Building Generational Wealth: It Begins With You!

When one thinks of what wealth means, one thinks: expensive cars, big house in a fancy neighborhood, designer shoes, and fancy vacations. But the real wealth, the kind that lasts for generations, is built on discipline, planning, and making the right decisions time and time again. This is what we like to call, generational wealth.

Generational wealth is when assets are passed down by one generation of family to another. These assets may be stocks, real estate, bonds, etc. Maybe you’ve been the fortunate inheritor that would like to offer the same kind of good will to your family, or perhaps you had no such opportunity and would be proud to create it for your loved ones. It is also not an “either or” situation where you either spend your wealth on yourself or you adopt an overly frugal lifestyle for the fear of wanting to take care of your loved ones. The truth is, that with proper retirement planning strategy, generational wealth is accessible to you.  

For many federal employees and union workers nearing retirement, I can say that you are most likely already in a great position! You’ve worked hard and earned solid benefits to the point where not only can you rest assured that you will be comfortable, but you can make those assets work for your family as well for years to come. Understanding your TSP, pension, and other retirements can make all the difference in how much of that you will be able to pass along to your family.

Whether you are setting up to retire lavishly or leave behind a legacy, a strategic financial plan can get you to the next step. The earlier you plan it, the more control you will have over the outcome, for yourself, as well as the next generation!