Building generational wealth comes down to two very important concepts.
#1. Mindset ~ I don't like using the term Mindset, I think it is overused and is losing its value, but with that said and not having another term to get my point across, I'll use it today.
There is no way to build wealth without adopting a wealth-building mindset.
You need to be completely committed to the 'Action Steps' you need to take to build your generational wealth.
#2. Action ~ It's obvious that you need to take action to build generational wealth.
Action A ~ Reallocate your spending to investing. For some people, this may mean spending less in order to have the funds to invest. An example would be to stop going out for coffee every day and take that money and invest it. You will be giving up one thing (coffee house visits) to get another (build generational wealth).
Action B ~ Invest some if not all of your monthly profit. Everyone should track their monthly income and expenses and calculate their monthly profit or loss. Those with enough income most likely have a monthly profit to invest.
Action C ~ Increase your income to fund your wealth-building program. Another in vogue term, the side hustle is a great example of a way to increase your income.
Above I've given you three action items to build your wealth, adopt one of the three to get started today and try to add others, especially Action A and Action C.
You may think you are doing great and saving/investing enough for your future but think about your loved ones and what would happen if you were not around.
Generational wealth means providing funds for your loved ones, whether you leave an inheritance to your children, or provide financial stability for your partner or other close family members.
Take action today with your mindset and take action!
To Your Wealth!