We hear about generational wealth all the time, but what is it really and how can you generate it?
Generational wealth is one of those financial terms that consumers prefer not to think about because they do not know what it means. With so much financial pressure to navigate, consumers would prefer not to even hear that it has something to do with saving. According to the definition of generational wealth, it is assets – such as land, business, education and housing, passed down from one generation to the next, either as an inheritance or while you are still alive.
According to the definition of generational wealth, it is assets – such as land, business, education and housing, passed down from one generation to the next, either as an inheritance or while you are still alive.Consumers are not even vaguely able to save as it is and with the impact of consumer price inflation reaching a 13-year high of 7.4% and the fact that we have just come off the back of two tough years, the future for savings and creating generational wealth looks grim.
“As a country, we have a fundamental responsibility to support this and we also need to create a new generation of consumers who are focused on doing just that. Mazaka says the biggest barrier for people to create generational wealth is that they cannot afford it. Mazaka also encourages consumers to get rid of debt with high interest as quickly as possible to save on interest that could be used to create generational wealth.Tips for creating generational wealth
Various slices are for various expenses and you must decide together how the remaining slices are spent.
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