What Does It Mean To Build Generational Financial Wealth?
The family pictured above represents many American families in which three generations come together to make memories that will last for a lifetime. Pictures remind us of where we come from and the lineage that links us all together. From one generation to the next generation, we are passing down the knowledge, experiences, and history of our grandparents and parents, allowing us to keep not just the family name going but also passing down a legacy to the next generation.
Unfortunately, for many of these same families, the harsh reality of passing down a legacy of financial un-preparedness and illiteracy has allowed for the gap between the wealthy and working poor to widen so much that it seems as though there won't ever be an opportunity for any generation to reverse the trend. In fact, the sobering statistics are:
-58 percent of adults have a score less than 720, of which 46 percent of those adults (approximately 152 million) fall into the subprime (581-659 credit score) or deep subprime (580 and below credit score) category;
-Only 59 percent of the U.S. population carries some form of life insurance; however, over half carry an amount that will not suffice for covering even the final expenses;
-Most families believe that financial planners and advisors are for only those that are wealthy and they can manage their own finances;
-More than 60 percent of families do not have a living will, power of attorney, or trust in place to direct what should happen to their estate upon incapacitation or death, leaving families in disarray;
-Less than 1/3 of families are saving for any kind of retirement and are having to work in the late stages of life just to make ends meet;
-Over 90 percent of families believe that financial planners and advisors are for only those that are either wealthy, ultra-wealthy, or can manage their own finances.
At Vision Strategic Financial Group, we aim to change the way families think about the financial planning process through our six-step VISION TO LEGACY project. This program challenges the way families think about money, spend money, invest money, teach money, and how to successfully build a plan for generational wealth. Whether you are working to maintain bills each month or have a retirement savings already started, having an in-expensive financial planner working for you will allow the freedom and flexibility to do what it is that you have a vision for.
Let's build your legacy together! Give us a call at (888) 847-6734 option 0 or click on the "Let's Chat" button to the right to get started today!