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Building Generational Wealth - What does that mean?

I often times have thrown around the term “wealth” and the fact that my company IBCVI & Co., offers wealth building tools and resources, because we believe that all people deserve the right to financial freedom and opportunity to build generational wealth. More often than not, the recipient of this elevator speech looks at me cross eyed and exclaims, “well, I’m not wealthy, so I don’t think I am going to need those services”.

In this blog I would like to define for you what I mean by building “generational wealth” and expose the fact that we all not only deserve the opportunity but have the capacity to do so.

What is wealth? Webster’s definition of wealth is:

• an abundance of valuable possessions or money, e.g., "he used his wealth to bribe officials."

synonyms: affluence, prosperity, riches, means, substance, fortune

• the state of being rich; material prosperity, e.g., "some people buy boats and cars to display their wealth."
• plentiful supplies of a particular resource, e.g., "the country's mineral wealth"

I define wealth, not just as the abundance of valuable things, but as the abundance of the things that you value. For some that could simply mean money or material possessions and for others it simply means living their life through their values i.e. love, abundance, comfort, success etc. Most importantly, I believe it’s about having options. I like to focus on creating options and creating those for generations to come, hence the term “generational wealth”.

What are the things that can create options for you and your family?

1. An education
2. Six figure annual salary
3. Land
4. A good credit rating
5. Wealthy friends
6. All of the above
7. None of the above

The opposite of wealth building is being stuck in a circumstance that does not make you happy, a circumstance that does not speak positively to your soul.

What is it that makes you, or would make you, happy? (I did survey actual persons for the responses below)

• The ability to travel once every six months
• My children being financially independent
• Not having to wake up at 6:00 am to take a train to work and not return home for 12 hours
• Having many children
• Spending time with family
• Dating “a lot”
• Not working for another human being
• My children’s and grandchildren’s safety
• Fishing

Make your own list of the things that make you happy, that you value.

Now make a list of the steps, tools and resources that you need to achieve that happiness. In doing so, you have just completed your first wealth building exercise. Of course it gets deeper, especially when we are building monetary resources, but keep in mind we all have something that we will contribute to the next generation.

Building the life you want - that is building wealth. By understanding this process, you will pass this unto the next generation; whether it is your own offspring, other family members or persons in your community. You will be leaving a legacy of happiness, a legacy of wealth, a legacy of hope and not fear. By building your wealth you have created options not just for yourself but for the next generation. By building your own wealth, you would have left the foot print for others to build their own wealth and so on and so on.

I believe building generational wealth is important to all human beings no matter their current circumstance. Why else were we created?

My name is Abbelle Bakr and I believe that we all deserve the right to financial freedom and the opportunity to build generational wealth, and so, my company IBCVI & Co., offers services and tools that will help you to reach your personal and/or business goals.