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1Life Generational Wealth

Do you want to leave your family better off than you were? If you answered yes, then you are taking the first step towards building generational wealth! Who knows, it might become a lasting financial legacy for your family. Generational wealth is family wealth that is passed down from generation to generation, with each generation inheriting the family assets. You can create generational wealth by taking small steps such as saving for a deposit and buying a family property, taking out a life insurance policy or saving a small amount each month! Every step you take builds the wealth your children will one day inherit. Want to learn more about generational wealth and how to create and preserve it? You’ve come to the right place!  Read on and let us show you how it can start with you, today!

What is generational wealth & why is it important

Could your family benefit from generational wealth? Yes! Family wealth, big or small, gives your children, and theirs, a head start in life and the chance to start their lives off debt free, get a good education, buy a family home or even start their own business. Learn more about the benefits of generational wealth plus we look at two South African stories to show how generational wealth really works and how if you put those small steps into practice, building generational wealth can start with you.

“Every wealthy family had that one member that broke the chains of poverty for future generations.”

-Nicky Verd-

Ready to start building your family’s wealth so your children and theirs can inherit? You can start by improving your financial knowledge and teaching your children good money values. You can also create generational wealth by taking out life insurance, investing in the stock market or property, or building a business to pass down to your children. For students, completing your tertiary education and excelling in your chosen field is the first step towards creating family wealth.

How to create generational wealth

Save & invest

Start a family business

Buy a family home

Get a tertiary education

Life insurance

Learn money management skills

Legends and legacies

We’re inspired by South Africans who created legacies that benefit their families and communities! These are legends such as Richard Maponya, a teacher, retailer and property mogul who worked and hustled for years to create his business empire. Businesswoman and entrepreneur Wendy Luhabe, was determined to get a tertiary education despite having her studies interrupted by the 1976 Soweto uprising. And Raymond Ackerman who started Pick n Pay with just four stores! You too can create your family legacy so that your family benefits from generational wealth! Even a small amount saved for your children to inherit or a paid-for family home can make you a legend in your family!

The importance of good money values

Use an inheritance wisely and it can benefit your family forever. Your money values, and the money values you teach to your children, make a big difference to whether your family wealth is squandered or preserved. Spending less than you earn, saving for emergencies, education and retirement and taking care of your family property or business will help you and your children create and preserve generational wealth for future generations.

How do you choose a financial planner?

What’s the best investment plan for your children? Your financial planner can help you to make decisions that ensure you create generational wealth. They’ll also show you how to preserve it by looking after your investments and helping you make a will or set up a family trust. Choose a qualified, experienced financial planner who has your best interests at heart. Here’s how …

“When people speak on generational wealth they only focus on money. Wealth of knowledge is just as important. What’s the use of having the money if you don’t know how to invest it?”
-Kenneth Pearson-

A guide to buying your first home

Owning your first home is a big step on the road to creating generational wealth. A family home can be passed down to your children, and theirs! Before you buy, make sure you can afford your home loan repayments and maintenance, and check out the neighbourhood. Want to learn more? Our comprehensive guide is the best place to start.

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Create generational wealth with life cover

Wondering how to make sure you create generational wealth for your family, no matter what? A life cover policy is a good place to start!

How life cover can help you create generational wealth

Life cover is an essential part of creating family wealth

Protect your assets like your family home

Give the gift of education

Did you know?

52%

of people who are unemployed don’t have a matric

Source: Stats SA

How long-term insurance helps you build generational wealth

Long-term insurance such as life cover ensures you have funds to pay unexpected expenses, so you don’t have to go into debt or stop your wealth building plans.

10 Golden Rules for starting a side hustle

Could your side hustle become a successful family business? A successful side hustle won’t only earn you a few extra rands, it can also be used to create generational wealth! You don’t need a completely new idea to start - just use your existing skills! Nic Haralambous shares his 10 golden rules for launching a side hustle….. 

4 South Africans making side hustles happen

Side hustles are not big businesses. They’re the small things you do on the side to make just a little extra cash. Here are four South Africans making it work...

Where to go to fund your start-up business

At last, a practical guide to funding your business including government departments and agencies, crowd and bank funding.

The family money your children inherit could be spent in a year – or it could last them a lifetime and be passed onto their children! That’s true generational wealth. If you take steps to preserve your financial legacy such as making a will, taking care of the family home and other investments and teaching your children about money and how to spend it wisely, family money can benefit many generations.

How to draft a will

For your family to inherit as quickly and easily as possible, you will need to draft a valid will. If your will isn’t valid, all your assets will be divided among family members according to the rules of intestate succession, which means some family members may inherit more or less than you intended. Is your will up to date and valid? Find out...

A beginner's guide to trust funds for minor children

Did you know that minor children under the age of 18 cannot legally inheritin South Africa? If you want your children to benefit from your family wealth, the answer is to leave your assets to them in a trust. You can set up afamily trust in your will. Our beginner's guide will get you started...

How to raise rich kids

Creating generational wealth for your family can ensure they have funds and assets they need to get a head start in life. But how do you make sure they use it wisely, to build their wealth, become financially independent and preserve it for future generations? It starts with teaching your children about money and sharing good money values and habits. Read on…

Where do South Africans learn about money?

42%

of South Africans were taught how to manage money by their parents
Source: 1Life Generational Wealth Survey

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