Many families want to preserve and grow their wealth to ensure their legacy and their successors’ comfort.
Making assets last for generations can be no easy feat, and usually requires proper planning and seeking the right professional advice. You may want to include this as a goal in your financial plan and learn ways you can actively grow your wealth.
With this being said, here are some ways you can secure and build your family’s wealth:
1 – Educate Your Family
Educating yourself about money matters and financial management may be the first step you need to make, but it’s usually not enough to make your wealth last. Imparting your wisdom, experience, and skills to your whole family is also necessary for ensuring that the assets you’ve accumulated will be in good hands when it’s time to let them take the lead.
Successfully teaching essential skills to those you identify as your beneficiaries, will help them see value in working hard to retain their wealth, and ensuring they have a legacy to leave behind for their loved ones.
In turn, they may also teach the same lessons to their children, making sure that your legacy lives on throughout multiple generations.
What is also essential in the estate planning process to successfully pass on your wealth is to inform your loved ones and beneficiaries of your decisions and how the process will work in the event of your death.
Although education is vital in safeguarding your family’s wealth, not everyone has the time or skills to properly educate other family members about financial matters. If this is the case for you, it may be wise to work with a financial professional or investment adviser, who can share their expert knowledge.
2 – Ensure Proper Financial and Estate Planning
Proper planning is another vital way to protect and grow your family’s wealth. Many external risks can threaten your legacy, including taxes, poor investments, and unprepared recipients. For this reason, it may be best to plan ahead and look for ways to ensure that your assets are mapped out.
A financial adviser in Adelaide who specialises in estate planning can help you plan for your financial future, including your estate, investments, taxes, and other factors that will affect your wealth in the years to come.
Their skills and experience are necessary to help you mitigate risks, secure your assets and maintain your legacy.
3 – Consider Investing in the Stock Market
You may want to consider investing your wealth in the corporate stock market, it’s a time-tested way to ensure their assets’ protection and growth despite economic changes. It also can provide you with passive income to continuously earn money.
Although stocks have the potential to be highly beneficial, they have risks involved as well. Not all companies will turn out to be suitable investments in the long run, so investing requires thoughtful strategies. You may also want to ensure that your investments are aligned with your beliefs and values.
An ethical investment adviser may be necessary to guide you towards better-informed decisions tailored to your values.
4 – Look Into Real Estate
Investing in real estate could be an excellent way to grow your family’s finances, as real estate properties can make for long-lasting assets that have an enormous potential to accumulate generational wealth. They can provide passive income, offer protection against inflation, and are constantly growing in demand.
However, it is essential to know how to tax effectively and smoothly pass on large assets such as property to your children or grandchildren. Leaving assets for loved ones is usually meant as a loving and providing gift but without the right planning, it can get messy quickly. An Estate Planning Specialist can help you make the right decisions when it comes to your wealth transfer.
Work with an Ethical Investment Adviser who Specialises in Estate Planning Today!
Securing and growing your family’s wealth are some of the most important ways to ensure that your loved ones live in comfort for the rest of their lives, and they’re also essential in preserving your hard-earned legacy. However, you can’t achieve them without taking action and being conscious of your financial management and estate plan development.
Novo Wealth can help you with your estate planning and offer ethical financial advice specialists for professionals and business owners who want to be responsible with their investments. At Novo Wealth, we can provide you with personalised advice and other services to grow your family’s wealth for future generations.
Book a complimentary 15-minute call today to learn more!