Generational Wealth

Creating a Legacy That Lasts

When people think of wealth, they often picture big homes, new cars, or large savings accounts. But real wealth goes beyond what you own today. Generational wealth is about creating financial security and opportunities that benefit your family long after you’re gone, helping future generations focus on growth instead of just getting by.


Generational wealth includes the assets you can pass on, such as savings, personal valuables, real estate, businesses, and life insurance benefits. Together, these make up your estate, also known as your net worth. Many factors influence how wealth is built, including family circumstances, financial habits, education, and access to resources.

While some families may start with advantages, many others begin from scratch, and both paths can lead to long-term financial stability with the right strategy.


One of the most effective ways to build wealth is through homeownership. As you pay down your mortgage and property values increase, you build equity, which is the difference between what your home is worth and what you owe. That equity can be borrowed against, used to help start a business, or passed on to future generations. A home can also become an income-producing rental property or a long-term family residence that continues to build value over time.



Because every financial situation is different, working with a financial professional can help you choose investments that align with your goals, timeline, and comfort with risk.

Financial investments also play a key role in growing wealth. Lower-risk savings options like certificates, high-yield savings accounts, and money market accounts help your money grow steadily. Market investments, such as stocks, bonds, mutual funds, and retirement accounts like IRAs and 401(k)s, offer greater long-term growth potential through compound interest, though they also involve more risk.

If you are early on your financial journey or working to increase your income, investing in yourself can be just as powerful. Education, trade programs, certifications, and on-the-job training can lead to higher earning potential and more career opportunities. Networking is another important benefit, as many job opportunities come through professional connections rather than formal applications. Building skills and relationships today can lead to stronger financial stability tomorrow.



Protecting what you build is just as important as building it. Reducing debt helps ensure more of your assets go to your loved ones rather than toward outstanding balances. Estate planning tools such as wills, trusts, and beneficiary designations help make sure your wishes are carried out and can reduce delays, costs, and stress for your family. Life insurance can also provide immediate financial support for beneficiaries, helping cover living expenses, education costs, debt, and funeral expenses.

Building generational wealth doesn’t happen by chance, and it doesn’t require perfection or huge incomes to begin.

Building generational wealth starts with small, intentional steps like learning about your options, setting goals, and using available resources to create a plan. By acting today, you are not only strengthening your own financial future, but also creating opportunities for your children, grandchildren, and generations to come. A lasting legacy begins with the choices you make right now.

Learn more about generational wealth by watching our Making Cents Financial Fitness video on Generational Wealth and learn how to get started by scheduling a Financial Coaching session with an Ascentra Financial Expert.



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Replacing Non-Renewable Scholarships

  • Jan 22, 2025

 

Many college students will face a financial reality within the next few months: Scholarships and grants that made the current year affordable will soon come to an end. Some awards are only intended to be applied to the first year of college; others carry renewal requirements, such as a minimum GPA or a specific major, that go unmet.

If fewer scholarship and grant funds are available to you or your student next year, start planning now to make up for the shortfall. Here are some ways you may replace non-renewable scholarships or funds provided by scholarships.

Find new scholarships. Although many scholarships are available to freshmen, you may be able to find scholarships for upperclassmen with a little effort.

If you have settled on a major, start with your academic department or college. Search the department website, visit the departmental office and talk to your academic adviser.  Stop in the campus financial aid office and see what scholarships are offered to students who have your academic and extracurricular interests. Check with professional and pre-professional organizations about scholarship programs to help students in your intended career field.

Look for local and small scholarships like Ascentra’s Scholarship Program. A lot of students tend to compete for national and large scholarships. You may have better luck standing out among applicants for smaller and local awards.

Consider adding work hours. During the school year, you may be able to find positions on or near campus that allow you to prepare for your intended career while earning money. Look for jobs as a teaching assistant, tutor or research assistant. Resident Assistants in the dorms may qualify for reduced room and board costs, while other campus positions may allow you to study during slow times.

There are many opportunities for students to subsidize non-renewable scholarships.  Although it may be difficult to learn about them, it’s worth while putting in the time, research and effort to lower the cost of education.  We suggest turning your scholarship hunt into a part-time job.  Just by committing as little as five hours a week to finding and applying for scholarships can have a big impact on the amount you owe at graduation. 

Ascentra is excited to offer scholarships for high school graduates, undergraduates, trade and vocational students. Fifteen $1,000 scholarships are available each year, and they are renewable for eligible students to re-apply for each year. To learn more about the Ascentra Scholarship Program, click here.

 


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Replacing Non-Renewable Scholarships

  • Jan 22, 2025

 

Many college students will face a financial reality within the next few months: Scholarships and grants that made the current year affordable will soon come to an end. Some awards are only intended to be applied to the first year of college; others carry renewal requirements, such as a minimum GPA or a specific major, that go unmet.

If fewer scholarship and grant funds are available to you or your student next year, start planning now to make up for the shortfall. Here are some ways you may replace non-renewable scholarships or funds provided by scholarships.

Find new scholarships. Although many scholarships are available to freshmen, you may be able to find scholarships for upperclassmen with a little effort.

If you have settled on a major, start with your academic department or college. Search the department website, visit the departmental office and talk to your academic adviser.  Stop in the campus financial aid office and see what scholarships are offered to students who have your academic and extracurricular interests. Check with professional and pre-professional organizations about scholarship programs to help students in your intended career field.

Look for local and small scholarships like Ascentra’s Scholarship Program. A lot of students tend to compete for national and large scholarships. You may have better luck standing out among applicants for smaller and local awards.

Consider adding work hours. During the school year, you may be able to find positions on or near campus that allow you to prepare for your intended career while earning money. Look for jobs as a teaching assistant, tutor or research assistant. Resident Assistants in the dorms may qualify for reduced room and board costs, while other campus positions may allow you to study during slow times.

There are many opportunities for students to subsidize non-renewable scholarships.  Although it may be difficult to learn about them, it’s worth while putting in the time, research and effort to lower the cost of education.  We suggest turning your scholarship hunt into a part-time job.  Just by committing as little as five hours a week to finding and applying for scholarships can have a big impact on the amount you owe at graduation. 

Ascentra is excited to offer scholarships for high school graduates, undergraduates, trade and vocational students. Fifteen $1,000 scholarships are available each year, and they are renewable for eligible students to re-apply for each year. To learn more about the Ascentra Scholarship Program, click here.