What is Generational Wealth?
All wealth (assets, money, education, opportunities, talent) passed down from one generation to another. The conventional description is that generation wealth stops at families. Well, given our global perspective at Yewe Yewe Online Community, we’ll expand it to include family wealth, national wealth, and global wealth.
Therefore, generational wealth exists on three equally significant levels;
- Family
- Nation
- Global
Anecdote 1
Imagine if you have to run a 1000-mile marathon but because your mother already ran half of it before you (500 miles) you are allowed to only run the remaining 500 miles. This gives you a competitive advantage. Your chances of finishing and winning the marathon are out of proportion.
_A boy or a girl who is born from a multi-millionaire family is set to succeed in life faster than the other kids from penniless families. For the boy or girl from the rich family, it’s as if half of their marathon has already been run by their rich family long before them. While the boy or girl from the penniless family starts from zero.
Nonetheless, generational wealth is not only about money but also, any other valuable asset(property, land, business, stocks, etc), special education, talent, or opportunity passed down from one generation to another on all three levels(family, nation, global).
_the same boy or girl born from talented parents is more likely to succeed in life faster than the boy or girl born from parents who never dared to develop and exploit their talents.
_still true with the boy or girl born from highly intelligent skilled educated parents, and the other way round.
If my mother speaks 5 languages, the chances that I’d grow up to speak 5 languages were extremely high, and without a doubt, the chances that my children will speak 5 languages or more are also high. This too is generational wealth.
_the same is true for children born to entrepreneurs, investors, artists, leaders, celebrities, teachers, athletes, writers, engineers, doctors, etc. And the other way round.
“The most important thing about generational wealth, is that, even if the next generation gets nothing from the previous, every generation must atleast minimise the accumulation of liabilities and mediocrity in their life time.”–Gicaniro I
Anecdote 2
Imagine a generation of citizens who inherit a heavily indebted nation. By default, they become slaves to their lenders. They grow up besieged, at the mercy of others — tied on their strings-attached-generosity.
_The current generation of African citizens has failed to shine forth from the horizon of complete political and economic independence.. because they did not inherit a free continent. Free of debt, free of bondage, free of constant puppet-pulling-supervision from the former master.
_That’s why Africans have to build, be it from scratch, generational wealth, beginning now if they haven’t started yet.
How to build Generational Wealth on all 3 levels?
more to follow…
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