We have all heard the term, generational wealth, but what does it actually mean?

There is a saying that my father told me once, and I never forgot it...

The poor plan for next Friday, while the rich plan for 3 generations.

When you're young and your father is a hard core cattle rancher, you tend to listen...even though sometimes I spent my allowance like I didn't.

But even so, what makes something "generational". It's not the money you save in a bank, it's the assets you have.

The rich dad poor dad guy, Robert, has many videos on assets verses liabilities. A liability is something that you need to keep paying for, like a car, or house, or a loan, or whatever takes money OUT of your pocket.

An asset is something that puts money IN your pocket. 

Gold, silver, and Bitcoin are assets. Land can be, a paid off house, and really, whatever you have that doesn't take a penny out of your pocket.

In other words, something you can pass down to the next generation. Which brigs me to an important point concerning generational...a will and testament.

You will want to make a will using a good lawyer, because if there isn't a will, then the estate normally goes to the government to figure out what needs to be done.

It's like the phrase, not you keys, not your crypto. With no will, then family members will be hurt, and there could be some serious discord between them. No will, no happy family...

You will want to make it as detailed as possible, so there is NO confusion.

My father laid out his will to each of us long before he died, so that no matter what, we knew what each of us was getting.

After he sold the land and cattle, we mostly just got nick nacks and his coin collections, and albums and autos.

Some of us weren't excited about what we received, but at least we knew. The will also had the land and cattle, but he revised it when those were sold.

My father's mistake was that he believed he didn't have another choice, but my uncle was willing to purchase the land, and my dad said no.

But I digress...

I collect Bitcoin, and several other coins as well because I understand that having Bitcoin, a little gold, and some silver will mean my children, when I have children, will not be begging for crumbs from the government after the fiat banking system collapses.

Thanks for reading, and don't forget to let me know your thoughts in the comments below 👇