Editor, Commonwealth:
I have lived in Greenwood for 40 years. I am a Greenwood High School standout and attended Mississippi Valley State University in the fall and spring of 2005.
I am writing this letter on how families can help a younger generation have a better future.
Generational wealth is about more than just money, and it isn’t just for the 1%.
Aubrey Gideon
As parents, you want what’s best for your children. Imagine being able to provide the freedom so that they can pursue their dreams with the comfort of financial security for their future. That’s the promise of generational wealth.
When younger generations can start adulthood without debt, they can live life more freely, save for retirement, pursue an advanced degree and start a business. Put simply, generational wealth unlocks options, all while powerfully expressing your family’s values and making a difference in our young generation.
The term “generational wealth” refers to money and assets passed down from one generation to another, such as investments, real estate, family businesses and other holdings. It also includes intangible wealth, such as family reputation, relationships, community impact and educational values. Even if you don’t have an inheritance coming your way, you can build generational wealth for loved ones with thoughtful planning, saving, communicating and getting along with all races and your peers.
Improving your financial literacy will help you create a strong financial foundation today while building generational wealth for the future. Like anything else, learning about finances takes time. It may feel a little intimidating at first, but there are plenty of resources to help the people around you to get started.
Start with the basics, such as budgeting and building credit, and move on to investments, insurance and other financial topics. If you have children, develop their financial literacy at home. Don’t assume they will learn it in school. It starts from home in every generation to teach kids about integrity, dignity and respect for others. Use an allowance or gifts to teach younger children the basics of saving and donating money. Even very young children can learn values such as generosity and gratitude. Involve them while young with a positive mindset.
Aubrey Gideon
Greenwood
