Every big fortune started small! Building generational wealth starts when you make a few smart decisions about money and invest in your and your family’s future! It doesn’t have to cost a lot, sometimes all you need is a little time.
Give your time to wealth building activities …
Before you give of your money, give a little time to really build your money smarts!
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Improve your money management skills
Money can get very complicated very quickly. You can get to grips with the basics of money and learn good money management and wealth building skills with a financial education course such as the free course from Truth About Money.
Practice and share good money values
Practice your newly learned money management and wealth building skills and share them with your family. Lead by example (be the best money manager and wealth builder you can be), and your kids will quickly pick up good money values!
- Have a family budget and work on it as a family (and spend according to your budget!)
- Identify future financial goals and have a plan to save for these, such as a new car in 5 years
- Have regular family meetings about money and share your money experiences, any money stresses and/or successes, and money values
Apply for the Truth About Money Wills & Estates benefit
1Life policyholders qualify for the free Wills & Estates benefit that ensures their loved ones can inherit without unnecessary delays when they pass. The Wills & Estates benefit will help you and your spouse draft or amend your wills, assist with the winding up of your estate and provide legal advice for your next of kin up to 24 months after your passing. Taking care of your finances at the time of death is vital to ensure your loved ones can enjoy the maximum benefit from your generational wealth building activities!
Upskill your skills
Want a salary increase or promotion, second income, a side hustle, or even a new career or business? Learn new skills and you can diversify and increase your income! Lookout for online courses you can complete and check in with local universities and your municipality and/or metro for upskilling opportunities. Your employer may also offer training opportunities. Take them when you can, they could be just what you need to jumpstart your generational wealth journey.
Give some money….
Now it’s time to dedicate some money to your wealth building efforts. Start with what you can afford, and never, ever think small doesn’t make a difference. It does!
Protect your assets
Protect your assets so you are covered if something goes wrong. Your assets include your home and vehicles. Take out insurance for your home, home contents, items such as laptops, and your vehicle(s).
Top tip: Maintaining your assets, such as keeping your home in good condition, means future generations will gain the maximum benefit from the generational wealth you built!
Have an emergency fund
Nothing destroys the household budget and savings accounts more than that unexpected expense. The new fridge, the car repair, and the bathroom plumbing emergency can cost a few thousand rands.
Option 1 in an emergency is to dig into savings earmarked for another purpose (such as education).
Option 2 is to go into debt. Both these options put your wealth building efforts on the back burner, and in some cases leave you with no savings at all and additional debts!
Option 3 is when you’ve planned ahead and have an emergency fund that you use to pay the expense. Your finances and budget remain intact, and you and your family remain on track to meet your financial goals.
Start today with a small amount and build your emergency fund.
Invest in growth building assets
Put your money to work for you! With your newly learned financial skills you’ll have some good ideas on how to do this, including investing in assets that grow and or earn an income, for example property, a business, unit trusts and exchange traded funds. You can chat to your financial adviser for more ideas on where to invest. (And yes, you can start small!)
And, stay away from the wealth-sapping purchases, including that flash, fancy car. Your wallet, bank balance and wealth building plans hate these purchases because they don’t add any value future generations can benefit from.
Take out a life insurance policy
Life insurance is one of the easiest ways to create generational wealth for your family and theirs. If you already have life insurance, review your policy, including your beneficiaries and sum assured. If you don’t have a life cover policy, you know who to call!
Ready to start your wealth building journey?
Start with just a small amount to get you on track this week, right now, and you have started your wealth building journey!