Hints From Gerald Grant Jr. and Gerald Grant III: 4 Habits To Pass Wealth To Their Kids

Hints From Gerald Grant Jr. and Gerald Grant III: 4 Habits To Pass Wealth To Their Kids - Father and son are financial advisors in Miami and are co-authors of a new book about generating wealth. - They specialize in asset management, real estate, business planning and retirement planning. - They say four habits are important for wealth continuity: They invest their money in savings, spending less than they earn, learning and growing. Gerald Grant III was 12 years old when he read "The Richest Man in Babylon". Gerald Grant Jr. offered his daughter $ 100 to read the book and write a practical article, and Grant III (son) wanted to join the deal. "When I was a kid, I was only doing this for a hundred dollars," Grant III said in an interview with Business Insider. He said that he realized much later that these habits of building wealth were crucial to his life and career. Grant III and Grant Jr. are financial advisors at Equitable Advisors in Miami. He is the co-author of the new book"The Power of Generational Wealth: It's More Than Just Dollars and Cents," where he explains how families can achieve a wealth legacy. Father and son say they have at least four clever habits to create generational wealth.  

1. Save some of your money

You have to build this to pass wealth to future generations. Grant Jr. said the simplest way to do this is to save money first. Like any habit, it requires a great mode of discipline, but if you are consistent and determined, it will eventually become a habit, he said. Grant Jr. said, “Most of my clients are Christians, and they know the donation system to the church is 10 per cent, every time you contribute to the church, you make the same contribution to yourself. It is the choice to save some of your cash before spending it on unnecessary expenses. They write in the book, "Without accumulating and growing assets, there is no wealth, and if you do not adopt this process, there will be no generational wealth."  

2.Live below your average

Spending less than you earn is another rule of wealth building. This means simply keeping track of a budget, so you are in control of your spending, Grant Jr. says '' If you make X, you can only spend Y if there's to be something left over to build Z," they write in the book. "You actually buy the things you really want instead of just accumulating things, and that's how you make your money last," Grant Jr. said. Grant III said it's ultimately about getting comfortable with delayed gratification. “Because we live in a consumer-oriented society, there is always a reason to spend money,” he said. But understanding what we're putting at risk in the future - and understanding that you don't have to give up everything to enjoy the life we are living now is the key.

3.Never stop learning

Grant Jr. and Grant III say that "wealth and success can feed indifference, and the best antidote to this is knowledge." They write, "Stay curious and learn constantly, and you will continue to raise yourself in many areas of life." You have to be a lifelong learner that empowers yourself, those around you, and future generations because it enables you to make the most of the wealth-building tools at your disposal, they said. Research confirms this phenomenon: Financial planner and author Thomas C. Corley studied the habits of over 170 self-millionaires and found that 88% "spent more than thirty minutes each day on self-education or reading self-help books", and He discovered that most of the rich in research don't read for fun. '' "The rich read to acquire or maintain knowledge," he wrote in his book "Change Your Habits, Change Your Life."

4. Your money should work for you

There are smarter ways to create Permanent Wealth than by working 9 to 5. "Working hard and accumulating is a great way to build your foundation, but that alone won't generate generational wealth," they write. You have to invest in growing your money by starting a business, buying stocks, or owning real estate. "Most important of all, you have to teach future generations how to do it". As Grant III said, you can't give your child a brand new car without teaching your child how to drive and care. The same goes for inheritance. They write, "You can teach your kids about these practices at a young age, whether the amount of money is hundreds, thousands or millions, the same concepts apply." Hints From Gerald Grant Jr. and Gerald Grant III: 4 Habits To Pass Wealth To Their Kids.

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Source: www.businessinsider.com

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