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Here are 5 ways to create generational wealth

It is the dream of every individual to secure a bright future for their children, family, and society.

More often than not, persons who inherit generational wealth find it easier to navigate life. Even though you may have not been born into a family of generational wealth, you can decide to be the one who secures generational wealth for your family.

In this article, GhanaWeb Business highlights a few of the surest ways to secure generational wealth.

1. Buy land

Land ownership has proven to be a sure way of securing wealth over the years. Land is a fixed asset whose value only appreciates with time. The same land that cost GHC20,000 today may be worth 10 times more in a few years. Buying lands and ensuring that proper documentation and processes are completed will have you and your family secured in the future.

2. Invest in landed properties/ real estate

The real estate sector stays relevant throughout time. Whether it is an apartment, a sports complex, a school, a hotel, temporary stay-in apartments, Air BnBs, etc, these ventures continually generate income. Investing in real estate may require a lot of capital but its long-term benefits are innumerable. With the growing cost of living and inflation, investing in a stable source of income will serve the long-term purpose of keeping you afloat despite changing economic times and seasons.

3. Build an evergreen business venture/trade

Some businesses such as providing a service or a product that is always in demand are another way to make wealth. Learning a trade and teaching others is a venture that stays evergreen. Acquiring skills is a gift that no one can take from you. For wealth to be created and retained, you need a business venture that stays evergreen.

4. Never stop earning/ Have multiple income streams

This point goes hand in hand with point three, in the sense that building an evergreen business will ensure that you have a constant stream of income. No matter what happens, you must be in a position where you constantly have a source of income. You can do this by working extra jobs and taking up roles when the need arises. There is a famous saying; “your salary alone will not make you rich”.

5. Marry well/Choose wise business partners

Whom you marry and whom you choose to be business with can either make or unmake you. In your choice of a partner, be careful to choose someone who sees like you and is interested in the vision that you have. Ending up with a partner who is self-centered, visionless, or lazy may erode all your hard work.

Marrying the right person can complement your efforts and make you gain more from a little effort.

With determination, hard work, and consistency, what looks like a small beginning will germinate into generational wealth.

About Elvis Anokye

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