More often than not, persons who inherit generational wealth find it easier to navigate life.
Even though you may have not been born into a family of generational wealth, you can decide to be the one who secures generational wealth for your family.
In this article, GhanaWeb Business highlights a few of the surest ways to secure generational wealth.
1. Buy land
Land ownership has proven to be a sure way of securing wealth over the years. Land is a fixed asset whose value only appreciates with time. The same land that cost GH¢20,000 today may be worth 10 times more in a few years. Buying lands and ensuring that proper documentation and processes are completed will have you and your family secured in the future.
2. Invest in landed properties/ real estate
The real estate sector stays relevant throughout time. Whether it is an apartment, a sports complex, a school, a hotel, temporary stay-in apartments, Air BnBs, etc, these ventures continually generate income. Investing in real estate may require a lot of capital but its long-term benefits are innumerable.
With the growing cost of living and inflation, investing in a stable source of income will serve the long-term purpose of keeping you afloat despite changing economic times and seasons.
3. Build an evergreen business venture/trade
Some businesses such as providing a service or a product that is always in demand are another way to make wealth. Learning a trade and teaching others is a venture that stays evergreen. Acquiring skills is a gift that no one can take from you. For wealth to be created and retained, you need a business venture that stays evergreen.
4. Never stop earning/ Have multiple income streams
This point goes hand in hand with point three, in the sense that building an evergreen business will ensure that you have a constant stream of income. No matter what happens, you must be in a position where you constantly have a source of income. You can do this by working extra jobs and taking up roles when the need arises. There is a famous saying; “your salary alone will not make you rich”.
5. Marry well/Choose wise business partners
Whom you marry and whom you choose to be business with can either make or unmake you. In your choice of a partner, be careful to choose someone who sees like you and is interested in the vision that you have. Ending up with a partner who is self-centered, visionless, or lazy may erode all your hard work.
Marrying the right person can complement your efforts and make you gain more from a little effort.
With determination, hard work, and consistency, what looks like a small beginning will germinate into generational wealth.
Source: www.ghanaweb.com
