Part of caring for your loved ones is making sure that they have the financial resources they need. Generational wealth is one way that you can provide that for your children and loved ones.
Generational wealth comes in many forms, but the simplest way to put it is that it includes any financial resources you give to your children, their children, and beyond, offering them a head start in life so they don’t have to start from zero.
Giving your child a car or setting up a trust fund for them is a form of generational wealth. Paying for their college education or helping pay their rent while in school or starting their career is another.
Knowing that you’re there with an extra bedroom to sleep in when times are hard or some extra grocery money when times are tight can help your kids mentally and financially.
Even something as simple as having them sit down with you while you pay the bills and explaining what you’re doing can help them learn about managing their money and family wealth.
Even small gestures to make sure they know you care can help them feel more comfortable asking for help, saving them from falling deeper into a financial hole.