Most people think generational wealth is for old money families and trust fund babies. It’s not. It’s a mindset, a plan, and a set of decisions you start making long before you ever talk to an attorney. Emily and I have been having this conversation for years, and we finally sat down to dig into it.
The Basics
Before anything else, you have to define what generational wealth means to you. That sounds simple, but most people skip it entirely. For me, there are two distinct phases.
Phase one is retirement wealth: building a vehicle large enough that when Emily and I stop working, we’re still earning more than we’re spending. Not depleting. Growing. Most retirement plans are designed to run out right around the time you die. Mine is designed to keep compounding so there’s actually something left to pass down.
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