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Here are five of the top strategies used by high-net-worth families tobuild generational wealth.
True generational wealth starts with financial education, Smith said.
Disciplined Investing
Wealthy familiesinvestconsistently with a long-term perspective.
Wealthy families dont just invest to grow they invest with purpose, Smith said.
Their plans prioritize income generation, tax-efficient investing and disciplined market strategies to sustain wealth over generations.
The wealthiest families dont rely on a single advisor, Smith said.
The team may also include insurance agents.
An easy way to do this is to work with afee-only advisor.
Utilizing Advanced Wealth Transfer Strategies
Building generational wealth effectively also means having a well-thought-out transfer strategy.
Exploring Alternative Investments
Many high-net-worth families usealternative investmentsto generate passive income and achieve long-term growth.
This allows them to diversify, generate passive income and create additional opportunities for long-term wealth expansion.
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