GENERATIONAL WEALTH

by Linda Mnkandla

There are so many facets to our project and one concept we have had an in-depth discussion on is that of generational wealth. What is it? How does it tie into gold mining? And why is it something we consider important?

Defining the term…

According to askmen.com, “Generational wealth is an aspect of financial planning that is geared toward passing down stable, significant financial resources to future generations.” One might think of the British aristocracy whose immense wealth was passed down to male heirs; one might think of business moguls namely, the Hiltons or the Gugenheims who have been passing down wealth to their children in the form of large trust funds. Families within the entertainment industry (such as the Carters or the Kardashians)may also come to mind because they have amassed a lot of money in the last few decades, thus ensuring that their children will be well taken care of.

According to Legacy Legal, “Generational wealth is about more than just money. It is about wealth in values, beliefs and traditions.” What is interesting about this definition is how it embodies the financial aspect and the notion of ‘more to amassing wealth versus earning money’. Many parents who can afford to give their children pocket money also encourage savings, be it by placing the money away in an…