How to build generational wealth with these proven steps

December 20, 2022 by Chris Gottschalk, First Alliance Credit Union

One of the incredible side effects of wealth is that it doesn’t just make your life better—it can also improve the lives of your children, and potentially even your grandchildren. This is due to the concept of generational wealth, which is the money that gets passed down from one generation to the next. It can take several forms, from money in savings accounts to family homesteads, and it can give future generations of your family an incredible advantage, provided they can manage the generational funds successfully.

Even better, you don’t have to already be rich in order to create generational wealth. Here are some steps most people should be able to accomplish.