Building Generational Wealth

Building Generational Wealth

To start, the important thing to know is: What is generational wealth? 

Generational wealth—sometimes referred to as legacy wealth or family wealth—is financial assets that are passed down from one generation to the next. For example, from you, to your children, to their children, and so on. Generational wealth can include real estate property, money, investments, stocks, bonds, family businesses, or anything that has a monetary value1

During a poll conducted by IPC Private Wealth of Investment Planning Counsel, one in five affluent Canadians said they fear their children will not have anything to pass down to their own children. Reasons for their concern include high cost of living, lack of financial knowledge, splurge spending, and losing their inheritance due to divorce.

Here are my top 5 (easy) ways to build generational wealth for your family:

  1. Save money

    Saving money is the easiest way to build your wealth, set yourself up with a high interest account and stick to routine. The easiest way to build this money is to set up an auto-deposit into the account each time you get paid.


  2. Invest in real estate

    While real estate prices do fluctuate slightly, they don’t generally shift too much. Leaving your kids with real estate (especially if it’s paid off) can leave them with a great high value asset. Especially if you invest in real estate that generates income, such as an Air BnB or rental property. You are setting up your children for continued passive income.

  3. Invest in the stock and mutual fund market

    As we all know, this has been a tough year for a lot of markets. That makes it the PERFECT time to invest. Your purchasing power is very strong right now and you can get into the market at the perfect time. By purchasing mutual funds that reinvest your dividends, you can be slowly building a great amount of wealth.

  4. Take out life insurance

    Life insurance is an easy way to cover your funeral costs, pay off any remaining mortgages or debts, and ensure that you children are left with something after you go. They sooner you purchase life insurance, the better of a price you will get so don’t put this off!

  5. Plan your Estate

    Meet with a lawyer and ensure that your will and estate are up to date. You want to ensure that the wealth you have built is put where you want it when the time comes, and they can ensure you set things up properly to help with any capital gains taxes that come due upon your passing.

Set up a meeting with an investment fund advisor today, they can help you put together a plan. 

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This blog post was created in partnership with a wonderful realtor Laurie Woodfine, check out her website here:

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