From Forbes.com - Aug 20, 2020,08:00am EDT
Photo by Giorgio Trovato on Unsplash
PHOTO BY GIORGIO TROVATO ON UNSPLASH
Garrett Gunderson Contributor
I write about wealth-building and personal finance for entrepreneurs.
The greatest wealth transfer in history will take place over the next three years. What does this mean for you? It means now is not the time to blindly hand your money over to Wall Street or bury your head in the sand. Your 401(k) won’t save you in this COVID-19 world.
As our economy continues to be pumped with money, the money will end up in the hands of only a few, redistributing wealth and creating even more of a wealth gap. Do you know where your money is going to end up? In the hands of people who know how to get rich. Even during the Great Depression, when one-third of Americans were financially devastated, more millionaires were created at that point in time than at any other time in American history (adjusted for inflation).
The same is true now: one-third of Americans have and will be hit hard by the pandemic and the recession; one-third will be able to maintain their lifestyle, but it will be increasingly tougher to do so; and one-third of Americans will get much richer.
Which group will you be in?
If you want to be part of the third that gets rich, here are three things to keep in mind.