Generational wealth has become equal part buzzword and demystified concept.
The ability to pass on assets and generate sustainable income for future generations has become more accessible. Social media sites, along with other resources, have helped to spread the knowledge and redefine its meaning. While the term typically is defined as legacy wealth, consisting of assets, estate property, money, stocks, bonds or a family business, it extends beyond finances.
Generational wealth also includes physical health, spirituality, time and more. Here are other forms of generational wealth that extend beyond finances.
Emotional Wellness
If there is anything worth passing on, it is joy, happiness, and emotional wellness. Setting a foundation of catering to emotional wellbeing is a great asset. Having generational emotional wellness may manifest in having open discussions about therapy or having knowledge of creating emotionally stable homes.
This form of generational wealth provides the future of the family with tools to adequately get ahead of their emotional wellness.
Healing
Being wealthy may also look like having access to generational healing. A few examples include being encouraged to have conversations about trauma or having the resources to address personal triggers. This form of generational wealth also shows later generations how to be open about family struggles as opposed to being secretive.
Time
Individuals with a lot of free time have the freedom to do the things they love with the people they cherish in the locations they choose. At its core, this form of generational wealth is about accumulating freedom to live a life of your choosing. Some examples include slow travel or having multiple passports eliminating visa restrictions. With time wealth, travel and intentional time off can be prioritized.
Spiritual
Spiritual wealth is all about having a strong sense of spiritual identity, cultural identity or spiritual wisdoms. This relates to having access to a spiritual community. For those who place importance on spiritual lifestyles, this is a huge benefit that may enhance a sense of belonging and relationship with faith. This form of generational wealth may also result in a more easily lead to a purposeful life.
Social Capital
Social wealth, or status, is another form of generational wealth beyond finances. It can translate to more progress professionally and personally. Some examples may include inheriting access to contacts that help you land a dream job. True social wealth also describes having a community that can support and embolden you.
Physical
Inheriting generational wealth in the form of health is invaluable. Physical wealth aids health, fitness and overall well-being. Along with healthy eating and fitness habits, other forms of physical wealth include body positivity, skincare and haircare practices and more. Physical wellness speaks to the self-care lessons passed down through generations.