Whether you know it or not, you have probably thought about passing on wealth to future generations. It means money for you, your kids, your grandkids, their grandkids, and so on, for as long as your family stays together.
It comes naturally for us to worry about our kids. If you’ve ever thought about how your parents took care of you or how you’ll make sure you have enough money in the bank to take care of your family after you’re gone, you’ve thought about the idea of “generational wealth.”
With the right planning, you can set up a family business or a portfolio of investments that will make money for hundreds of years.
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How does Generational Wealth work?
The idea of passing on wealth is not new. You might have heard it called “Old money” or “family wealth” more often.
Examples of Wealth Passed Down
Think of famous families like the Rockefellers, the Kennedys, or the Waltons that you hear about in the news or see on TV. These families are just a few examples of how wealth can be passed down from one generation to the next.
But you don’t have to make a billion dollars to build lasting wealth.
You can also leave a legacy for your children, their children, and their children’s children, just like they have. Doesn’t it sound nice? Today, we’re going to talk about the money you leave behind for your family.
We’ll also talk about good ways to invest money that will help future generations instead of just making money in the short term.
But this is a lot more than just a gift. This is more than just enough money for them to live on. The way they think about money and the money skills you teach them can last longer than the money you give them.
I’ll show you how to make money and how to keep it. Most importantly, I’ll show you how to give your kids the tools and knowledge they need to keep the money you’ve made and build on it. Are you ready?
Ways to Build Wealth for Future Generations
First of all, you need to know that everyone can build wealth that will last for generations. Not hard at all. I’ll show you how to use the tools you already have to help you and your family keep and grow your wealth for many years to come.
1. Don’t waste your money.
A fool can never have enough money. So be smart with your money.
When it comes to spending money, there are a few common mistakes that people make.
You don’t want to land in one of those.
You don’t have enough money set aside in case something goes wrong.
You can’t control your expenses because you don’t pay close attention to them.
You buy things like a flashy new car, a bigger house, and a big vacation that you don’t really need.
Here’s how to stay away from these pitfalls:
First, pay yourself! Save the first 10% of what you earn.
Get control! Cash your paycheck and put the money you’ll be taking home into envelopes for each type of expense. When the money in the “eat out” envelope runs out, you’re done eating out.
Think big picture! Most people spend more than what they earn. Even though a recent study showed that the middle class lives better now than most of the upper class did in 1970, that doesn’t matter. Try not to buy things that are cool today but will be old tomorrow. If you buy a flashy new car this year, it will cost you a lot more than if you bought the same model next year. Buy what you need and put the rest in the stock market.
You can always make a change, even if you have fallen into one or all of these traps.
The sooner you change your way of thinking and learn to save and spend money wisely, the better off you’ll be.
2. Pay attention to your cash flow
Most of us can’t build long-term, lasting, generational wealth with 10% of our full-time income because the rate of return we can expect on our savings is too low. You have to find a way to make more money if you want to be financially independent and be able to pass it on.
Not hard at all. Just ask a professional. Experts say, “Think about getting a side job.” Experts, who are smart people who aren’t rich, know how to get more cash flow.
A caller asked the head of New Zealand’s Social Security system how she was going to retire if Social Security wasn’t giving her enough money. She said, “Get a better job that pays more so you can save more.”
Genius. Why didn’t the caller think of that?
The “side hustle” is something that self-help gurus like to talk about a lot.
People tell you to drive for Uber or open an Etsy shop to sell things online. One of my wife’s friends goes on monthly trash day night raids in her upper-middle-class neighborhood and sells what she finds on eBay. She calls it being mean to white people.
You can do it if you want to, but do you really need to work harder and longer to make more money? I think there’s a better way to do this.
How to Pick Stocks Based on Rule #1
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15.15 minutes a week
You can make money in 15 minutes a week if you know what to do and have the right tools. It’s much better than working because you can do it whenever you want, while sitting in a comfy chair in front of the fireplace, and with almost no money at all.
What are they? Turn into a place where gamblers can play.
Well, there’s already a casino there, in a place where people love to gamble and roll the dice.
You’ll be taking the “house” side of the gamble, just like a casino does, and the odds are hugely in your favor.
You must be asking yourself, “What’s the catch?”
All right. The catch is that most gamblers don’t want to run a casino because it takes too long to get rich. The casino part of a gamble is very sure, but the money comes in much more slowly.
The people who gamble want to get rich fast.
They want to roll the dice and scream when they win big. But that’s not how you make money. That’s not how families get rich over generations. With each bet, the house gets a few cents. Cash flow from taking the smart side of a gamble can create wealth that will last for generations. That’s why the casinos, not the gamblers, own all the big buildings on the Strip.
One person who learned how to invest like a gambler was a university professor. He was one of the first people to consistently make money on the stock market. In his twenty-year career, he made over $200 million and never had a losing month.
Yes, he is a math genius and kind of a rocket scientist. It’s not surprising that it takes a genius to come up with something this good, but anyone can copy what works.
This is what we do. We copy the best casino-type investors in the world, do what they do, and, not surprisingly, get great results.
So, students write us letters like this: A dad who makes money while sitting in an RV near Yosemite while his kids play outside, a soldier who makes money in a bunker between missions, a nurse who makes money once a week after a shift, and many more.
This is a smart way to trade.
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Find out how you compare to other investors.
Most people think of day trading when they hear the word “trading.” People who do this take risks on the stock market, which usually doesn’t work out. We’re not talking about that here.
Rule #1, the first rule of investing, says: Don’t lose money.
Rule #1: Investors should put their money into things that won’t lose money over time. This smart way to invest also sets up great, low-risk, high-return trades that give you cash flow now and a big return on your money in the long run.
We copied this way of trading and investing from people like Warren Buffett. With our free Smart Investing Cheat Sheet, you can copy what we did. Once you know the basics, you’ll be able to trade the right companies and make money for yourself and your family with very little work.
3. Make money while you sleep
Passive income is key to building wealth that will last for generations. Passive income is money you get that you don’t have to work hard for. You don’t have to go to an office or do specific things to get it. Some of the richest people in the world, like Warren Buffett and Bill Gates, depend on this source of income.
Even though being a casino is the best way to make money, you still have to do something. But the long-term investments that come from the casino trading strategy bring in money without you having to do anything.
With a little knowledge and the right tools, you can let your money make more money on its own while you relax. It’s the same as planting a seed. You put in the work to plant the seed, and then you can watch it grow. It can grow faster and faster as time goes on.
We make sure that our growth is exponential by investing in companies at a price that guarantees a high compounding rate of return. Your first trade in a great company that the market has priced too low is the seed you plant.
Once the business reaches your “buy” price, you switch from making short-term cash flow to investing and earning passive income over the long term.
You can make passive income for yourself by putting your money into great businesses that are for sale and that will keep growing year after year.
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