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How Nigerian Parents Can Build Generational Wealth - Family - Nairaland

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How Nigerian Parents Can Build Generational Wealth by OmidheBlessing: 9:50am On Jun 20
Generational wealth simply means financial success that transcends from one generation to another.

It gives the other generation a better start in life and a greater chance of staying wealthy and passing it on to the next generation.

Learning how to Build generational wealth has become necessary more than ever. Generational wealth should top the priority list of every Nigerian parent.

Many people opined that children should find and build their wealth. They argued that leaving an inheritance for children makes them lazy and entitled.

On the contrary, research shows that Children from poor backgrounds are less likely to move out of the cycle. They are more likely to do crimes. They are less focused and do not always have the means to pursue dreams and ambitions.

children whose parents already built an acumen for generational wealth have better footing in life and have a greater chance of pursuing dreams and becoming more successful than children who are starting from scratch.

Have you ever heard people wish that they had different parents?

Only two sets of people make such an assertion.

First, those whose parents did a terrible job raising them. Second, those whose parents left no inheritance.

Here’s what the latter group wished for instead: that their parents empowered them enough for the outside world, and their parents already built an arsenal of wealth with which they could defend themselves.

A large number of Nigerian parents do not see setting up the next generation for financial wealth as so much of a responsibility as feeding and clothing.

Yet, they desire their financial success for the next generation.

Ironically, these things don’t happen by chance. Parents must actively decide and take some actions to ensure that the next generation is set up.

How can you build up generational wealth?

I Dual citizenship
2. Education
3 . Financial literacy
4. Frugality
5. Goal setting
6 . Building a network of families
7. Early savings and investment
8. Nurturing entrepreneurship
9. Avoiding bad debt
10 . Real estate investment
11. Stocks and mutual funds
12. Effective Estate planning
13. Philanthropy


Re: How Nigerian Parents Can Build Generational Wealth by Femisol(m): 9:57am On Jun 20
Every illiterate parents needs to read this.

I have sacrificed so much by avoiding ladies and being focused but still no difference because of my poor background. I don too cry seh.

I said some things exactly last week and I was label entitled just because I want the best for myself.
Re: How Nigerian Parents Can Build Generational Wealth by Nice2023(m): 10:57am On Jun 20
It begins with u and I.

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