In America alone, one in five households has zero or negative wealth. Therefore, creating life-long riches has never been so crucial. Because of this, knowing how to create generational wealth is essential.
Inflation rates, supply chain crises, and global pandemics have made life remarkably more expensive than 10-20 years ago. But, despite this, creating wealth has never been easier than today – with worldwide communication available at our fingertips, excellent financial tools, and innovative technologies, everyone can generate a superior income.
However, you first need to create momentum by making self-improvements. But, before doing this, let’s develop an understanding of the financial difficulties individuals encounter, which is disrupting their possibilities of creating generational wealth.
Why is becoming wealthy difficult?
Studying and understanding how to produce wealth is self-explanatory. It takes time to educate yourself, but people still encounter problems after comprehensively preparing for the generation-breaking wealth idea. The reasons for this vary, but most will undoubtedly have links with the below:
- Poor mentors – With becoming wealthy being most people’s dreams comes many mentors claiming their business tycoons. These individuals will sell courses, books, and conferences to teach buyers how to create wealth—however, most of the time, their poor mentors. Their ideas aren’t sufficient for the “average” person because they require huge, pre-existing funds, which many don’t have.
- No game plan – Many people aren’t wealthy because they have no game plan. Having inadequate savings, high levels of debt, and living paycheck-to-paycheck won’t allow you to start building wealth.
- Consumerism – 79% of Americans say they cannot stick with a budget. The primary cause of this is consumerism, which is the culture of spending and looking wealthy. It’s a lifestyle many live, but it’ll slow the speed of accumulating capital and starting a business venture.
- Social conformity – People are worried about others and feel factors like peer pressure. Many would instead change their behaviors or belief to “fit in” with the norm, affecting their ability to pursue life-long dreams.
- Procrastination – Lastly, those wanting to achieve optimal wealth are procrastinating too much and not initially making their first steps in the correct direction.
These combined are the primary reasons people struggle to create a better future for themselves and their families. Understanding this makes it much easier to implement the below guide, as you know what’s stopping individuals from achieving the “American Dream”.
How to create generational wealth
My name is Curtis Miller, a fitness and wealth philanthropist. The inspiration and goals I hold are to help those suffering from insufficient income by teaching them how to create generational wealth.
For the people I mentor, we focus heavily on self-improvement because this is the primary foundation for a successful future. To initially make these first steps, implementing the below advice is mandatory. Here’s how:
1. Know your “Why”
First, you must begin with your why. Focusing on wealth and bettering yourself is blurry without any goals, aspirations, or vision. Therefore, start by writing down why you want to become financially free or wealthy. For inspiration, it might be because of the following:
- You want to provide your family and self with a better future.
- You would like to spend more time with your children and family.
- You want to break the generational barrier of wealth in your family line.
- You don’t want to fall into financial hardship.
- You want to change this world by providing funds to charities, etc.
By starting with “you”, it’s possible to uncover the “why” of your aspirations. Once you’ve developed this understanding, you can manifest these daily, and it can act as a supportive barrier during the process.
2. Decide on a money-making method
Next, find a money-making method that’s adequate to support your goals. Although most industries have the option to monetize and optimize growth, some ideas for making money won’t provide you with the funds needed to generate high levels of wealth.
Therefore, you’ll want to invest your time and money into a sector that’s proven to build wealth. Undoubtedly, this depends on your current skillsets and motivation, but here are some of my recommendations to consider:
- Wholesale real estate – Doing this involves you finding two different parties, a buyer and a seller. You (the wholesaler) contract the home with the seller and search for a buyer before the agreement ends. You’ll make money here by selling the contract at an additional price to a buyer. The most satisfying thing about this method is it doesn’t require any cash, real estate license, or knowledge and is considered beginner-friendly in this industry.
- Products/services – In addition, sell products or services. If you have a natural skill, find a unique way of selling it. For example, if you’re good at speaking, become a voice-over artist, public speaker, etc. With products, it’ll require you to invest small capital. But it isn’t significant with dropshipping and arbitrage-related practices.
- Marketplace arbitrage – Another reliable method is marketplace arbitrage, which requires you to purchase products for cheap and re-sell them on an online marketplace like Amazon for a higher price. Many people go to clearance areas in retail stores, search for the product online, and purchase/sell it if a profit can be made.
Above are three methods to creating generational wealth. They’re all scalable with either software, employees, or additional skills, making them more than worth considering when building wealth.
3. Sufficiently educate yourself
Now you’ve decided or brainstormed some ideas about the different money-making methods; it’s time to educate yourself. Undoubtedly, becoming knowledgeable on the sector you will invest time and money into is essential. But, only doing this isn’t enough. Therefore, you’ll want to perform self-improvement in several areas; the selected industry and your mind.
At Wealth and Fitness Lifestyle, I can educate, mentor, inspire, and motivate you to achieve greatness. Without adequate guidance or someone to push you through the hard times of generating wealth, you can become undisciplined and steered away from your goals.
There are several ways of achieving this; you can either head over to my YouTube channel, schedule a 30 minutes 1-on-1 session, or perhaps read my books “Wealth & Fitness The Keys to Self Improvement” and “10 Principles of Manhood Lessons Your Father Should of Taught You”.
Whichever option you choose is created by me, somebody who fell into hardship with my finances at a young age and transformed himself into a successful individual. I invested heavily in fitness and wealth practices throughout this period, which is something I’d never look back on and want to teach you the same.
4. Start your journey
When learning and trying to become wealthy, you will make mistakes. However, these are lessons in disguise and are there to make you a better version of yourself. Therefore, remove the doubt, obtain the motivation, make mistakes, and learn. Doing this is the perfect combination for success and will undoubtedly provide you with that much-needed knowledge to build the generational wealth everybody is talking about.
Conclusion
After reading the above, you should have a comprehensive understanding of how to create generational wealth by implementing self-improvement. By considering and actioning the above, you should have a solid foundation for becoming a more successful individual. For additional advice, please consider contacting me or checking out my platform.
