Building Generational Wealth

Mark B MurphyAdvisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.

If building generational wealth were easy, everyone would do it. In truth, it takes focus, discipline, and proper guidance each step along the way. Perhaps most importantly, your mindset will determine your fate. For those in their mid-to-late 40s, and perhaps early 50s, there are still steps you can take to create lasting prosperity for yourself and your family, provided you’re prepared for the challenges ahead. Moving forward, we’ll consider five tasks a formidable wealth-builder should undertake immediately.

Maintain Your Health

Perhaps nothing is more important than staying on top of your physical and mental health. I don’t separate the two aspects because each one affects the other; thus, it’s vital to maintain both facets of your overall well-being. It’s nearly impossible to make money when you’re sick.

In fact, the opposite is true. Poor health, and the accompanying medical bills, will rapidly erode your savings. Health insurance can protect you to a certain extent, but it’s not a panacea.

Your main priority should be to only see doctors (and your dentist) for routine check-ups. If anything abnormal appears, tend to it immediately before it becomes a more serious issue. Ideally, your focus remains on daily maintenance, ensuring proper nutrition, adhering to an exercise regimen that elevates both your heart and your mood, and feeding your brain a steady diet of helpful information rather than fruitless headlines about politics that are beyond your control.

Wealth-builders acquire new skill sets while everyone else remains glued to television and social media. Later on, your increased know-how will pay enormous dividends.