#generationalwealth

[theambitiouswoman]

Wealth Building: What Rich People Do Differently

Wealthy people prioritize learning about personal finance, investing, and wealth building strategies. They always strive to gain more knowledge in these areas.

They maintain a long term perspective when setting financial goals and are patient in their pursuits.

Wealthy people diversify their investments across various asset classes to manage their risk.

Many of them are entrepreneurs who create and manage businesses as a means to build wealth.

They build and nurture professional networks opens doors to opportunities for investments, partnerships, and business growth.

They set clear, specific financial goals and regularly review and adjust their strategies to stay on track.

Wealthy individuals exercise discipline in their spending habits, avoiding impulse purchases and consistently saving and investing.

They assess and manage investment risks carefully, often with the guidance of financial advisors.

Many engage in philanthropy and charitable giving, recognizing the importance of supporting their communities and causes they care about.

Wealthy people invest in their personal development, acquiring new skills and knowledge to increase their earning potential or make better investment decisions.

They use legal tax strategies to minimize tax liabilities, such as tax advantaged accounts and tax efficient investments.

Legal structures like trusts and estate planning are employed to safeguard assets and facilitate smooth wealth transfer.

Wealthy people can adapt to changing economic conditions and market trends by diversifying income sources and investments.

Building wealth often involves overcoming setbacks and failures, and the wealthy demonstrates the result of persistence in their pursuit of financial success.

They have a positive and growth oriented mindset drives their belief in their ability to succeed and willingness to take calculated risks.

They prioritize acquiring and growing assets, emphasizing that assets generate income and wealth over time.

They are cautious about spending in liabilities (Things that do not make you money) and maximize their assets (add value) and those that detract from wealth (liabilities).

Instead of working solely for money, they make money work for them.

When they indulge in luxury purchases, they do so using returns on their investments rather than the money they earn or have saved.

[mansorus]

[vomentallyunstableladka]

Adulting is all about realizing that we just want mental stability and generational wealth

[divine-mystic-princess]

[blackmensmile]

I think this is one of the most powerful images and words on IG right now. —- by @berettascottking : “May my actions lay the foundation for my children and their families. May my sacrifices always keep and guard them. May their partners know that I am their mother, too. May they have all of their needs and wants met exceedingly and abundantly because of the doors I’ve opened- because of the doors opened for me. Maferefun Yemonja. Omi o! Maferefun Sango. KAAAAABEYESI! 📸 @phyllis.iller 📍 @hammondshouse #legacy #generationalwealth #blacklove #blackfamily #spiritualgrowth #iya #obatala https://www.instagram.com/p/CrDtGrdg34Q/?igshid=NGJjMDIxMWI=

[karizard-ao3]

https://x.com/blustock_/status/1592912441729781761?s=20

arranged marriage enemies to lovers eremika 🤭

I actually had to take a while and brainstorm with a friend for this one because I was trying to think of a way to make it work since I’m pretty sure with arranged marriages you don’t get much opportunity to know your future spouse well enough to hate them prior to the wedding? But, I’m not positive.

Anyway, this is what I came up with.

The Jaegers and the Ackermans are business rivals and have always been at each other’s throats. However, recently they’ve decided that it’s in their best interests to align with each other. Maybe there’s some new up-and-comer they have to take down. Rather than rely solely on contracts and whatnot, they decide to do what the Romans would do and use a marriage to seal the alliance. Being the only members of the two families who are single and of marrying age, that responsibility falls to Eren and Mikasa.

Neither of them are happy about it. Being lifelong rich kids and nepo babies, they’re both very hedonistic and don’t really do anything productive. They have their little pet business ventures, like Mikasa models and Eren owns a whiskey company, but they’re both young partiers who date celebrities and neither of them is even thinking about marriage to anyone, much less to someone they’ve been raised to see as the competition.

When Mikasa tries to get out of it, her family reminds her that she does not actually pay for her beautiful apartment or her beautiful car or her beautiful wardrobe or her beautiful vacations with her own money and that they could easily stop funding her lifestyle and she’d have to get by on her modeling gigs and makeup line alone. Eren is informed that he’s similarly on his own if he doesn’t comply and is informed that his whiskey company does not actually make any money. It consistently only breaks even and that’s kind of a miracle seeing how little time Eren invests in it. So, with no other options beyond taking a severe hit to the quality of life they are accustomed to, they reluctantly agree.

To add insult to injury, though, someone has the genius suggestion to turn their first year of marriage into a reality show and their families are like, “Yes. Let’s commodify the kids even more. The profits can be your nest egg.”

Since their alliance is shaky at best and they know how their spoiled heirs are, they make sure to staff Eren and Mikasa’s marital home with people who will keep them in line and prevent them from doing anything that could be grounds for divorce. Their lives for the next six months are scheduled down to the minute because now their parents also want them to start taking the family businesses seriously. They’re followed around by camera people and their house is fitted with cameras by the reality show producers as well, so Eren and Mikasa find themselves compelled to sleep in the same room in the same bed in order to give off the appearance that they don’t loathe each other. They also have to hold hands and smile and pretend to flirt, even though they want nothing more than to never see each other again.

They’re like wild animals stuck in a cage.

Little by little, though, they start to get to know each other. They don’t have much choice. And there are some moments of sweetness between them that aren’t scripted. Eren gets sick during a break in filming and Mikasa attempts to make soup for him. When paparazzi hound Mikasa at a movie premiere about the actor she’d been dating right before her marriage (he’s seeing a new woman and has already gotten her pregnant), Eren gets in their faces and tells them to fuck off, then asks her if she’s okay once they’re in the limo. She’d just broken up with the guy before she got forced into marrying Eren and he’s not sure if she’d had to break up with the guy so she could marry him. She shrugs and looks out the window, frowning, then says they’d already split and he’s just going to cheat on his new girl the way he’d cheated on her, so she doesn’t really care. I think maybe another time she gets too drunk and he takes care of her, and she gets him something really thoughtful for his birthday when the rest of his family just sent him generic gifts picked out by their assistant. Mikasa actually took the time to commission something for him. I don’t know what, but something tailored to his interests, which she knows very well by now.

Keep in mind, these are all grudging moments of sweetness between them that happen when they’re not being examined under a microscope, so there is still a lot of antagonism as well because they’re both frustrated with the situation, but they’re also starting to see that they are both in the same boat and they have a pretty good vibe together when they’re left to their own devices.

They’re also sharing a bed, so they’ve hooked up on more than one drunken night.

Eventually, they decide to work together to make their lives livable again.

When filming ends, they team up against their families and the producers to refuse a second season. After all the cameras come out of the house, they come up with a postnuptial agreement that stacks on top of the prenup and reassures their families that they’ll behave within the marriage for a minimum of five years or suffer dire personal consequences which clears them to get rid of the staff of spies and hire back their old employees. Before they know it, they’re actually alone. They can have their own rooms and their own lives again. They stand in the middle of their huge house, not sure what to do with themselves now that they’re not obligated to spend their time with each other. They’re both feeling a little bit lonely about it, in fact, so Eren turns to Mikasa and says, “Do you want to send someone for takeout and rent a movie with me?”

And, of course, she says, “Yes.”

[pommedeterre225]

Trad wife

[sadiahakim]

I'm having a generation gap with the people of my own age and my own generation.

Sadia Hakim

[wack-ashimself]

You know if hard work, turmoil, and a rough life made people stronger and gain their worth, how come with 60% of all major wealth being inherited worldwide, those people didn't have to do that? It's almost as if the richest most evil people on the planet convinced everybody else they must suffer for their worth while they don't.

[sheniq]

The banking needs of formerly enslaved black soldiers, spurred the incorporation of the Freedmen’s Savings and Trust Company in 1865. “This bank is just what the freedmen need, proclaimed Abraham Lincoln on March 3, 1865, as he signed the Freedman’s Bank Act and authorized the organization of a national bank for ex-slaves. Due, in part, to aggressive recruiting tactics, the number of ex-slave depositors grew rapidly from 1865-1870. Thirty-four branches were established in cities across the nation, including Atlanta, Charleston, Philadelphia, and Washington D.C. “Go in any forenoon, and the office is found full of Negroes depositing little sums of money, drawing little sums, or remitting to a distant part of the country where they have relatives to support or debts to discharge,†reported a Charleston journalist in 1867. And yet, thrifting and saving did not yield desired results. The dream of prosperity and abundance slowly spiraled into a nightmare of fraud, mismanagement, and discriminatory lending. In 1871, Congress authorized banks to provide business loans and mortgages. Paradoxically, such mortgages and loans were usually administered to whites at the expense of black depositors. Risky investments and lending patterns, coupled with cronyism and corruption at the level of upper management, slowly undermined the stability of the bank. According to Black Past, “By 1874, massive fraud among upper management and among the board of director had taken its toll on the bank. Moreover, economic instability brought upon by the Panic of 1873, coupled with the bank’s rapid expansion, proved disastrous.” The Freedmen’s Bank was officially closed on June 29, 1874. At the point of closing, 61,144 black depositors were robbed of the modern equivalent of $66 million. The failure of the bank left many black depositors and borrowers distrustful of the white banking community, especially since the Freedmen’s Bank was established and managed by white men. In subsequent years, the white banking community has imposed higher interest rates on black borrowers or simply rejected their applications #generationalwealth #theft #racialwealthgap #wealthgap https://www.instagram.com/p/ClYrhUyLnjW/?igshid=NGJjMDIxMWI=

[mansorus]

The JT factor 💫🤍🤎

[legacywealthjoy]

How to Help Your Family Wealth Last for Generations

Suppose you have accumulated significant wealth and want to pass it on to your heirs. In that case, you may wonder how to ensure they use it wisely and responsibly. After all, you want to make sure your hard-earned money is well-spent by the next generation.

Fortunately, some strategies can help you preserve and protect your family's wealth for generations. Here are some tips to consider:

Communicate your values and expectations.

One of the most important things you can do is to have open and honest conversations with your family members about your values, goals, and expectations regarding money. Share your story of how you built your wealth, what challenges you faced, and what lessons you learned. Explain how you want your wealth to benefit your family and society. Encourage your heirs to ask questions, express their opinions, and share their aspirations.

Communicating your values and expectations can help your family develop a shared understanding and appreciation of your wealth. You can also foster a culture of trust, respect, and responsibility among your family members.

Educate and mentor your heirs.

Another critical strategy is to educate and mentor your heirs on financial literacy and stewardship. Teach them the basics of budgeting, saving, investing, and philanthropy. Help them develop the skills and knowledge to manage their finances and make intelligent decisions. Provide them with opportunities to practice and apply what they learn, such as giving them an allowance, involving them in family business decisions, or supporting their entrepreneurial ventures.

Educating and mentoring your heirs can help them become confident and competent in handling money. You can also instill in them a sense of purpose and gratitude for the wealth they inherit.

Establish a governance structure.

A third strategy is establishing a governance structure for your family's wealth. This involves creating a formal framework for how your wealth will be distributed, managed, and monitored over time. For example, you can set up a family office, a trust, a foundation, or a combination of these entities. Also, appoint a board of directors, a trustee, an advisor, or a committee to oversee the operations and performance of these entities.

By establishing a governance structure, you can ensure that your wealth aligns with your values and objectives. You can also provide clarity, accountability, and transparency for your family members.

Seek professional guidance.

A final strategy is to seek professional guidance from experts specializing in estate planning, tax planning, investment management, philanthropy, and family dynamics. These professionals can help you develop a comprehensive program that addresses your unique needs and goals. They can also help you navigate the complex legal, financial, and emotional issues that may arise when transferring wealth across generations.

By seeking professional guidance, you can benefit from the expertise and experience of others who have helped families like yours achieve their legacy goals. You can also avoid costly mistakes and pitfalls that could jeopardize your wealth or cause conflicts among your family members.

Prepare for an excellent wealth transfer.

According to some estimates, over $68 trillion will be transferred from baby boomers to their heirs over the next 25 years. This is the most sizable intergenerational transfer of wealth in history. If you are part of this excellent wealth transfer, you must prepare yourself and your family for this momentous event.

One way to prepare is to assess your estate plan regularly and update it as needed. Ensure that your wills, trusts, beneficiary designations, powers of attorney, health care directives, and records are current and reflect your wishes. Consider using strategies such as gifting, charitable giving, life insurance, annuities, or trusts to reduce taxes or protect assets from creditors or lawsuits.

Another way to prepare is to involve your heirs in the planning process. Share your intentions and expectations for how they will inherit and use the wealth with them. Discuss with them the potential challenges and opportunities that come with inheriting wealth. Help them understand their roles and responsibilities as stewards of the family legacy.

By preparing for the excellent wealth transfer, you can ensure that your wealth will be transferred smoothly and efficiently to the next generation. You can also help your family avoid common pitfalls such as overspending, mismanagement, or disputes.

This blog post helps you implement ways to help your family's wealth last for generations. If you need more assistance with this topic, please contact me at (816) 551 - 7961 or visit my website at www.legacywealthjoy.com. I would love to hear from you and help you achieve your legacy goals.

References

 "Important Steps for Proper Retirement Planning." Personal & Business Banking - Banks in Delaware, www.wsfsbank.com/help-guidance/knowledge-center/important-steps-for-proper-retirement-planning. It was accessed on 20 July 2023.

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