Wow, look at you! You’ve come so far in changing the financial future of your family. Bravo, momma! I’m ending this series with how you can leave your family a legacy, no matter what your budget is.
If you aren’t caught up here’s part 1 and 2
Part 2 was all about things we can do in our day to day lives to teach our children and ourselves to become pros at managing our money. Part 3 is about how you can leave your children a legacy even if you don’t have a huge income. Let’s Dive In!
- Income Protection- Also known as life insurance, I know icky, so instead of seeing it as life insurance, look at it as income protection. As a working mom/couple, our income is what takes care of our families. Life insurance is a protection of that income that would be lost in case if something terrible happened. Without income protection we leave our kids up to fate as how they will have the income to sustain themselves. Income protection can give your family a nice nest egg to live on as they heal, saving them from trying to figure out unexpected expenses. There’s coverage for all budgets, start with what your job provides, if it doesn’t cover your family for more than 5-10 years, you have a gap in coverage and you need more. We all can leave a strong financial future for our children by having income protection.
- Make Your Money Work for You- If you notice your emergency fund is stocked and you’re doing amazing at managing your money, it’s a great time to look into investing. For as little as $50 – $100 you can start an impressive portfolio for your children and yourself. Investing is a great way to make money you already have, work for you. Institutions “borrow” it from you and it grows interest at amazing rates compared to traditional bank saving accounts. Google the rule of 72, this is why you want to get started sooner than later.
- Own a Business- Owning a business is a great way to create a legacy for your children. You provide them an opportunity to be their own boss, helping them to avoid the 9 to 5 crunch. The income with this is unlimited. Statistics are calling the times the “Great Resignation” due to people stepping out and starting their own businesses so it’s a great time to consider! If you can solve a problem, you can start a business!
I am so honored that I was able to do this series on generational wealth. Knowing what People of Color used to endure for reading, makes me so appreciative that I am able to write and share things that will uplift other mothers. On top of creating generational wealth, we are lifting the generational curse of poverty, giving our children a beautiful start to life.
If you need more help after reading this, I invite you to a free consultation for a more personalized strategy. Book yours HERE
Please share this article for fellow mommas and comment below your biggest takeaway so far!