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At age 2, my son is on track to have 75 times more wealth when he turns 18 than I did. Saving money is important, but generational wealth is built through investing and sustained by good habits, like communication and consistency. This article is part of "Money That Lasts," an ongoing series about generational wealth from Personal Finance Insider. Discussing those mistakes is critical because generational wealth can be obtained by avoiding the same mistakes as those who have come before you. While not an exhaustive list, these three tips are proven to help create generational wealth in just one generation.

It might be a good idea to hire a retirement adviser if you're within 10 years of retiring. Above all, look for a retirement adviser who is a fiduciary. Retirement advisors have extensive knowledge of investment markets, workplace retirement plans, pensions, and Social Security. There are three main types of financial advisors:Traditional financial advisors: Advisors that can provide personalized advice and product recommendations based on a client's needs and goals. They are also dShould I Hire a Retirement Adviser?

Americans who work with a financial adviser are more optimistic about their financial situation, despite believing a recession is imminent, according to a CFP Board survey. It's nearly impossible to recession-proof your money, but a good financial planner or investment adviser can help you protect it. AdvertisementThere's a lot of upside to working with a financial adviser, especially if you're worried about what the future holds. Seventy-eight percent of people who have a financial adviser report feeling optimistic about their personal or household financial situation. AdvertisementAt the end of the day, it's nearly impossible to recession-proof your money, but a good financial planner or investment adviser can help you protect it.

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Automatically putting money in a high-yield savings account, increasing your retirement contribution, and opening a brokerage account can all boost your wealth. By making smart choices with even small amounts of money you have today, you'll set yourself up for big changes over the long term. Big wins — like getting a raise — are wonderful, but small wins — like choosing the right investment or savings account — are even better, because you have total control. Even though interest rates are down compared to early 2019, a high-yield savings account can still help you earn up to 20 times more on your cash than a traditional savings account. Now, just opening a new savings account won't make you rich.

As a personal-finance nerd, my friends and family regularly ask me for advice on how to take control of their money. But my first advice is to do something a bit simpler: Open a high-yield savings account. A high-yield savings account is a regular, FDIC-insured savings account, just like the one many people have with their big banks. A high-yield savings account, on the other hand, is a low-risk, low-stress savings vehicle. Everyone should have a high-yield savings accountI originally opened a high-yield savings account in 2013.

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AdvertisementIf you think you have to be a millionaire to benefit from a financial planner, think again. Even if you're not making the big bucks, a financial planner can help you achieve your short- and long-term financial goals. According to Grant Bledsoe, certified financial planner and owner of Three Oaks Capital Management, financial planning has changed over the years. AdvertisementWith a skilled financial planner by your side, you can navigate the major transactions of your life with ease. Ready to hire a financial planner?

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☆ A financial planner says the best way to save for retirement depends on your answers to 2 questions
▼ + stars: | 2019-05-01 | by ( Caroline Lupini | Freelance Reporter | ) www.businessinsider.com time to read: +5 min

The best way to save for retirement depends on a few different things, says one financial planner. And if you don't have an emergency fund, you'll need to prioritize that first before focusing on your retirement savings. Retirement savings depend on compound interest to grow over time, so generally, you want to leave any funds in retirement accounts untouched until retirement age. A Roth IRA also isn't an option for everyone, since there are income limits for the people who can contribute. "Whether to invest in a Roth IRA or not will depend on your tax bracket and retirement plan at work," he said.

The best money advice is often the simplest. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThere's so much financial advice out there that it's near impossible to follow all of it. To help out, we combed through our archives to round up the best money advice from financial planners, bestselling authors, and one of the richest people in the world, that will help you save and earn the most money. AdvertisementBelow, check out the 13 pieces of money advice you simply can't afford to ignore:

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We've made learning about money easier for you by compiling a list of some of our go-to websites for money advice. CNN MoneyWhy we like it: If you're more interested in breaking news that has to do with money, you'll like CNN Money. CNN Money covers personal finance as well as featuring articles on the economy, small businesses, and luxury. He curates the best money articles from a wide web of personal finance bloggers and writers — "rockstars" — and then shares them on Rockstar Finance. You can sign up by email to stay up to date and receive the new rockstar articles daily.

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