When it comes to family wealth, many don’t know where to start.
The “Great Wealth Transfer,” set to transfer $84 trillion over the next two decades, highlights the need for a plan. The risk of lost opportunities is present without a strategy in place.
https://www.bankrate.com/investing/the-great-wealth-transfer/
Here’s how each generation can play a key role:
Gen Z: Start early by building credit, investing in a retirement account, and learning about personal finance. Every small contribution adds up.
Millennials: Maximize retirement contributions and create a financial safety net. Maintain open financial conversations to build transparency and healthy money habits.
Gen X: Pay down high-interest debt and focus on retirement savings. Talk to your family about inheritance and ensure your retirement accounts are tax-efficient.
Baby Boomers: Prioritize estate planning and balance retirement assets with market volatility. Share your financial knowledge with the next generation to ensure the family’s financial legacy.
Even if you feel good about your financial decisions, generational wealth takes effort from everyone.
With communication, the right strategies, and professional guidance, families may build their desired financial future.
