4 Steps for Building Generational Wealth

Nattanan Kanchanaprat/Pixabay

Let’s talk about generational wealth. When you hear that term, you might picture “old money” or a huge fortune that gets passed down through the family line and think, But my family never had that kind of money. How could I ever build that kind of wealth on my own?

Well, here’s some truth. It doesn’t matter where you started; it matters where you finish. It’s never too late to start building a legacy to leave for your future family, so here are four of the most important things you can do now in order to build long-term wealth:

Make (and Stick to) a Budget

Having a monthly budget is a surefire way to stay in control of your money and use your income to its full potential. An easy way to start budgeting is by downloading a free budgeting app (like EveryDollar), where you can enter all your income and expenses for the month and keep track of your purchases.