Generational wealth is something that can give your descendants a big leg up in the world. So how do you accomplish it? PennyGem’s Justin Kircher has the story.
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00:00 Generational wealth is something that can give your descendants a big leg up in the
00:08 world. So how do you accomplish it? Market Watch says by definition generational wealth is being
00:13 able to pass down assets, whether that's real estate, stocks, or a business to the next generation
00:18 to inherit. It sounds hard to achieve and the site says it's harder to keep as it points to
00:23 research showing that 70% of families lose that capital within a generation. Clever Girl Finance
00:28 suggests investing as a way to build that generational wealth from putting money into
00:33 the stock market and or adding real estate to your portfolio. The site also recommends starting a
00:38 business but says that to help make sure that it stays in the family it's a good idea to get your
00:43 kids involved in it at an early age so they can feel more invested and protective of it. Market
00:48 Watch says that besides building up that generational wealth you should make sure you
00:52 keep it too by setting up a will and making sure it's kept up to date. The site says it's also
00:57 important to name beneficiaries for your financial accounts and life insurance policies too to keep
01:02 it within the family.