6 of the Most Important Things to Consider When Creating a Strong Financial Legacy and Building Generational Wealth

 Written by: Shatoyia Jones, FLP Founder, Wealth Building Educational Consultant; Business Development Specialist

Financial freedom. Vacation homes. Real Estate Owner. Entrepreneur. Living Life of My Own Terms. Generational Wealth. Comfort. Financial Security.  Less financial stress. All of these are all sexy phrases that often is associated with building generational wealth. But what does it really take to build generational wealth and what does generational wealth actually entail? What does it consist of? How do you know when the wealth you are building is generational wealth?

Money Myths and Mindset
​

   There are so many beliefs and myths about money that we collect over the years from our peers, family members, colleagues who have no money or is still living paycheck to paycheck. Crazy right?

   If we even get any information from educational institutions, whether it primary, secondary or college / university, the education on money is either incomplete, inaccurate or outdated. 

  Before you dive deep into any journey, you must first dispel any myths or beliefs that have not been proven to be true for you and could be holding you back to maximizing your potential for true financial freedom and generational wealth. that are simply false or inaccurate. And, before we call things a scam because we do not understand it or have been unsuccessful at it, we need to stop being lazy or passive about doing our own research and due diligence and investing in speaking with or being educated by a credible professional advisor, mentor or coach. 

     We dispel five main money myths immediately for our community of wealth builders at First Ladies of Poverty Foundation:

• Money is scarce.

 

• You have to already be in the top 1% - 10% to become the top 1% - 10%

 

• Anything that I have to invest money in first to make money is a scam and pyramid scheme.

 

• Financial literacy is the same thing as wealth building.

 

• Financial education is all you need to build generational wealth, and you can simply think and speak it into existence.

All of these are false and inaccurate, and I have seen countless individuals fall short of their vision for building generational wealth and living a life of considerable freedom from a paycheck to paycheck lifestyle of little to no enjoyment , as well as relief from the average financial burdens because of their projection of self-doubt, fear and/or laziness.

The What and Who: Vision Development = Direction and Guidance

​    Vision boarding is also a very popular term and activity these days. But it is more significant than just having a few moments to enjoy imagining where you want to be and getting it down for you to look at. It is a visual and creative way to get down on paper (or a canvas, or whatever you would like) physically for you to see to stay focused and motivated on what you set out to do. This way, when you come across certain opportunities that are not aligned with your vision and goals, you can more easily decline them so that you save time and money by focusing the majority of your time and energy into where you truly want to be. Focus and accountability allows you to be more efficient in choosing the education, opportunities and professionals to reach your goals in a smarter, cost-effective and faster way.

OK, but how do you do this in the smartest, most effective way possible for the best results in a shorter amount of time?

Keep reading!

The How: Create a Plan for Your Vision for Accountability and Track Your Progress

​
​    So now that you have your vision--what's the plan? And not just any plan? What's the plan of action? What do you already know and can do on your own? What are the smaller goals you need to accomplish to reach the bigger goals? What are the things you don't know and who can you reach out to for guidance and assistance? Are you going to risk Googling your way or are you going to invest in a coach and mentor who can reduce the risk and show you the way--with the refocusing, strategic development and accountability support? What's your budget? What are the means that you have to fund your investment in a coach / mentor / financial education? What classes / courses do you need to take? And what's the order of which you want to accomplish your goals? What's the timeline you have to hold yourself accountable?

OK, but how do you do this in the smartest, most effective way possible for the best results in a shorter amount of time? Keep reading!

Network is Literally Your Net Worth: Network to Build Genuine Relationships Before You Need To

     What if I told you that the most important part of starting your wealth building journey is not building, growing and diversifying your financial assets, but rather networking and having conversations with others who are the on the same journey as you in relevance to wealth building? The alternative to financial capital is social capital. The one thing I wish someone had told me sooner on my journey was to build relationships with individuals in my industry, not just for my business and what I thought I could do for them through my business but also just because I am interested in who they are, their work and possibilities for partnership and collaboration.
​

Maybe I would like to request that they mentor me in exchange for a skill or talent that I have. The most important things to remember when networking though are not your business cards and elevator pitch (though those are important!), but rather, who you are / how you carry yourself, what you can offer of value to the people in the room, how well you connect with those individuals and the relationship you create moving forward outside of just business.

    Collaboration over competition always.

​So, you might be thinking-- so how can I get started learning more about best practices, what to prioritize when networking and how to connect outside of career and business? How do you do this in the smartest, most effective way possible for the best results in a shorter amount of time? 

​Keep reading!

---

​Build, Grow, Protect, Distribute, Diversify and Repeat

​     Speaking of financial assets, it is not enough to learn how to save and manage your money. You must also be committed to learning and wisely investing in a variety of different financial assets and options outside of a bank account -- bonds, stocks, index funds, IRAs, mutual funds, cryto, bitcoin, NFTs-- to choose what is most right for you to fast track your path to the vision you laid out for yourself. The educational and mentor-ship piece never really ends. And that's great! Because the more options you have (choices), the more customized and personalized your wealth building path can be. Instead of the traditional educational-employment model that promotes (1) main path to professional and financial success, you can choose from a hundred options that doesn't require you to get a degree first but is truly based on your unique learning and earning styles, your coach-ability, hard work and willingness to invest in the mentor-ship and education. 

And guess what, you don't have to do it alone! First Ladies of Poverty Foundation educates wealth builders on the past and latest wealth building strategies and opportunities while offering group and private mentoring coaching options with certified, professional and purpose-driven financial, business and investing advisors, coaches and mentors who give back to their community!

Register for an upcoming virtual bootcamp for our virtual tour to gain access to the community and get our ultimate generational wealth handbook for first generation wealth builders!
​

Humble Yourself: Talk More About Money and Ask More Questions

     The one thing I see holds many individuals back in my almost 2 decades of professional experience is their financial reality check and shame / guilt / embarrassment that comes with that. Sharing financial circumstances with strangers who could become potential associates or mentors can be shameful or embarrassing. However, I have found that those who humble themselves, talk more about money in general and then specifically pertaining to their financial situation and of course, ask more questions instead of pretending to know it all and have it all together, a burden is lifted and more resources and opportunities can come your way because people know what you are looking for and need. And if you are humble, building genuine relationships with other wealth builders, talking more and asking more questions AND are serious and willing to invest, time, money and energy into your future...

   You just got yourself a golden ticket to getting ahead of the 99.9% of people to desire generational wealth but never actually gets it.

Did you enjoy this article?

Register for our upcoming generational wealth virtual tour to learn more about the key elements to focus on when building generational wealth, how to build a network like a millionaire so that your network literally becomes your network, how to build, grow, protect, distribute, and diversify your financial future on repeat and the significance of humbling yourself to talk more about money, ask more questions and make short-term sacrifices for long-term gains.

Bonus: When you register for one of our upcoming virtual wealth building bootcamps, you will also receive our generational wealth handbook, which is based on our own research and case studies with our students, clients, educational programming and local impoverished communities to be published in July 2022!

Register for Upcoming Virtual Wealth Bootcamp

​>> Join Our Wealth Building Community
​
>> Sign Up for Generational Wealth Group or Private Coaching

​>> The 5 Stages to Building Generational Wealth with Little to No Money

​>> Access FREE Wealth Building resources