Creating Wealth

Creating Wealth Has Seen Many Gearshifts from the Past to the Present

Creating wealth is shifting gears for a newer generation. There were conventional paths to wealth in the past. Today, household property and assets are taking shape through more avenues than ever before.

When people want to know How to Become a Millionaire, there are entirely new paths to growth. Moreover, these avenues exist despite economic unrest in warring nations and supply chain disruptions.

Throughout history, creating wealth has been necessary. Building on generational wealth even creates benefits like:

• Steady income even in lean times when people don’t                  have employment

• The liquidity that translates to buying power

• Earnings that preserve the ability to fight inflation 

• The ability to independently provide for your family

• Keeping lifesaving healthcare affordable even well                      into retirement

Let’s have a closer look at this new generation of creating wealth. 

Creating Wealth in the Past

Even Simon Kuznets, in 1954, knew there was a serious relationship between economic growth and creating wealth. When land owners could accumulate assets, there was a distinct path to wealth. This path was robust for people who could create value from their agricultural assets.

People outside of agriculture sought gains for themselves, which meant working in this sector. Even without a college degree, there was a way for communities to secure employment.

With this employment came a chance to support a family. Flash forward, and we see generations building out teams. These teams point to economic systems that value human capital in a new way. 

Now we open the door to an industrial age that would transform economies globally.

Creating Wealth in the Industrial Age

In the era after a more agricultural age, economies were reshaping how people were creating wealth. Large-scale industrialization meant that manufacturers could create goods on a massive front. In addition, machines that ran on advanced power solutions made this era of growth exciting.

These efficient tools changed everything for the generations born into this industrial age. Those who did not have access to farms now had a shot at creating wealth. The distribution of wealth was unlike in earlier eras. 

Where 15-20% of the farmland was farmer-owned in the past, the middle class began to grow due to industrialization. As a result, land ownership was no longer a requirement for economic prosperity.

Even industrialization challenged people in ways that were not a reality for earlier generations. As a result, it was inevitable that the technological revolution would take place. And with it, a whole new definition for creating wealth.

Creating Wealth after the Technological Revolution

The economic infrastructure to support creating wealth has changed. Along with the start of the technological revolution came business solutions. Creating wealth is not the only facet to see a shift. Wealth management has an entirely new dimension.

Those embracing the new era are creating valuable goods and delivering leading-edge services. These services support the current generation. While there are valuable lessons from the past, innovation is producing serious wealth.

Many in the economy find a road to creating wealth, even without a college degree. For example, there was a shift from agricultural to industrial, where land meant wealth before. Similarly, a college degree does not guarantee top-tier earnings. 

Of course, advanced studies in medicine and engineering still require accredited degrees. Meanwhile, younger people (many who weren’t born wealthy) are connecting to new markets.

Social Mobility has a Face Lift in this New Age

Younger generations are eyeing tools to secure their future of creating wealth. Not to mention, they can climb the rungs of status. Finding or building a path to home ownership, securing equity, and planning for retirement is improving for those thinking ahead.

Some millennials and younger generations see those before they face challenges to live well in retirement. As a result, they take the options seriously to negotiate salary, job hop for more frequent pay increases, and push for better benefits.

Employer-sponsored retirement options such as a 401(k) are still popular among them. This kind of contribution plan helps bring peace of mind to many who choose it. Making intelligent choices around debt is also improving the outlook for the cash savvy of this new age.

Technology has made the global marketplace more accessible for many. What is to be seen is how this new generation will reinvigorate the marketplace once again.

Creating Wealth in the Future Might be Reserved for the Intrepid

Creating wealth is a genuine possibility for those who will dare to innovate and step out into a new path. Roots of Black Essence is connecting people in a way that has massive upside potential. These people are the ones who will bring us the next Tyler Perry, Serena Williams, or Dr. Vivien Thomas.

Log on to see how bridges are being built to carry wealth into a new generation.