3-Step Strategy for Building Generational Wealth in Today’s World
- Learn my three-key strategy for becoming a forward-thinking income investor to build lasting wealth in today’s new world.
- See how our Bold Profits mantra is paying off with a 37.5% rise in our Disruptification Index.
Behind the scenes, our Bold Profits team is always on the lookout for new ways to help readers like you find the best profitable opportunities.
We diligently work together to make sure we’re delivering the most helpful content and investment guidance available.
This week, we all put our heads together to talk about financial independence and what it means to us.
The testimonials began to flow from us all. We decided right then and there that we shouldn’t keep this information to ourselves.
We should get this valuable information out to you.
And what’s a better time of year to ponder our personal take on financial independence than the days leading up to Independence Day?
Paul Mampilly kicked things off yesterday with his special edition of Bold Profits Daily, telling readers how he gained financial independence during a crisis in our economy.
Today, I’m going to continue this discussion with my three key mindsets for financial independence in today’s new world.
Mindset No. 1: Foresight
From a young age, I’ve always had a curiosity and interest in finance, economies and investments.
It’s my niche.
As a preteen, I remember my mom introducing me to the family household budget and teaching me to balance the family checkbook. And boy, was that eye-opening.
From that point forward, I understood the value of a hard-earned dollar and how it should be invested wisely.
I must have inherited my affinity for finance and investments. My great-grandparents, great aunts, great uncles, grandparents and parents all had the same mindset.
Nearly 70 years ago, my great-grandparents made very bold investment decisions that had an immediate impact on their children — and decades later, their grandchildren.
You see my great-grandparents had a knack for scoping out real estate investments and turning them into income properties.
They were a very wise and brilliant couple.
Over several years, they built a portfolio of multiple income properties with dozens of tenants. Some of their tenants included small businesses. These businesses offered employment to the local community, which helped it thrive and grow.
My great-grandparents were the consequential income investors.
They were able to combine income and price appreciation through rents and land value to make themselves extremely comfortable.
Their forward-thinking income investment mindset became ingrained in my family.
Mindset No. 2: Family
You see, my family worked together.
Over the years, my grandparents and great aunts and uncles worked hard and diligently in their professions.
But, what set them up for financial freedom was the wisdom of knowing they could accomplish more together than apart.
As a close-knit family unit, they pooled their earnings. And with my great-grandparents’ guidance and legacy, they continued to invest in real estate and buy income properties.
By embracing freedom, knowledge and know-how, each elder member of my family set up their lives for generations to come. They had thriving, income-producing properties to supplement their livelihoods.
Family can come in all forms, whether you’re related by blood or not.
But, I learned from my elders that if you’re able to align yourself with a group of supportive people who share your convictions and genuinely want the best for you, you can accomplish a great deal.
As Helen Keller once said: “Alone we can do so little; together we can do so much.”
Mindset No. 3: Fearlessness
I know by the actions of my family that income and wise personal finance decisions are the keys to building a lasting and substantial nest egg for years to come — from one generation to another.
I represent the fourth generation of a family that took risks while steeped in confidence.
They were courageous and daring in an uncertain world.
But through their strength, conviction and fearlessness, they made life choices and investment decisions that still benefit them to this day.
“Strong Hands” for Future Generations
So, for me, the three mindsets needed for financial independence are foresight, family and fearlessness:
- Where foresight is concerned, it’s imperative to have plan. Ask yourselves, what are your financial goals? What will it take to accomplish them? I find when I write things down and conscientiously plan to attain a certain objective, it gets done.
- Cultivating close relationships with family or valued friends is most beneficial. When you have a support system that works with you to accomplish your goals, it can make a world of difference.
- Just like my fearless great-grandparents, today in this new world of investing, we must be strong and stay true to our convictions. As Franklin D. Roosevelt proclaimed: “The only thing we have to fear is fear itself.”
As Paul always says, we must have strong hands in the investing world and be in it for the long haul.
Paul’s mantra is paying off. Check out the latest performance of the Disruptification Index.
This index encompasses all of the recommendations across the Bold Profits stock trading services. As you can see, year to date it’s beating major indices handily, proving that “strong hands” investing pays off in a tangible way.
This chart shows the Disruptification Index is now up 37.5%. That’s compared to 21.9% on the Nasdaq and 14.5% on the Dow.
Our decisions today, whether investment-focused or pertaining to other aspects of our lives, can have a profound impact on future generations.
So, if you can, take the time this Independence Day to spend quality time with your loved ones.
Learn from each other and care for one another. There is so much more to do in this life. And you’ll have that opportunity as you pave the way toward your family’s financial independence.
Until next time,
Director of Investment Research, Banyan Hill Publishing