How to Leave a Financial Legacy of Generational Wealth

Money Talks News: The Podcast

In this episode, we're talking about growing generational wealth: in other words, leaving money to your heirs.

According to the Census Bureau, baby boomers are nearly 9 times wealthier than their kids, the millennials. Which means as baby boomers, like me, die off, there's going to be one of the biggest wealth transfers in history.

Want to create the kind of wealth you can pass down to the next generation—and maybe the generation after that? Then you're in the right place. Because today we're all about legacy-building.

Host Stacy Johnson is joined by financial journalist Miranda Marquit. Listening in and sometimes contributing is producer Aaron Freeman. This week's guest is Kevin Matthews, a former investment advisor and the author of Starting Point: How To Create Wealth That Lasts.

Remember, this isn't financial advice. So make sure to do your own research and consult your own experts before acting on anything you learn here.

You can download the episode wherever you get your podcasts:

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Don't Miss

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• Vanguard has found that working with the right financial advisor can boost your investment returns by 3%. Use this free tool to find a vetted fiduciary to help with your finances.

How to build generational wealth

You can't pass on a financial legacy if you don't have your own wealth. If you're hoping to build wealth, we have your resources. We have a lot on investing, which is among the best ways to build wealth. Once you establish yourself, you can build generational wealth that acts as a financial legacy for those who come after you.

• 14 Simple Strategies for Building Long-Term Wealth
• Compound Interest and Saving: Secrets to Building Real Wealth
• 16 Ways to Outsmart Your Brain for More Wealth and a Better Retirement
• How Net Worth Tracking Makes You Wealthier
• 11 Secret Ways Americans Build Wealth
• Saving Is Not Enough: Why You Need to Invest
• Investing in Gold and Gold IRAs: 5 Things You Need to Know
• Your Guide to Alternative Investments
• What Is Socially Responsible Investing?
• 7 Things You Should Know Before Investing in I Bonds
• How to Invest When Both Stocks and Bonds Are Falling
• 7 of the Best Ways to Invest That Don't Involve Stocks

Teach your kids about money

It's not just about boosting your kids' credit scores and protecting them from identity theft. You also need to give them a head start on managing their finances in a healthy way. Here are some resources we provide that can help you with your kids' needs, including how you can save money while you raise your children.

• What Type of Investment Account Is Best for My Kids?
• How to Protect Your Kids' Credit
• 5 Tips for Helping Your Kids Become Financial Grownups
• 8 Tips on How to Help Your Grandchildren Financially
• How ‘Mean Moms' Teach Their Kids About Money
• How to Teach Your Kids About Budgets
• 5 Best Ways to Save Money for Kids
• 8 Money Lessons You Must Teach Your Grandchildren
• 6 Ways to Help Adult Children Without Going Broke

Meet this week's guest, Kevin L. Matthews II

Kevin L. Matthews II is a Plutus Award winner and number one bestselling author. He has helped hundreds of individuals plan for their retirement in addition to managing more than $140 million in assets during his advisory career. By 2017, he was named one of the Top 100 Most Influential Financial Advisors by Investopedia.

Kevin launched BuildingBread in 2010 to inspire millennials to set, simplify and achieve any financial goal. Kevin regularly speaks to young adults across the country and has been featured in several media publications and productions including The Wall Street Journal, The New York Times, Forbes, Black Enterprise, CNBC, and many others.

Kevin holds a bachelor's degree in Economics from Hampton University, a certificate in financial planning from Northwestern University and a certificate in disruptive strategy from Harvard Business School. In 2020, he graduated from the University of Texas at Austin's McCombs School of Business with a Master's in Technology Commercialization (MSTC).

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About the hosts

Stacy Johnson founded Money Talks News in 1991. He's a CPA, and he has also earned licenses in stocks, commodities, options principal, mutual funds, life insurance, securities supervisor and real estate.

Miranda Marquit, MBA, is a financial expert, writer and speaker. She's been covering personal finance and investing topics for almost 20 years. When not writing and podcasting, she enjoys travel, reading and the outdoors.

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1. Intro: Leaving a Legacy of Wealth (00:00:00)

2. Guest introduction (00:00:51)

3. What is Generational Wealth? (00:01:17)

4. I don't have kids, should I care? (00:02:03)

5. How do we leave a legacy? (00:03:50)

6. How did you get into generational wealth? (00:13:43)

7. What if your kids know and get lazy? (00:25:05)

8. Most frugal way to leave a legacy (00:28:46)