'My grandmother turned $200 into a family legacy' Read more:
Whenever the topic of creating generational wealth comes up, people tend to envision John D. Rockefeller or Andrew Carnegie-type moguls amassing billions of dollars and passing their wealth on to the next generation, who in turn generate more wealth for the following generation and so on. Not me. I see the face of my grandmother, Louise Roach, and while she was as hard-working as the day was long, there was no mistaking her for some titan of industry or genius entrepreneur.
So how did Grandma manage to create generational wealth, all while living on less than what Carnegie probably spent on cigars? It had nothing to do with a huge bag of money or attending financial literacy seminars. She lived below her means and made sure to save a portion of every paycheck. From my memories of her, she was extremely frugal and money-conscious. She had no credit card debt, tax liens, or debt of any kind and she'd even managed to save an additional $43,000.
Cedric Nash, who is an entrepreneur and investor, says he learned valuable life lessons from his grandmother.James Baldwin wrote that,"Children have never been very good at listening to their elders, but they have never failed to imitate them." Fittingly, in the movie of my life there is no scene of Grandma sitting us down and explaining how to build wealth through savings and investment.
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