Ways to Pass on Generational Wealth Without Cash

There will be an exceptional amount of cash up for grabs for whoever can figure out what Millennials will buy during the Great Wealth Transfer over the next 5 to 20 years as Boomers pass on and their children inherit their assets.

But with all of the simultaneous conversations about wealth inequality, it makes me wonder about the Boomers without any cash.

What type of wealth can a Boomer (or anyone) with no cash or assets pass on to their children?

Skills are an obvious first choice. Being able to fix your car or your home saves thousands of dollars in repair bills — assuming you do it right. Even passing on less quantifiable skills, like personal finance or negotiation tactics, will help your children create their own wealth.

When I was first applying for jobs, my mother sat me down and had me practice job interviews with her over the course of a couple of weeks. I wasn’t grateful for this until I was in a position to interview people and realized how poorly things can go. (The people who have practiced the standard questions enough to give well thought out answers tend to get the jobs. I cannot recommend practicing enough.)

Debt avoidance would technically count since it’s not cash passed down. Things like gifting an old car to a child or selling it to a nephew/niece for a “family discount” will help them avoid the car trap 20-somethings tend to fall into.