How to Create Generational Wealth Starting From Zero: Part Two
Welcome to the 9th issue of The Aim and Soar Life, a weekly Christian personal growth and lifestyle newsletter that provides actionable, relatable, biblically rooted content to help you live abundantly and GROW YOU. GOD’S WAY.
In part one of “How to Create Generational Wealth, Starting from Zero,” I laid the foundation for how to get on the generational wealth train. Today, I want to take us farther down the road to wealth by discussing some of the tools that can be used to create and sustain wealth.
Disclaimer: I am not a licensed/certified financial advisor (licensed therapist? Yes! Author? Yes! Financial advisor? No.) The information I am providing in this post is for educational/entertainment purposes only. Do your research and/or speak with a professional advisor before making investment decisions, so that you are making the right decisions based on your current and future financial needs.
Now that we have that out of the way, let’s talk about those wealth creation tools! Yaay!😍
THE STOCK MARKET
Who’s afraid of the big bad wolf? Not me. And you shouldn’t be either. He’s really… Not. That. Scary. Seriously.
Some people have a fear of investing in the stock market because they don’t understand it. I’ve come across people who were more at ease buying a lottery ticket than investing money in the stock market. Other people have told me that investing in the stock market is no different than gambling (which is untrue of course) and all sorts of crazy, untrue things. God is in the mutlitplying business!
The stock market is a tool you can use to grow wealth. Saving alone will not make anyone wealthy unless they already are making millions of dollars. Putting money in a bank account and earning only one to two percent interest is no way to build generational wealth. But with a little research and diligence, you can grow your money and pass some down to the next generation.
According to a CNBC article, a million new millionaires were created in 2020. In addition, Fidelity reports that 365,000 401K accounts had a million dollars or more in the first quarter of 2021. Do you know what that means? Regular people like me and you are socking away money in the stock market and it’s growing! Do your research and/or contact a financial services provider to help you get on the stock market train. The average stock market yield has been about 10% for the last 100 years!🤑
CYRPTO and NFT’s
I’m going to explain these as simply as I can without being too technical.😂 It is of extreme importance that you research these two tools, especially crypto because it can be very volatile.
Crypto currency is a type of digital/virtual currency that is recorded on a blockchain (technology that utilizes a form of independent peer-to-peer validation). It is decentralized, which means there is no business entity or person controlling/clearing transactions. In short, there’s no customer service.
Bitcoin, which you’ve probably already heard of, is one of the most popular crypto currencies. I do own Bitcoin and other crypto currencies because I see them as a tool to create wealth. I have earned good profits from crypto currencies, just as I have from traditional stocks and mutual funds.
Most banks and investment firms offer crypto investments. Banks are in the business of earning money and you should be too. A little research will give you a better understanding of how crypto works and how you can increase your portfolio with it. Researching crypto is a good project to do with your family members. All generations can explore crypto together during family money education meetings. I’m sure your kids or grandkids would LOVE to teach you a few things!
An NFT is a non-fungible token. That’s another way of saying “A one of a kind.” Most NFTs are stored on the Ethereum (another crypto coin) blockchain. Artwork, recordings, Gifs, and video can be turned into NFTs. I was recently blown away by Nyla Hayes, a 12-year-old artist and creator of Long Neckies, who researched NFTs and then began selling her artwork as NFTs to the tune of almost 4 million dollars! NFTs can be a way to create wealth—especially if you or any of your family members are creative.
Creating a business can allow you to pursue your passions and earn while you are doing it. And one great thing about starting a business is that it’s never too early or too late. A kid can start a business, and a 99-year-old can start a business. There are no age limitations when it comes to this one wealth building tool. You and your children can start businesses!
What great idea have you been sitting on? Are you just hum-drumming through a nine-to-five job when God has given you a creative dream? Maybe you have an idea of how to make business processes easier. You don’t have to quit your job to start your business. You can sit down right now and make a business plan and get to work making it happen!
The money you earn can be invested and multiplied. Yes! And there are several businesses you can start with little to no money. If you need to raise capital, seek investors from among your family and friends.
Teach What You Know
If the pandemic taught us one thing it’s that we don’t have to keep doing things the way we’ve always done them. Because of the pandemic, many people had to restructure their businesses or come up with whole new businesses.
As a result, online courses boomed and are still booming. And not from traditional schools, but from people who have skills that they teach others.
You have been gifted with knowledge and skills that you can teach someone else. People pay to learn how to improve themselves. Online course creators can earn six figures or more per year.
Check out my article “How to Gift Yourself Out of Debt” for more information on teaching online.
While researching for this article, I came across another wonderful article on LinkedIn by Jason Feimster, titled: Thirteen Business Tips from the Book of Ecclesiastes. It’s a great read.
If you are not sure where to start on your wealth building plan, God has the answers. In the Bible, the book of Ecclesiastes provides lots of wisdom for entrepreneurs and wealth builders.
God has a plan for you. He has already given you what you need to accomplish His will for your life. Don’t be afraid to step out on faith.
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Until Next Time,
GROW YOU. GOD’S WAY.