Beyond the Bank Account: What True Wealth (and Wealth Transfer) Means for Millennials & Gen Z

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We’ve all seen headlines about the Great Wealth Transfer—astronomical numbers like $84 trillion or $124 trillion being handed down to Millennials and Gen Z by their parents and grandparents over the next couple decades. But here at MAKE WEALTH REAL, we see a bigger story: True wealth isn’t just what lands in your checking account. It’s bigger, broader, and much more personal.

Let’s unpack what “wealth” really means for today’s younger generations—and how you can set yourself up not just to inherit money, but to own your financial future in every sense.

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Redefining Wealth: It’s Not Just About the Money

When someone mentions inheritance, cash instantly comes to mind. But for Millennials and Gen Z, the wealth being passed down is far more layered:

• Real Estate: Inheritance today often includes homes—and not just the family house. We’re talking about rental properties, vacation cabins, and land. In fact, 62% of people expecting an inheritance say real estate is part of the deal. Managing property isn’t like cashing a check—it means learning about markets, maintenance, and even navigating rental laws.
  
• Business Shares: Family businesses and investments are increasingly part of legacy. You might end up with a stake in an LLC, shares in a startup, or a seat at the boardroom table. That’s a huge opportunity, but it takes business chops to make it work for you.
• Vehicles, Jewelry, and More: From your aunt’s vintage Mustang to artwork, inheritances today often cover items with both sentimental and financial value. Forty-one percent of heirs expect vehicles; 19% anticipate other high-value, non-cash assets.

So, if you’re only thinking about wealth as bank account balances, you’re missing the bigger picture.

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The Hidden Asset: Financial Literacy & Skill Transfer

True wealth isn’t just what you inherit—it’s how you grow and protect it. If your last family money talk was in a Thanksgiving side room, you’re not alone. But financial skills are the secret ingredient in making the most of what’s coming your way.

Here’s what’s changing:

• Youth Are Savvier—Especially Women: Gen Z women are starting strong, with 40% opening an investment account by age 21. For perspective, only 6% of Boomer women did the same at that age. This shows a real hunger among young women for financial ownership and independence.
• Estate Planning Gaps: While younger people are more likely than previous generations to invest, less than a quarter of Gen Z women have a plan for what’ll happen with money or assets after their lifetime. That missing planning equals vulnerability to taxes, legal headaches, or family disputes down the road.
• Mentorship, Not Just Money: Having someone teach you to read a will, navigate tax codes, or manage a rental property—those skills can be as valuable as any monetary inheritance.

Bottom line: Bank accounts are important, but without the skills to manage, invest, and protect that wealth, the cycle can break fast.

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The Great Divide: Opportunities and Challenges Ahead

If you thought the Great Wealth Transfer was a golden ticket for all Millennials and Gen Z, think again. America’s wealth gap isn’t disappearing—it’s reshaping:

• Millennial Wealth Lags: Millennials hold just 4.6% of U.S. wealth right now; Boomers hold 53%. That gap is staggering and reflects high student loan debt, tougher housing markets, and a slower start toward building traditional wealth.
• Unequal Inheritances: While 84% of potential heirs expect something, only 15% are counting on more than $500,000. Some will get a house, others may inherit only memories—and the effects will ripple for decades.
• The Cost of Living Factor: Many Millennials and Gen Zers face higher costs for housing, healthcare, and education. That means even a decent inheritance might not go as far as it did for previous generations.

This shift requires a new approach—not just hoping for a windfall, but planning for how you’ll use and preserve any assets that come your way.

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Action Steps: What Should You and Your Family Be Doing Now?

Preparation is your best friend. Here’s how to make sure the wealth transfer works for you, not against you:

1. Start Estate Conversations—Early

Encourage open talks about financial plans, assets, and family wishes. The more you know ahead of time, the better you can prepare—emotionally and financially.

2. Build Financial Know-How

Invest in your own education: Take courses, read books, or work with a financial coach. There’s real power in being able to interpret estate documents, understand investment accounts, and plan for taxes. At MAKE WEALTH REAL, we’re all about empowering that literacy—check out our resources to start building a legacy of confidence.

3. Work with Professionals

Inheritance can get legally and financially tricky fast. CPAs, estate attorneys, and financial advisors can help you structure inheritances to minimize taxes, navigate probate, and ensure assets pass smoothly. Don’t be afraid to invest in expert advice—it could save you (and your family) time, money, and headaches later.

4. Plan for the Non-Financial Stuff

Legacy also means values, stories, and connections. Setting up trusts, writing legacy letters, or simply recording family stories makes sure you’re passing down more than just cash.

5. Stay Flexible—and Realistic

All inheritances aren’t created equal. Some will get big assets, others will be building from scratch. Either way, focus on the skills, habits, and networks that help you make the most of any opportunity.

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Wrapping Up: True Wealth, Real Talk

This generational shift will shape families, communities, and careers for decades. But true wealth isn’t just what’s in your will or trust—it’s the wisdom to use it well, the skills to grow it, and the desire to leave something meaningful behind.

At MAKE WEALTH REAL, we believe the future of wealth is about more than money. It’s about empowering the next generation with the resources, tools, and mindset to turn inheritance into legacy.

Not sure how to get started? Explore how we can help you plan, invest, and grow your wealth—whatever it looks like—right here: Learn more about MAKE WEALTH REAL

Let’s make your wealth a story worth telling—beyond the numbers.