HOW TO CREATE TRANSGENERATIONAL WEALTH

Some time ago, the son of an African country's former leader claimed that he could not be as poor as Dangote, who is disputably the richest black man in Africa...

Well some claimed he was bluffing, some thought he was just boasting.

Another man claimed that his son who was one of the richest musicians in Nigeria was the poorest among his sons.

Is there anything like transgenerational wealth? Can it be achieved? 

Well American's first billionaire, Rockefeller, his family is now at its seventh generation and guess what, his children are still filthy rich.

We all know how the condition of the nation is but thankfully, the economy isn't a problem for one to make wealth.

The Bible told us of how Isaac sowed in a land people ran away from and prospered in that same land.

*Even in the poorest nation on earth, there are still rich men there* 

Read that again twice

A wise man said *"we are born looking like our parents but we die looking like our decisions"*

Even if you were born with a silver spoon, it is up to you to empower your children to be born with their silver spoon

_What is transgenerational wealth?_ 

Some call it family wealth, others call it legacy wealth.

More than 60% of families lose their wealth to their second generation.

Anything gotten without understanding cannot be retained.

Let's imagine a student that copies from his textbook to make good grades would not be able to sustain his good grades compared to a student who studies.

Riches can be gotten in an instant, from parents, from a lucky bet, as a gift, a lucky gig

But wealth is a function of understanding.

Transgenerational wealth is the influence (resources, possession, quality relationship) gotten and is sustainable within the generations of a family

Wealth is not just money but for the sake of this content, we would focus on riches and money.

Someone related to Dangote is wealthy even though he doesn't have enough money in his account, (quality relationship)

Being friends with the governor can open certain doors that money can't

The first way to get transgenerational wealth is by teaching your children the way of the rich, working on their mindset. 

Robert kiyosaki, the author of the "rich dad, poor dad" wrote of how his rich dad taught him so much about making wealth and how the rich think, that was the basics he needed to be rich

Barrett from the movie "The Banker" started learning real estate from a young age from the rich whites by eavesdropping their conversation.

It doesn't matter even if you don't know much about wealth, get them a tutor, pay for them to have masterclasses, expose them to healthy environments where they can see exotic things and challenge themselves.

There are indoor and board games that can teach them to think investment and wealthy.

Monopoly, Chess, Cash flow 101, Payday, Game of Life  etc

Another way to create transgenerational wealth is Real Estate.

One can buy a piece of land and leave it for a while for it to appreciate for years and then put the asset in the name of their children.

Or you can build an accommodation, either close to a tertiary institution, lease it to students to live in, because one of man's basic need is shelter in other words as long as there is a human being in this world, they would always look for a roof over their heads.

And as long as the house is built and maintained, it would keep yielding funds from the rents paid by the tenants or occupants living in that house

Another way is to get a life insurance.

Now many misunderstand life insurance because it is associated with death.

But the truth is that we would all die someday, but the difference is that some plan before hand so that their death doesn't take them by surprise. 

In Life Insurance or Assurance, your death savings or Insurance premium generates an indemnity up to 2 millions, money enough for a child whom you have trained to understand wealth and investment to invest wisely. It could be used to sort funeral expenses, have a start up capital and settle debts if there be any.

Another way to generate transgenerational wealth is through digital products like ebooks, videos, music.

The children of Micheal Jackson are still gaining from the proceeds of the albums of Micheal Jackson as well as other actors whose videos are still being purchased online.

Notice I said digital products, not physical product.

If a teacher writes a book and publishes it on Amazon, and links it to her PayPal, payooner account, even when he or she dies, the money would still be paid into that account and would be accessed by his or her beneficiaries whoever they would be.

There are YouTube videos that we watch that those who put those videos are dead but yet we glean from their knowledge 

True value doesn't really die or fade away, it remains relevant over time

Another way to make transgenerational wealth is through marketing and purchasing investment funds like bonds, shares, Binance etc.

We have different ways in Marketing that one can make money 

Affiliate marketing, content marketing, multi level marketing.

There are partnerships with certain companies that can help you secure funds even up to your fourth generation.

Robert kiyosaki described this as the business of the 21st century, 

Most companies are preferring referrals to paid adverts.

Rather than pay a huge amount to a television station and not be sure of results, why not pay a customer for referring his or her friend to purchase a product

Lastly is teaching your children the value of moral, character and spiritual principles.

I'm glad everyone here is an educator, teacher, mentor or trainer.

Which means that we have seen students who are so intelligent but then their character might be opposite, 

Competence and skill might win the sprint but character would help you win the marathon.

If your kids are not nice to people, it might affect their relationship with other people, and every business needs people whether it is in form of Investors, Customers or partners.

People are loyal to a leader who cares about them.

Solomon was able to build a temple from the relationship that his Father had been able to secure for him.

A good name can get you things even after you have left. A man as influential as Ubong King, his children may never ever be stranded till the day they decide to leave this earth, Why because of the impact their Father had on us.

Hope you found value?