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.
Spring Cleaning Your Finances
Spring is a natural time to reset. Just as we open windows, clear out closets, and get rid of clutter, your finances deserve the same attention. Accounts, paperwork, subscriptions, and financial habits can quietly pile up over time. A little financial "spring cleaning” can help you feel organized, confident, and prepared for the months ahead, without a major overhaul.
- Protect what you’ve built: Update passwords, enable alerts, and stay alert for seasonal scams that often increase during tax time and summer travel. Visit Ascentra’s Fraud Center at ascentra.org to learn more.
- Dust off your accounts: Review checking, savings, retirement, and investment accounts. Make sure you know where your money is and how it’s working for you. Look for dormant or underused accounts that could be consolidated. Check beneficiary designations especially after life changes like marriage, divorce, a new child, or the loss of a loved one. Keeping this current ensures your wishes are honored.
- Sweep up debt and expenses: Look at interest rates on credit cards, auto loans, and other debt. Refinancing or consolidating may lower payments or interest costs. Review insurance premiums and coverage because policies that made sense years ago may no longer fit. Even one adjustment can free up cash each month.
- Refresh your financial goals: Life changes, and so can your goals. Adjust retirement contributions, emergency savings, or priorities as children grow or retirement approaches. The goal is alignment, not perfection. Ascentra’s Financial Coaches can help review goals or connect you with trust, retirement, and investment services.
- Clear the Clutter: Review financial paperwork and digital files. Shred old statements you no longer need and securely store important documents like tax returns, insurance policies, and estate documents. Digitizing records makes them easier to find and helps reduce fraud risk. Check bank and credit card statements for subscriptions or services you no longer use, small recurring charges can add up quickly.
Spring cleaning your finances doesn’t have to be overwhelming. Pick one area to tackle this season. If you’d like help reviewing your accounts or setting priorities, Ascentra is here to help because good financial habits grow stronger with regular review.
