Establishing generational wealth isn’t just about accumulating riches; it’s about creating a legacy and ensuring the financial well-being of the generations to come. Today, many individuals prioritize immediate financial goals, often overlooking the significant impact of establishing a robust economic foundation for their descendants. In a rapidly changing world, the importance of long-term planning is paramount, making now an opportune time to start building wealth for your future family.

Set Them Up For Opportunities

By building generational wealth, you’re not only amassing material assets but also providing your family with long-term opportunities. Supporting your family’s education, entrepreneurial ventures, or other opportunities becomes feasible when there’s a financial cushion in place. While many Americans maintain retirement accounts, the staggering fact remains that only a small portion have comprehensive estate plans, leaving their descendants with more obstacles than opportunities.

Planning for the future is a cornerstone of personal finance. With a considerable portion of the population lacking proper estate planning, the risk of missing out on potential opportunities for future generations increases. According to Caring.com, around 60% of Americans have a retirement account, while only around 30% have an estate plan. An estate plan can serve as a guiding framework to direct resources towards beneficial endeavors, fostering growth and development across generations.

Educational and business prospects are just a couple of areas where generational wealth can have lasting impacts. Financially equipping future generations provides them with the freedom to pursue education without debt and engage in ventures that can push boundaries and foster innovation. Giving your descendants the best possible start prepares them for a life full of possibilities and achievements.

Keep Them Safe

Beyond financial gains, generational wealth is essential for protecting your family. Many misunderstandings surround wills and their capacity to safeguard assets from probate court challenges, leading to potential vulnerabilities after one’s passing. The misconception held by half of the Americans who believe a basic will can fully protect them after death highlights the critical need for more awareness and comprehensive planning.

The legal landscape surrounding estate planning can be complex, putting uninformed families at risk. While personal finance literacy helps people manage current resources effectively, an understanding of estate planning strategies can further protect family wealth from unnecessary legal entanglements. When fashioned carefully, such strategies can bypass common pitfalls, ensuring that wealth is transmitted smoothly and securely.

Asset protection is a vital aspect of generational wealth, shielding your family’s financial future from unforeseen circumstances. By employing effective estate planning measures, you can ensure that a vast portion of your wealth remains intact and continues to evolve even after you’re gone. Implementing trusts and other protective legal structures are integral in crafting a financially secure environment for future generations.

Allow Them to Become Financially Literate

Generational wealth provides the opportunity to teach financial literacy within the family, offering lessons in managing finances responsibly. With resources at their disposal, younger generations can learn from the successes and challenges of past generations, enhancing their understanding of personal finance. This prepares them not only to inherit but also to grow the wealth they’ve acquired responsibly.

Understanding financial complexities increases the likelihood of making informed decisions. For instance, recognizing the intricacies of debt management and repayment plans, like Chapter 13 bankruptcy, imparts valuable lessons on economic survival and recovery. Such awareness empowers family members to maintain and expand family wealth, passing on crucial financial knowledge in the process.

Financial literacy within a family goes beyond managing money; it encompasses the understanding of wealth-building concepts, adaptable spending habits, and strategic investment planning. By cultivating financial education now, future generations will be equipped with an astute financial acumen, capable of adapting to evolving economic landscapes and effectively managing their financial futures.

Building generational wealth is a thoughtful investment in the future well-being of your family. By setting up opportunities, ensuring protection, and fostering financial literacy, you lay down a foundation that benefits not just the next generation but also the many to come. Start laying the bricks of a financial legacy today, and secure a prosperous tomorrow for your future family.

Image Source: TikTok/Bella Poarch

Bella Poarch is a social media sensation who skyrocketed to fame with her viral lip-syncing videos. However, you might be surprised to find out the details of her career and life before going viral on TikTok. Here we will take a look at Bella Poarch’s net worth today and what she did to get there.

The Viral TikTok That Started It All

Prior to going viral on TikTok, Bella Poarch served in the military. She was a Navy helicopter mechanic, and you’d likely never guess that, given her newfound stardom. Bella first gained global attention in 2020 when her lip-syncing video to “M to the B” by Millie B broke the internet. The video, featuring her now-iconic head bob and facial expressions, became the most-liked video on TikTok at the time. This single clip amassed millions of views in a matter of days, catapulting her into the spotlight. Bella’s fun content and magnetic personality quickly earned her a massive following.

Today, she boasts over 94 million followers on TikTok alone, making her one of the platform’s top creators. Her overnight success laid the foundation for lucrative brand deals and collaborations. More importantly, it has allowed her to expand her career beyond TikTok. She’s now released some of her own music and has aspirations to go even further.

Expanding Beyond TikTok

It’s true, Bella Poarch’s net worth and her fame stemmed from TikTok. However, her career is far from starting and ending there. In 2021, she launched her music career with her debut single “Build a B*tch.” The song garnered over 100 million views on YouTube within weeks of its release. Now, the song has more than 500 million views and Bella has accrued more than 7 million subscribers on the streaming platform. Bella’s unique voice and edgy music style resonated with fans, earning her critical acclaim. She’s gone on to release more than a dozen other singles, each one garnering millions of views.

Of course, when you explode on the internet, you gain the attention of brands looking for ambassadors. She has partnered with companies like Fashion Nova, HyperX, and Valentino for sponsored posts and campaigns. Over the last four years, she has reportedly made $6 million from sponsored content on social media. Bella earns about $30,000 for sponsored TikToks and somewhere between $13,000 and $23,000 for Instagram posts. Her ability to leverage her massive fan base into a profitable business model has significantly contributed to her net worth. As her fanbase continues to grow, she will be able to earn even more.

Acting and Hollywood Aspirations

When it comes to what’s next for Bella Poarch, she’s set her sights high. She doesn’t want to stop at social media and music. Eventually, she’d like to get into Hollywood. On a number of occasions, she has expressed interest in acting and pursuing roles in film and television. Her captivating on-screen presence and growing celebrity status make her a natural fit for the entertainment industry. She has already appeared in several music videos and collaborated with notable artists. As she continues to build her acting portfolio, Bella’s transition into Hollywood could open new doors and significantly increase her net worth.

What Is Bella Poarch’s Net Worth in 2024?

Image Source: TikTok/Bella Poarch

In 2024, Bella Poarch’s net worth is estimated to be around $16 million. Forbes listed her as one of the top-earning creators on TikTok in 2023, earning $3.32 million. That’s pretty impressive considering all of that has stemmed from her online presence, which just kicked off in 2020. With upcoming projects in music, acting, and potential business ventures, she shows no signs of slowing down.

Bella Poarch’s rise from lip-syncing videos to multimillion-dollar success is a testament to the power of social media. Her journey highlights how digital platforms can transform everyday individuals into global icons. Bella’s ability to diversify her talents and leverage her influence has set her apart from other creators. As she continues to evolve, her fans eagerly anticipate what’s next for this rising star. Whether in music, fashion, or film, Bella Poarch is a name to watch in 2024 and beyond.

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Amanda Blankenship

Amanda Blankenship is the Director of Social Media for District Media. In addition to her duties handling everything social media, she frequently writes for a handful of blogs and loves to share her own personal finance story with others. When she isn’t typing away at her desk, she enjoys spending time with her daughter, husband, and dog. During her free time, you’re likely to find her with her nose in a book, hiking, or playing RPG video games.