I wonder why people find it difficult to seize opportunities when they come knocking. When the option is a life-transforming one, if you look around you, observe what is going on. There is a massive wealth transfer in this present time. You will agree with me that the world is in chaos; people are struggling. The toughest of them all is the small business owners. They tend to be the sufferer of all this mishappening. But if you look closely, the stock market is not shaken by this; the stock market is still flourishing. Everyone else is struggling bitterly, but the rich make so much money from this pandemic; that means there is more to this than you can imagine. The poor are getting poorer.
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Indeed, there is a reason why there is great wealth in transfer during this period. And let’s not forget that wealth transfer means different things entirely to the rich, the middle class, and the poor. Now, let us get into the reasons for all these happenings. Several questions might be going through your mind at the moment. Just relax; they will all be answered right here in this blog, more reason you need to read till the very end. Because towards the end, you will understand much more about wealth and where it is headed.
Certain things need to be understood when it comes to wealth transfer. You need a clear understanding of what different types of wealth is all about. Are you surprised? Don’t be, because wealth is not of just one kind.
- Technological wealth
- Geographical wealth
- Generational wealth
Please take a look at those companies dealing with technology. An example of such a company is Zebra Technologies; they are swimming in an ocean of wealth. During this pandemic, businesses were affected, but Technological companies have more efficient workflows, improved clients experience amongst all others. There is a considerable evolution taking place in the technology world; the pandemic was in their favor.
Do you observe that some countries are way more affluent than others? While some have a high level of debt. For the country in debt, they will spend most of what they have trying to pay off, and they will have less to spend on development projects. Think about a country like China, and then you will understand more about Geographical wealth; China’s economy is smiling.
When discussing wealth transfer, you need to understand generational wealth. Just as boomers enter old age, the transfer of wealth will occur from one generation to another. Some people will transfer their wealth to adult children. Some people already have existing proper financial plans down on how to pass their companies to their children. Are you surprised? Don’t be; there is more.
The reason why the biggest wealth transfer is happening
Do you know what digital evolution is all about? If you observe diligently, during this particular time, smart businesses are going digital with the speed of light. They are not sleeping on opportunities; they are taking action. They are adopting changes that are accelerating their business platforms to the internet. Do you know the wealth transfer going on here? It is a technological evolution of wealth. Few years to come, if your business is not existing on the internet, your business will be out of place entirely. People are transferring their wealth from the physical market to the technological market. The world is continuously undergoing its period of digital-first evolution.
New money is existing
If you observe closely in our present time, some wealth has been acquired. New money is completely taking over old money. People are becoming newly rich. Have you ever wondered how the rich earn their wealth? They are getting rich by acquiring their money by making some purchases on businesses. According to a survey by Best Wallet Hacks, the top 10% of U.S. income earners are gaining more than enough wealth from companies and self-employment income. Half of their revenue comes from wages through payment, and the other is coming from capital gains.
Existence of Bitcoin
Only the rich understand what bitcoin is about; to get rich in our world of today, you don’t need to become a banker or a doctor before you can become wealthy. Bitcoin was invented in 2008 as a cryptocurrency. Bitcoin is worth a lot of money; if only you understand how it works. People are now transferring their wealth to Bitcoin. This is another excellent wealth transfer that is happening.
Existence of space race
The space race is a competitive Technology demonstration that is going on today. A great revolution is indeed going on in the world, if only you understand this. Artificial satellites are now being launched. I hope our thinking is going in the same direction.
New industries are coming up
With the passing of each new day, recent industries are being discovered. People are putting more money into this business. I am not saying it is the best; I am just saying, this is one of the wealth transfers going on in our world today. With more new industries, more sales and profits are being generated for that company.
Business owners are restructuring their businesses to prevent them from going into extinction. Another great wealth transfer is going on here. Some companies are reducing their cost. They are incorporating into their system new technology, leading to a more improved competitive advantage.
A Domino Effect is usually of two ways; it can either be positive or a negative effect. The domino effect is just like a chain of reaction. For example, those using the internet for their place of business advertisement; need the internet to function effectively for them also to carry out your sale correctly. This is an equal reaction with an equal force on both ends. This means that one succession of the event has a similar effect on another event.
Another significant effect on wealth transfer is inflation, but most people don’t understand what this inflation is and how they tend to affect the transfer of money. Look all around you. There is an increase in the price of almost everything. This means just one thing; there will be a fall in the value of purchasing power. There is a decrease in the value of money. And if inflation continues for some time, that will result in a sustained drop in purchasing power. The big question now is, who are those that benefit from inflation? Borrowers are the one that helps from this period, mostly if the money was borrowed before the inflation occurred because you can pay lenders back with cash that is less than it was when it was initially borrowed. The real estate owners also benefit significantly from inflation. Inflation reduces the value of money to the lowest unless the rate of interest is way much more than inflation itself.
Online is where you will find everyone
Online is where you will find half of the world today, and everyone is making the web work for themselves. It is just like, if you are not online, you are not existing. The internet has made virtually everything easy. The global population is trooping online. Online is the place where another transfer of wealth is taking place. Join the moving train. Refuse to be left out.
Government printing more money in circulation
Let’s take, for example, if there is so much money in circulation presently before you know it, the prices of goods and services would be quickly increased. Before you realize it, inflation will be used to return the value of money to its previous level.
Some businessmen will tell you inflation is needed in the economy because there is a need to moderate consumption, and a higher level of spending is vital for economic growth to take place. But what they fail to understand is that; inflation makes saving difficult, and investors tend to take more risk because they need to maintain their wealth level.
Death of older adults
The subject of discussion here remains “wealth transfer,” but for us to understand how wealth transfer is done, we need to understand things like inflation, which we already discussed. Wealth transfer is when an asset is transferred to the beneficiary through financial planning, which either can be in the form of a will, life insurance, or estate planning. Older people are dying day in day out; they are forced to transfer their wealth to the younger generation, who are probably not even prepared to handle it. Some ended up putting up for sale. This is another place where wealth transfer is going on.
Investment is taking over
Do you believe you can also get rich amidst what is happening right now? Yes! You can if you are ready to focus your mind on income. To join the moving train, you need to focus your mind, time, and energy on investment. While saving, you need to do so with the plans to invest it. Increase your networking, network with rich and wealthy people. They understand how this money works and how it flows better than you do. But notwithstanding, I will be showing you some great ways to make some money, save and make investments for yourself, all you need to do is to subscribe to my channel.
New ideas are dominating
This is me telling you that despite this pandemic, making your money is not a problem; if others are doing it, you can do it as well. There are so many new business ideas like copywriting, email marketing, and video production. Please don’t sleep on these business ideas even though they are many more. To enjoy the rest do well to be a subscriber; don’t allow any of this to pass you by. Transfer of money is going on also in this new idea.
Look around you; there are so many new companies coming up; what is that telling you? It means that there is a transfer of wealth going on in that company because they have the potential for higher growth and market Investment. They will learn from any mistakes of existing companies that are similar to theirs.
Do you know why unemployment is on the rise? It is because Technology is taking over what humans can do. Technology is rendering human workers redundant. There is no doubt about that. The case of human labor being needed in the future is on the low. There is a transfer of wealth going on here. Companies are becoming highly technological.
High human consumption
Look around you, be observant; there are two leading companies in the world today. We have eCommerce and marketing. People cannot stop buying; those selling are ruling; consumers transfer their wealth to the sellers.
Health care centers
Take the issue of the COVID-19 pandemic for a clear example. This is the place where the most fantastic wealth transfer took place. Everyone was ready to do anything for their well-being. Money transfer is happening considerably in the health care center.
It is best if you can take advantage of the technology growth; others are making it. You also can excel. All you need is focus and consistency. Do not be scared of starting anything from scratch. If you like this blog regarding wealth transfer, do well to share and hit the like button as well.
Recommended for further reading:
- The Self Confidence Workbook: A Guide to Overcoming Self-Doubt and Improving Self-Esteem
- The Miracle Morning: The 6 Habits That Will Transform Your Life Before 8AM
- Start With Why: How Great Leaders Inspire Everyone To Take Action
- You Are a Badass: How to Stop Doubting Your Greatness and Start Living an Awesome Life
- Atomic Habits: The life-changing
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