Someone said that success happens when opportunity meets preparation, and he was right. However, he didn't tell you one critical thing about success: success without proper succession is a successful failure! Well, that might sound contradictory, but many financially successful people end up there.
Millions of Americans work hard to become financially wealthy and successful. So far, so good as long as you earn and build your wealth justly and legally. However, many don't know that creating a succession system to pass on their hard-earned wealth is one of the greatest measures of responsible wealth management. That means you are the poorest economic steward if your wealth can't outlive you.
But how do you build generational wealth? Well, you don't need to be a wealth management geek to do it because anybody can build generational wealth. But before proceeding to learn how to do it, it's imperative to define it. It is the wealth handed down from one generation to the other through asset accumulation to provide security in the future.
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