By Sandra Kilgore, GRI, ABR, SFR –
One of today’s hot topics is the importance of building generational wealth.
Generational wealth is usually defined as assets passed down from one generation to the next. This can include real estate, stocks, investments, businesses, autos, or anything of monetary value.
Those who are beneficiaries of assets passed down have a big advantage. They normally get a head start due to being able to fund their education, start a business, purchase a home, or the ability to make investments to further grow their wealth.
That being said, it is not easy to maintain generational wealth across several generations. Research shows that approximately 70% of families lose their wealth within the second generation; that number climbs to 90% within the third generation. However, do not be dismayed or discouraged because the odds are against us, instead let’s start taking steps to change it.
Although there are many ways to build wealth, let’s look at one of the quickest and best ways to get started. Once you have steady employment or income, begin to research purchasing your first home. There are many programs available to assist first time buyers with downpayment assistance and closing fees if you qualify.
Purchasing a home will prevent you from wasting your valuable money on rent, which helps to build someone else’s wealth. Investing in a home is an investment in yourself, your future, and puts you well on the path of building generational wealth.
Please feel free to contact me at any time if you need someone to guide you through the process.
Sandra Kilgore GRI, ABR, SFR