Numerous investors, even those with a mindset to build for retirement, may not think in terms of "generational wealth." This is somewhat understandable, as presumably one wants to live long enough to enjoy the fruits of their saving and investing.

Still, many also want to establish a legacy that will benefit their descendants once they are gone. Finding stocks to meet these criteria can become complicated, especially when considering that one-time consumer stalwarts such as Sears and Kodak went from market leadership to nearly not existing at all.

Thus, choosing such stocks is not an easy task. Nonetheless, here are two stocks that hold the potential to not only stand the test of time, but also generate the growth needed to build wealth for oneself and for subsequent generations.

1. Realty Income

Although no business is foolproof, it would probably take appallingly unwise decisions to undermine Realty Income (NYSE: O). The real estate investment trust (REIT) owns nearly 15,500 single-tenant commercial properties in seven different countries.

High-profile clients such as Walmart, Dollar General, Planet Fitness, and numerous others depend on Realty Income properties to interact with and serve customers. These properties are also structured as net leases, meaning the tenant pays for the property tax, insurance, and maintenance, which creates a stable income stream for Realty Income.

As a REIT, Realty Income is also a dividend stock. However, its payout stands out because shareholders receive a dividend every month. Additionally, its dividend has risen at least once per year since its inception in 1994. At $3.16 per share annually, the company pays a dividend yield of 5.1%, more than quadruple the S&P 500 index average of 1.25%.

Investors should also note that the company has continued to grow that dividend and the size of its property portfolio even in the rising interest rate environment of the last few years. Thus, despite its challenges, the funds from operations (FFO) income available to shareholders, a measure of the REIT's free cash flow, reached $1.7 billion in the first half of 2024. That was a 25% increase compared to 12 months ago.

The stock trades at about 25% below its peak before the pandemic. It also sells for about 16 times its FFO income, an inexpensive valuation considering its continuing growth.

Now that the Federal Reserve has finally cut interest rates, this could be an excellent time to start building that wealth as more investors take a renewed interest in the stock.

2. MercadoLibre

As a company that serves Latin America only, MercadoLibre (NASDAQ: MELI) may not be a household name to U.S. investors. Additionally, Latin American countries sometimes face political turmoil, high inflation, and complex regulatory environments. Admittedly, such conditions are not typically drivers of generational wealth.