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With so much desire to create generational wealth among youngsters, they have indulged in so many demonic vices such as armed robbery, internet scams and other fraudulent activities. However, there are several wealthy and affluent people who have created generational wealth legitimately. Their wealth is created and revolves around few practicable channels. However, due to misinformation, deception and laziness, many have taken to the life of crime. Some people even go as far as investing in Ponzi schemes which end in tears and sorrow. But they fail to understand that money follows values. In this article, I will show you 3 pathways to creating generational wealth.
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  • Create Values
One of the ways to grow rich is by creating values. When you create one, people will give you their money in exchange for it. One philosopher opined that “when you create value, money chases after you.” There are several millionaires and billionaires who are self-employed or employed because they can create value. Top firms are ready to give their money in exchange for value. People create values by skilling up and training themselves in both conventional and unconventional ways. After which they can then create wealth by selling their skills. Nevertheless, skills can both be natural or acquired. There are skills you were born with and there are those that you have learnt in school or were trained by someone outside the conventional school.  In the area of natural skills, something we usually call talents, we can use them as tools to create wealth by monetizing them. For instance, if you are a born creative artist, all you need to do is to refine your talent, package it and sell it.  You can create wealth by getting paid for the values you give. Look out for people and groups who are willing to pay for your managerial, teaching and entertainment skills. Others include service providing skills like catering, fashion design, accounting, architecture, and so on.
  • Provide Solutions
Providing solutions to existing problems sounds similar to creating value, yet it is different. While providing value might be all about offering your skills to get paid for it or getting trained so that you can sell what you have learned in the form of service, providing solutions is all about doing something extraordinary by solving a puzzling problem.
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For instance, if you are a skilful programmer, you can develop software that solves existing problems. For instance, there are various FinTech companies whose software applications solve financial and payments problems. Others include a scientist who discovers a medicine that can cure a prevailing illness, or a technocrat, thinker or scholar who solves a business problem as a specialised consultant.
  • Invest In Assets
Building generational wealth can be done by investing in assets. Assets are non-diminishing properties that are always appreciated in their value. By building a home, a school or owning a company, you are investing in an asset. For instance, you can be financially secured when you engage in the real estate business. You can simply start by owning a property that you can rent or sell out to tenants and new homeowners. Furthermore, you might choose to build a service providing or solution-based company that generates income for you. But one might ask, how do I get money to own a property? The answer is by engaging in what we have discussed in the first and second sections – create values and provide solutions. When you have done this, engage in a financial saving plan.  Another way to invest in assets is by buying shares or directly investing in people’s businesses. However, ensure that these places you want to invest your money have long-term profitability. This is how investors have been able to build their wealth over the years. Featured Image Source: WordPress.com
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This article was first published on 6th April 2022

nnaemeka-emmanuel

Nnaemeka is an academic scholar with a degree in History and International Studies from the University of Nigeria, Nsukka. He is also a creative writer, content creator, storyteller, and social analyst.

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