Building Intergenerational Wealth
Episode description
Shaz and Kieron discuss the importance of building intergenerational wealth, highlighting the misconception that intergenerational wealth is only for the rich and emphasising the need for everyone, regardless of their wealth level, to consider passing on their wealth to future generations.
They discuss the alarming amount of lost money in the UK, estimated at £50 billion, due to a lack of communication and planning around intergenerational wealth, and stress the importance of having open conversations with parents and grandparents about their assets and investments to avoid unnecessary taxes and missed opportunities.
KEY TAKEAWAYS
- Building intergenerational wealth is important for everyone, regardless of their current wealth level.
- It is crucial to have open and honest conversations about finances and inheritance with parents and grandparents.
- Failing to have these conversations can result in significant tax implications and the loss of potential wealth.
- To start generating intergenerational wealth, it is important to have the right financial mindset and educate oneself on financial strategies.
BEST MOMENTS
"If you don't talk about it, you're going to pay a lot of tax."
"There's an estimated 50 billion pounds of lost money in the UK."
"The more you give, the more you gain."
"Just because you like doing one thing, your children might like a completely different thing."
VALUABLE RESOURCES
https://www.facebook.com/shaznawaz11
https://www.linkedin.com/in/shaznawaz/ https://www.instagram.com/parkwardlabour/ https://www.youtube.com/channel/UCJCDESxIqYjhiIBxJ90nKwQ?disable_polymer=true
Shaz Nawaz is a serial entrepreneur; he owns five thriving businesses in diverse sectors.
Shaz is committed to helping business owners build successful businesses. Having conducted over 3,000 business growth consultations he has helped his clients generate millions in additional profits. His purpose is to inspire business owners to build businesses that are hugely profitable and sustainable.
He is a huge advocate of having multiple streams of income. He has written a number of business books and regularly contributes articles to mainstream media outlets.