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Building Generational Wealth is Possible with the Right Mindset

Julie Murphy • Feb 03, 2022

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Generational wealth is one of those financial terms that can often seem a little overwhelming but might be a goal you truly desire. If like many people though, it’s become the last of your priorities due to your attention being focused on pursuing other financial goals like saving or paying off debt, I want you to know that building generation wealth is still possible!


In this article, I’m going to explain why your money mindset is key and some ideas on how to build generational wealth right now. 


What is generational wealth?


Generational wealth is wealth that’s passed down from one generation to the next. The idea is that by leaving something behind financially for your children or grandchildren such as inheritance, a college or education fund, assets, real estate, savings, investments or a business, you are then creating generational wealth and something for them to grow, build upon and also pass down. 


If building generational wealth isn’t something that applies or is important to you, that’s great and is a personal choice that every individual is entitled to make. 


But, if you do have children or plan to, and it’s something you desire but maybe seems like a stretch or even a luxury, just know that it is available to you. 


Why money mindset is key


I’d like you to think for a moment about your own financial path. You might have discovered along the way that bouncing back from financial troubles can be a challenge. Were your parents or family able to offer you financial guidance? Were they able to fund your education and if not, did that mean that you had to take on student loans and ultimately led to debt? Now, what I’m not saying is that it’s the responsibility of parents to take care of their kids financially. But, if you were maybe led by a different example, how would that have changed things?


If you reflect on this, what does that bring up when it comes to your goals on building your own generational wealth? If you have children or plan to, how would you like to be able to contribute to their financial path? Even if yours wasn’t as you might have hoped, you have the power to change this. You have the power to shift the financial trajectory of your family and beyond. 


It’s about getting to a place of expansion and choosing to see the possibilities – of which there are many!


How to Build Generational Wealth


Although the term sounds fancy and grandiose, in simple terms it’s about acquiring assets or savings that you don’t intend to spend in retirement. Of course, I know how difficult this can be to put into practice if you’re paying off debt or struggling to build your savings. So, this is why it’s crucial that you lay out solid plans for your own retirement plan and other financial goals before you start to save for generational wealth. 

Saving money for the future is key. The easiest way to save more money is to pay yourself first. As soon as you get your paycheck, know what proportion will be deposited into your savings and investments or how much will contribute to paying off debt before anything else. Many banks enable you to automate this so that you don’t have to think about it. By being super clear on this and putting a plan into action, every month you’ll feel so much more empowered that those funds are growing. 


Building generational wealth is a gradual process and you’re setting yourself up for better and more aligned success if you focus on meeting your own short-term and long-term financial goals first, and then begin the process. I speak more about how to do this on my YouTube channel. It’s key that you still hold it in your vision though and that it’s part of your deeper why. Everything you do in life and financially has to possess authentic meaning in your head and heart. Taking care of your own finances is a stepping stone to your bigger why.


Educate your children about money


Generational wealth isn’t only about physical cash or assets. It’s about offering your children education on personal finance knowledge. Like I mentioned, it’s not your responsibility to take care of your kids financially, but if generational wealth is important to you, it is important that you take time to educate them about spending, saving and investing. 


What do you wish that you’d learnt? Do you feel on reflection that your own parents had taught you better financial habits and if so, might you have built a more solid financial foundation as a result? Was money even spoken about at all? Did you inherit negative stories about money and a fear of it as a consequence? Talk to your children about money. Teach them it isn’t to be feared and how to be smart with it. Be open about your own learnings and if it’s the case, how you want different for them. The best thing about this is that it doesn’t cost a thing!


It’s very easy to lose generational wealth if your own children lack that financial education on both a practical and emotional level. 


Build up an education fund


Education is a way for your children to acquire skills that allow them to support themselves. 

If you have the ability to help your children make it through college without any debt then you are laying the foundation for a solid financial future. Student debt can feel like a huge burden and by being able to contribute to or fund their education, you’re setting them up for greater financial success on their own terms. 


Create Passive Income


Finding ways to create multiple income streams is a fantastic way to build generational wealth and one you can pursue immediately. Passive income is when you earn money from an asset after it has been created or set-up. This could be a rental property, a book or e-course for example. The beautiful thing about passive income is that you can build multiple streams and these can also even turn into businesses that you can pass down. 

There are many other practical ways to create generational wealth such as investing in the stock market and real estate. However, the overriding element to success is your money mindset. It doesn’t have to be overwhelming or unavailable to you regardless of where you’re at now. Look at what you can do and be super clear on that greater vision. I have an abundance of advice on this and how to create real wealth in my free book Awaken Your Wealth, which I highly encourage you to read. You can get your copy here.

How you pursue your own generational wealth and the strategies you choose has to be aligned energetically on every level. What’s crucial is that you take care of you first. You have to fill your own cup financially to then be able to build upon that for your children and beyond. 

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