It is one thing to have money and it is another to have a lifelong sustainable path of wealth. I want to have enough money to leave for my children which will give them a good ground to compete with their mates, and they will also be able to leave wealth behind for their children, that is a great life and a build-up of generational wealth in my opinion.
There are ways to go about the preservation of wealth from one generation to another. The essence of wealth preservation is to build a legacy for your family, one which would stand the test of time.
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It takes a lot of effort, discipline, and time to build wealth, some strategies could be learned when it comes to the building and maintenance of wealth.
In wealth creation and sustainability, the first path to tread is to begin to make money. I mean, there is no way to even speak of sustaining wealth if you have not made money in the first place.
Making money is in two forms, you either make money through earned or passive income. Earned income is what you earn from what you do for a living, and passive income on the other hand, is what you make from the various forms of investments you choose to put your money into.
After making money, you need to plan for your money. The portion you want to save, use to pay off debt, buy a home, and other things you have in mind. You must be specific with your goals listing out your intentions with the percentage you wish to put into each of the goals set.
Savings and investment are two major areas of concentration that your money life has to revolve around if you have the intention of building a lasting type of wealth. Spreading your money amongst different types of investments is a healthy choice and better than putting all your eggs in a basket.
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The protection of your assets from unfortunate situations through insurance is a good thing, while you are trying to build wealth life may happen and ensuring that your wealth and investment are covered will save you a lot of troubles and heartbreaks.
Now, after the desired wealth has been created, it is left for you to preserve it with all you have, the first step to achieving this is to take things legally. By drafting a will through a good law firm, you are sure that your investment is appropriately covered.
Plan for the succession of your business, and arrange for a responsible person who will continue to run your business when you no longer have the ability to do so, this would ensure that your legacy is upheld and a continuous running of the business is possible.
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