No no no. This is not how your build generational wealth.

You should have invested in the Magnificient 7 years ago. But you can still buy Apple, Alphabet (Google), Amazon, Nvidia, Microsoft and Netflix (forget Tesla). It will grow and you will leave the portfolio to your kids.

This is what we did. We invested very little, due to low income, but it's grown to 18M.

Anonymous wrote:Not sure if it'd build generational wealth but there are a ton of SMB that are for sale now: https://www.smbdealhunter.xyz/

This is great advice - you can roll these up into a much larger co over time if you want generational wealth. Won’t be quick or easy but you can make a lot, both via cash flow and when it’s time to sell. Lots of favorable loans via SBA for the initial purchase too. The HENRY and FatFIRE Reddits have a lot of good advice on doing this. Avoid the Twitter SMB acquisition influencers (that sweaty millionaire dude comes to mind), most of them are frauds.

PS If you take care of your own financial future, you'll be able to manage your own long-term care, if ever needed, and you won't need be dependent on your children to take care of you because you lack the financial wherewithal to support yourself in retirement. Better that you take care of yourself, and your children take care of themselves, than rely on a strategy for aging which depends on your children having both the financial capacity and the inclination to support you.

If you already have kids, and you want to start a "family business" for them to have, then get their input on what to do.

You want something they can get involved in now, so they feel ownership of the business. Stores/retail are ok. Franchises. etc.

Not sure if it'd build generational wealth but there are a ton of SMB that are for sale now: https://www.smbdealhunter.xyz/

You're very unlikely to develop a truly lucrative business by working at it part-time only on weekends. Customers/clients for most types of businesses probably won't patronize someone with no availability and no responsiveness during normal business hours.

If you want your children to maximize their earning potential rather than depending on you to just leave them an inheritance, instill in them a good work ethic, ambition, and an appreciation for education. Neither you nor they need incur enormous debt to go to university. They can attend state schools, including community colleges from which they can later transfer to 4-year institutions, and can work during the school year and during summers. They can pursue studies which will position them for remunerative careers, with or without a need to continue on to professional schools in law or medicine. In other words, give them the tools to earn their own fortunes through their own industry.

For yourself, your likely best path to wealth would be to transition to a BigLaw firm, assuming you have the necessary credentials and experience. You'll have to work harder than you do in government, and you'll probably need to demonstrate business development skills, but your income will increase substantially. If you keep your current lifestyle (i.e., don't let your spending rise along with your income) you'll have plenty of extra cash flow to invest prudently. Thanks to the magic of compounding, over a long period of time your wealth should increase substantially.

Depending on your specialized skills, you might be able to transition to in-house work at a large company (Fortune 1000 or bigger), if you have relevant skills and the credibility you'd need to be a viable candidate for such roles. If you're successful in such an organization, and have the necessary gravitas and soft skills, you can aim for a General Counsel role there or elsewhere. Such roles often carry EVP or SVP titles, and compensation can be very substantial when considering base salary, bonuses, and equity grants. Over time, the same magical compounding can build you meaningful wealth, if you restrain your lifestyle and spending.

I am the child of immigrants, I arrived with nothing and didn’t speak English in high school. We routinely ate at church and had electricity and phone turned off, almost lost house during the recession, but I worked at a fast food and helped my family make the mortgage payment.

I am now a federal attorney with a 195K income and ten years in. I graduated during the 2013 financial situation / recession? and opted for government jobs because I thought they were secure and I had an income. I support my own family and my parents.

I am having a midlife crisis type situation and I don’t want my children to worry about money like I still am. I don’t want them to have loans and worry about my eldercare.

I want to spend the weekends starting a business that’s the only way I can earn more - I want the security of my job but I want to do something. I am good at marketing, writing, acquisitions, making a site, building a brand, anything I can think of - I just am stuck on an idea. What do people want and need? What is a space that needs …something? What can build generational wealth? For those that started a business, what worked? How did you come up with your idea?