Leaving a financial legacy to your kids can give them a significant leg up in life. Data from the Congressional Budget Office shows that 28% of families in the top third of the income distribution received an inheritance, compared to only 17% of those in the bottom third.
Building generational wealth may sound like something reserved for the ultra-rich. But the truth is, generational wealth may be more accessible than you think. Whether you want to help your kids pay for college, give them money for their first house, or leave them the family business when you retire, generational wealth can help your children get off on the right financial foot.
Passing down generational wealth may not require an enormous net worth, but it does involve strategic planning. Read on to learn more about generational wealth and how to build it.
Emily Batdorf | Yahoo Finance