Plutus™ Foundation Impact Series

Generational Wealth

February 2022

Each month in 2022, the Plutus Foundation Impact Series features select articles, podcast episodes, and videos from participating content creators, all around a central theme.
The theme for February is generational wealth. Building wealth that leaves a legacy beyond the extent of your own life is one key to ensuring a stronger financial future for your family. However, this is a system that has fostered dynasties and placed power obstacles in the path of those who have not been as fortunate. Whether you’re building generational wealth or overcoming or breaking the system, the best solutions, advice, and stories from the Plutus Community will help you have an impact on your life.
“Building a financial legacy and offering your family stability, freedom, and opportunity may seem intimidating. But don’t worry! You can take steps and rise from your humble beginnings by reading our guide on the top 10 strategies for building generational wealth today…”
“When should parents (if at all) gift money to their kids? While they’re young and need it most? Or perhaps after the parents pass away? As generational wealth can be passed on in different ways and times, it is something worth thinking about…”
“The importance of generational wealth is easy to understand if you’re familiar with the concept of compounding interest. Albert Einstein once said, “Compound interest is the most powerful force in the universe.” He also called it the, “greatest mathematical discovery of all time.” To put it simply, compounding interest occurs when the money you’ve earned makes more money…”
“Generational wealth for my kids, their kids and beyond is a key priority for the same reason I also prioritized financial independence – as a hedge against an increasingly difficult job market. It’s not that I don’t expect my kids to work. FI ensured I had options, and generational wealth ensures my kids will, too…”
“To fully embrace Black History Month, it may be beneficial to take a step back to understand how racial disparities in the United States have wreaked havoc on black and brown families and their financial lives. According to research published in 2016, the gap between black and white families was tenfold…”
“Lately, I’ve been seeing a lot of chatter and positivity around springing entirely past financial independence and going for Generational Wealth. And while in theory the idea of generational wealth for your loved ones seems like it should be the goal. It isn’t…”
“A phrase that conjures clichés and triggers all manner of knee-jerk reactions. Inbred aristocracy. Idle nobles, hunting foxes on their manor estates. Old money families flexing their influence to buy elections and sponsor legislation. Legacy students purchasing conferred status from world-class tertiary institutions, regardless of ability. Deploying dynastic trusts and offshore entities to facilitate tax avoidance on an industrial scale. But here is the thing: wealth, once acquired, confers legitimacy and buys respectability. Regardless of origin…”
“Mark Zuckerberg’s net worth came crashing down yesterday, dropping by nearly $30 billion in a matter of hours, begging the facetious question: do you think his heirs will be okay? Rest assured, because yes, they will… But why will the children of these business magnates be okay?”
“While death and taxes are not fun to think about, both will happen. Upon death, when you inherit an asset, its basis gets stepped up. Also, you are allowed to gift anyone 16k a year… even a parent! And if we put the two facts together…”
“Being financially stable and secure is about more than the immediate need to get bills paid on time or debt paid off. When people start families, they need to think about their future generations and financial stability. It’s essential to lay down a strong foundation for your children so that they can lay a solid foundation for theirs and so on…”
“Prop 19 greatly impacts the intergenerational wealth planning and strategy for small CA-based rental real estate business especially, who may not have the powerful legal and financial advice needed to navigate this new proposition and keep their families in the real estate game in California.”
Images licensed via BigStockPhoto
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