Gratitude and Generational Wealth
What are you grateful for?
In Pursuit of Financial Freedom is a newsletter where I explore what it takes to achieve financial freedom. I write at least 1x a month and no more than 1x a week. I won’t clog up your inbox. Have you subscribed yet? Not sure type in your email too find out.
The Holidays are upon us. Thanksgiving always makes you feel a certain way. It makes you think about what you are most THANKFUL for. Queue your Instagram and Facebook feeds being filled with #thankful and #grateful posts.
I am not one to post often on social media nor post diary style posts about my emotions. However, now that I have this newsletter thing it seems a little more conducive to revealing my inner most thoughts of gratitude. JUST KIDDING. I won’t be overwhelming you with those intimate emotional thoughts.
Instead I am going to share with you a family tradition related to financial freedom for which I am extremely grateful for.
Generational Wealth
What is Generational Wealth?
“The term ‘generational wealth’ refers to assets passed by one generation of a family to another. Those assets can include stocks, bonds, and other investments, as well as real estate and family businesses.” - Investopedia
I think this is a great definition but my psychology background makes me also want to define wealth.
What is wealth?
“abundance of valuable material possessions or resources” - Merriam Webster Dictionary
I think the operative word in this definition is “resources.” Resources could include a lot of different things (i.e., money, people, materials etc) but particularly I believe knowledge and experience to also be a resource.
When most think of generational wealth they think of the money, property or assets that are passed down from one generation to another. That stuff is great but it is never guaranteed. Someone could inherit a large fortune but not have the wherewithal to manage it and gamble it away or spend it in an instant. Without knowledge and experience assets may not be valuable.
This Thanksgiving in particular I am grateful for the knowledge, lessons and values that my family has instilled in me from a young age. These lessons of not living outside my means, investing in real estate, focusing on my education and more have been a blessing. This to me is the definition of generational wealth. Who knows if my family will pass down any of the assets they have acquired over time. It doesn’t really matter though because they have taught me to stand on my own two feet and not depend on anyone else (aka one income stream aka an employer) to fund my life.
I am also grateful that I am able to share this knowledge and my pursuit of financial freedom journey through my newsletter with you there, finding yourself reading this on your Thanksgiving (if you haven’t subscribed yet by the way - click here).
Here are some key lessons that I have learned and shared this year:
How to get to Financial Freedom faster by saving, investing and scaling
Spending on assets vs. liabilities and building your net worth
I think I’ve now taken up enough time on this Thanksgiving Day. I wish you and yours only the best. Go out there and share knowledge, share generational wealth with your loved ones.
Until next time,
Amanda
P.S.
That is another thing that I love about the FI and real estate investing community, most people you encounter are all about that abundance mindset. They love to share what they know, what they learn with the world.