, build the mindset, and start implementing the same wealth creation strategies, without a lot of upfront capital or debt?
We’re currently in a very unique time of our lives where we can maximise new opportunities in the digital space to make, save, and grow your money without millions of dollars. That’s the power of digital assets.
At Breakout, we specialise in educating people on taking tried and tested wealth creation principles from the traditional finance world and applying them to digital assets, without requiring a lot of upfront capital to start.
You can start with as little as a few hundred dollars. Dip your toes in the water, test it out, generate passive income, re-invest, rinse and repeat.
There are some differences between creating wealth via digital assets as opposed to those in the physical world. Rules, tactics, and strategies you need to understand. Some minor, some major, but all are important.
In fact, we have summed up creating wealth via digital assets into 5 steps:
- Knowledge: Understand how the super-rich creates wealth. Some of which you now know.
- Mindset: Build the prerequisite bulletproof mindset and emotional mastery
- Growth: Grow your digital asset capital base
- Leverage: Leverage your capital base for passive income and re-investment
- Protection: Protect the wealth you have created
This is the Digital Wealth Creation System and to learn more, start with our free crypto-starter kit at decryptingcrypto.com
Let this be your first day in building wealth for so many more generations to come. Your future depends on what you do now and we’re determined to help you find the best, safest, and easiest way to create the life you deserve.
Learn now then things will follow.