There are 4 main steps that you must follow to build an inheritable estate for generations to enjoy. If you understand and follow these steps you will be on your way to building generational wealth. They are very basic, but they are the foundation to achieving that goal. YOU must act. No one cares more about your financial well-being than you.
A financial education is THE key to becoming wealthy and to retaining the wealth you create. In order to fully understand and implement each step, you either will need a licensed financial coach and mentor or you can become your own licensed financial coach.
Most people spend more time planning a one week vacation than they do planning their entire financial future. Don’t let that be you. On each step, you will need to spend an average of 10 – 20 hours over the first year to fully understand and implement this strategy. It’s not hard. You just need to start; and you need to start NOW!
THE FOUR MAIN STEPS
1. You must be able to live month to month, not paycheck to paycheck.
a. Paycheck to Paycheck – Your money runs out before your next paycheck.
b. Month to Month – There is money left over when the next paycheck arrives.
2. You must accumulate enough assets that will produce a passive income equal to or greater than when you were working.
a. Only two ways to produce a passive income. A business or investments.
b. Life insurance is NOT an investment. NEVER invest in life insurance.
3. You must own the assets producing the income for it to be inherited.
a. Social Security and Pensions are not assets you own.
b. Property, Investments, Businesses are assets you can own.
4. You must protect the plan with the proper amount and type of life insurance.
a. A good rule of thumb is to multiply your average monthly income x 150.
b. All life insurance is term insurance. Don’t overpay to get a savings feature.
Remember - To Fully Understand And Implement These Steps You Will Also Need:
A Financial Education – A Financial Game-Plan – A Financial Coach.
Roger – Your Money Coach