How To Build Generational Wealth In 2024 ( step by step, with PROOF)

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Welcome back to another insightful episode of Financial Freedom Fast Lane ! Today, we’re diving deep into a crucial topic that can change the trajectory of your family’s future: creating generational wealth in 2024.

In a year of promising financial and market trends, let’s talk about a strategic approach to building generational wealth, starting with developing a high-income skill set and transitioning those skills into a scalable business. We’ll also talk about the importance of investing in real estate and the stock market, in addition to securing life insurance and setting up a trust to safeguard and dictate the future use of your assets!

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I’m going to share with you my
perspective on building generational
wealth in
2024 what’s going on everybody welcome
back to another episode of Financial
Freedom Fast Lane and remember the
quicker you get to your dream life the
longer you get to live it and I’m your
host George ashin pong we are talking
about creating generational wealth in
2024 okay creating generational wealth
in 2024 but as you guys know I like to
give you the news you could use before
we get into the topic so let’s get into
it all right first up on the docket US
Stocks Rose sharply on Friday as
investors are feeling confident that we
are moving in the right direction uh
that the FED is trending to be able to
make those rate cuts at some point in
the year and off the news of a softer
Landing than expected when it comes to
the job market right so stocks rose on
that news and notably Apple Rose 6%
apple is my largest holding in my
portfolio OG company um OG holding in my
portfolio and they Rose 6% off of the
news of a huge record historic stock
buyback somewhere I think in the range
of 1 Point ex me excuse me
$110 billion dollar right which is crazy
and on top of that uh they are promising
greater sales in the upcoming
quarter Live Nation also Rose I want to
say 7% uh they had a 21% uh uh increase
in Revenue growth um which made
investors very confident in the stock
Square actually dropped about a percent
um which was interesting considering the
fact that uh they actually beat
expectations um and they were they were
they Rose earlier in the week but by the
end of the week that those wins tapered
off and they ultimately closed out down
1% right and also something I’m going to
start doing every sing single week is
I’m going to give you a stock that you
can do some further research on that I
think might be a banger one that might
be worthy of investing in and this week
it’s a little known French company let’s
call it the French Connection you can’t
even plan that I wasn’t even trying to
make that connection you know French
wine French
Connection but let’s call it the French
Connection right it’s a little known
company ticker symbol t h i wait is it
th h l l y right and this company is a
perfect mix of defense and AI right and
so we look at the economic landscape
right now I think this is a company that
is an amazing one to keep uh keep an eye
on I am going to read off some
information so bear with me just I want
to give you guys uh the facts and the
news that you can use so according to
Baron’s analyst the little known French
company uh THS ticker symbol th l l y is
a perfect mix between defense and AI the
company has three divisions but it
defense division accounted for over half
of its first quarter Revenue about 2.5
billion the defense arm also produces
the fastest growth with sales up 13.1%
and orders up
128% over the last 12 months right so
this is a company you might want to keep
your eye on I’m bullish on it I’m going
to be doing some more re research add it
to your watch list check out the trends
and maybe it might be something you want
to add to your portfolio all right now
let’s get into
today’s topic how to build generational
wealth in
2024 all right this is my strategy right
this is my truth I’m not saying it’s the
truth obviously there’s plenty of ways
to build generational wealth but you’re
watching the Financial Freedom Fast Lane
show and I’m the host of that show so
I’m going to share with you my
perspective on building generational
wealth in 2024
all right so the first thing you want to
do if you want to build generational
wealth in 2024 is you want to develop a
high income skill set okay no matter
what anybody tells you your greatest
lever for Building Wealth right in 20124
is creating is developing a high- income
skill set why because it’s much easier
right to make
$11,000 than to get an investment return
that’s going to yield uh ,000 typically
speaking right or 10,000 or whatever
your goal goal is so when you have a
high income skill set it gives you more
resources to be able to deploy towards
Building Wealth you could be the best
money manager in the entire world you
could not spend a dollar on the latte or
never go out to eat live a very meager
lifestyle but if you just don’t make
enough you’ll never have enough
available or discretionary money to
allocate towards Building Wealth right
it doesn’t mean that you can ignore
being a good Steward over your finances
I’ve already did a podcast episode on
that doesn’t mean that you can ignore
saving money but my what I’m saying is
the greatest lever that you have to
changing your situation is changing your
income how will you change your income
by being more valuable to the
marketplace okay you get paid for the
value you bring to the marketplace so
understand what skills can I learn that
people consider High value that the
market forget people that the market
deems this high value and I can charge
accordingly should I do a podcast on
high value skills that anybody can
leverage in 2024 let me know in the
comments but that’s going to be your
greatest lever right so the first thing
you got to do is identify what high
income skill set am I going to acquire
right running paid media paid ads for
people is a high income skill set right
social media management could be a high
income skill set right
accounting bookkeeping there’s plenty of
things that you could do to make
substantially more money than you’re
making right now and in doing so if you
are good St it over your finances those
those are all resources or at least some
of which you can use towards building
generational wealth okay so that’s the
first step the second thing that you can
do to start building generational wealth
in 2024 is turn that high income skill
set into a scalable business right so
let me take a quick step back a high
income skill set is where you make you
money if you’re a world renowned speaker
people will pay you 5,000 10,000 $15,000
a speak that’s a high- income skill set
that’s amazing you should keep doing
that the only bottleneck on that though
is that there’s only so many stages you
can speak on a year especially if you
have a family especially if you have
kids or wife Etc right there’s only so
many stages that you can speak on in a
year so uh a scalable business right
turning a high- income skill set into a
scalable business is how can I reach
more people right at scale so for
someone who has a skill set that’s
worthy of being invited to speak it
might look like writing a book you can
sell it to millions of people from the
comfort of your home it might look like
developing a course packaging up your
intellectual property people can consume
right and buy it at 1:00 in the morning
while you’re
asleep it might be a coaching program
right it might be hosting a virtual Su
it could be a number of things but
depending upon what your high income
skill set is but essentially how can I
package up the skill set that I have and
turn it into something scalable and
generally speaking the way that you turn
a high income skill set into a scalable
business is where people and or systems
I’m not going to say or where people and
systems make you money right that is a
scalable business the easy example I
always like to use is if I was a barber
no matter how good I was shout out to my
barber cuz my barber is amazing you
haven’t if you haven’t been able to tell
right doesn’t matter how good the barber
is or how much the barber charges
there’s still a cap on his ability to
his or her ability to make money right
but if I opened up uh barber shops that
means that there’s several other people
that can cut but and I can make money
even if I don’t touch Clippers at all so
just think how can I expand how can I
duplicate myself and you’re probably
moving in the right direction with
creating something scalable now that the
reason why that is key to generational
wealth is because if you set up the
right way that’s going to be something
that can run without you right and to
make generational wealth you obviously
has to be for the next Generation you’re
probably not going to be here for the
majority of it if done correctly all
right the third thing you can do to
create generational wealth in
2024 is invest in the stock stock market
right investing in a stock market is one
of the lowest barriers to entry whether
you have $50,000 or $50 you can get
started it doesn’t matter what your
credit score is none of that doesn’t
matter what your resume is doesn’t
matter who likes you or doesn’t like you
you can get started with investing in
the stock market right and you can start
owning for the best companies in the
world right by simply investing in a
stock market and so while you’re making
money in your active business that that
we just talked about or even if you a W2
employee that’s fine too you can take a
percentage of that money and invest it
in the stock market so now your money is
working for you without you having to
work for it but I always like to say
it’s one of the best CEOs in the world
they work for
George right when Google does well
George does well when Amazon does well
George does well when Tesla does well
George does well when Nvidia does well
George does well list goes on so the
benefit in this is that even if you have
zero desire to be an
entrepreneur you don’t have to be an
entrepreneur but you do have to be an
owner right you don’t have to run
businesses but you do have to own them
okay and the way that you can own them
is by the easy easiest way that you can
own them is by investing in the stock
market right love the stock market I
think it’s one of the greatest asset
classes known to
man now the next thing that you can do
to build generational wealth in
2024 is to own real estate all right
it’s to own real estate now I wasn’t the
biggest fan of real estate for actually
for quite some time so I’m thinking to
myself why in the world would I uh
invest in this property right the
mortgage might be
$1,100 this particular property is going
to pay me uh
$1,400 I got to have a property manager
unless I want to manage it myself I got
to put a little bit of money away for in
case of emergency for maintenance like
when it’s all said and done what am I
even netting out what is the hassle I
could have a one-hour consultation with
somebody and make more money than that
right but I was thinking about it the
wrong way I didn’t number one
one of the main purposes for investing
is to hedge against inflation it’s the
preservation of capital so I could ask
myself do I want to keep my money in the
bank highe savings account right or do I
want to find places to invest my money
that preserve the capital that right
that lets me know that at minimum my
Capital will probably probably keep
placed with inflation right so why
wouldn’t I invest in real estate right
because I was only thinking about the
cash flow like why would I go through
all the house and only get $100 a month
or whatever it is in cash flow well
genius because when you have a tenant in
your
property now they’re responsible for
paying down the debt that means the
asset’s going to continue to grow in
value um on their dime right not to
mention real estate is one of the best
asset classes when it comes to tax
breaks because you get to take advantage
of depreciation which can dramatically
offset your tax bill
right so that’s amazing so you get
Equity appreciation you get to take
advantage of De depreciation and you get
cash flow right so and those are just
some of the benefits so real estate is a
great asset to invest in because you can
continue to have tenants in it then as
time goes on when we talk about building
generational wealth that cash flow is
going to grow because rents are going to
increase but your mortgage isn’t going
to increase and your and the debt is
getting paid down by the
tenants so when you look at it
holistically and not just like what is
the current today’s Cash Flow right then
you’ll realize that real estate is
almost always a great play now granted
just like any other investment it has
its es and flows it’s pros and cons you
could have a bad tenant you could have
you know obviously there could be things
that go wrong with the house to eat away
at your profits
sure right but the only way to lose the
game is to not play it that’s the only
way to lose it right now I’m not going
to sit up here and make it seem like
real estate is all better
roses right but it is and can be an
amazing addition to your portfolio
especially if your desire is to build
generational wealth right so investing
in real estate in 2024 will help you
build generational wealth all right so
one of the most important things that
you have to do in order to build
generational wealth of 2024 is you need
to get life insurance for me what helped
me really understand the importance of
life insurance even as someone who knew
that they were going to build wealth
through investing was that life
insurance did did two things really well
right so let’s say back in I don’t know
when I was 23 which was some years ago
right you can leave it to your
imagination I was just getting
started in my journey towards Building
Wealth right I still had the same desire
then that I do now obviously it’s
evolved a little bit but I still have
the same desire to build generational
wealth and leave something behind but I
hadn’t really accumulated many assets
yet right so what life insurance
ultimately provided was that dotted line
connection to say that if something
happened to George 10 years ago right he
could still ensure that he can leave a
legacy to his family even though he
hadn’t accumulated as many assets as he
has now right so Pro provides that kind
of line protection it’s like hey until
you fill up the line with your actual
assets life insurance is going to bridge
the gap to ensure that you can leave
money behind as you desire
right now the other thing that life
insurance does really really well is it
can create
liquidity right when you pass away
because when you pass away You’re Still
you’re going to have funeral expenses um
you’re going to have other outstanding
things that you need to take care of
and some of those assets might be tied
up there might be a whole process right
uh to get your family the appropriate
access to your money however you have
some things that might need to be taken
care of Rel relatively immediately and
you don’t want to put that burden on
your family so what life insurance can
do is create that immediate liquidity on
a tax-free basis to ensure that your
family isn’t stressed out about how to
proceed with things on your
behalf right so getting life insurance
in 2024 is
essential to building generational
wealth here’s the hack or here’s the
truth if you got a million dollar policy
it got approved tomorrow right knock on
wood and you passed
away the next day right your family is
you now ensured that you had a million
dooll generational wealth plan right
because your family is now going to
inherit a million dollars now we’re
going to make sure that it gets to them
and the right things happen with this
last point of today’s uh of today’s show
but at minimum you know that if I had
that million dollar policy something
happens to me right my family is going
to be okay now there are obviously some
claws with life insurance in terms of
you know how proceeds get paid out um
won’t get into the specifics on this
podcast but generally speaking assume
you assuming you die of natural
causes um or some type of accidental
death that is within the scope of reason
right your family is going to get paid
out that money no issue especially if
you get approved because they’re going
to ask you all sorts of questions to
ensure and have a good understanding of
your lifestyle right so if you do
nothing else make sure you get that life
insurance uh to ensure that your family
is going to be protected and that you
can create generational wealth in 2024
all right and last but not least make
sure you get a trust right trust me on
this one get you a trust
why so that you can make the trust the
beneficiary of all your assets and then
the trust can dictate who those assets
are going to be distributed to and how
they’re going to be distributed the key
difference I want you to understand
between a will and a trust right besides
probate and all that jazz is that when
you get a will right the plan that you
want it for the money will die with you
right that you can guarantee that it
will die with you
right now the beneficiaries will get
what they’re entitled to right I want
Susie to get 100,000 I want Mary to get
200,000 I want Jake to get 50 whatever
right they’ll get it but what they do
with it that plan dies with you now many
of yall are familiar with the popular
popular show um Power uh the first
iteration of I think it’s like power
book two right now or whatever right but
when ghost
died he had stipulation in his trust
that said Tyreek can get access to this
money when he graduates etc etc so that
way it kind of creates a a safeguard and
a guard rail to ensure that what you
want to happen with the money actually
happens that’s where generational wealth
goes wrong generational wealth isn’t
just gifting your family the money
because if they don’t have the mindset
if they don’t have the mentality right
then the money will get
squandered so part of generational
wealth which is kind of a bonus tip is
don’t just pass down the money
pass down the methodology pass down the
mindset right if you still don’t trust
them pun intended then put stipulations
in place for their own good right cuz I
know somebody like blessed me with like
a million dollars when I was
18 I wouldn’t be I probably wouldn’t be
sipping non-alcoholic
wine right so just make sure that you
get a trust so you can create
stipulations not to like be a control
freak but to to create stipulations in
the best interest of preserving and
protecting your family’s Legacy all
right so guys I hope this was helpful on
learning how to build generational
wealth in 2024 and remember as always
freedom is for
sale if you’re willing to pay the price
until next episode guys peace
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