Creating Generational Wealth
Generational Wealth is a term or idea which has crippled minority households since its inception in the “free world” specifically. As a native of Tulsa, Oklahoma the home of “Black Wall Street,” I grew up with an obligation to create opportunities which would produce wealth. In our current day, it seems unimaginable to have a community of over three-hundred black owned businesses whose funding sustain the community. Instead, many minority communities and individuals have become comfortable with this restricted ceiling of poverty through public housing, government benefits, and social welfare. To this restriction, we will continue to see the rich become richer and the poor remain in poverty.
Since the separation of the minority family with slavery, Jim Crow, and the 13th Amendment which left many minority women to raise the family, pay bills, and provide for the household surprisingly statistics recently have shown minority women are leading in opening and operating businesses. This shift is a defining point to eliminate economic injustice experienced in minority communities yet more shifts need to take place.
After I watched the 13th Amendment on Netflix, the saddened truth is the American Dream of creating generational wealth was not meant to translate for minority households. So how do we instill the principles of wealth creation, legacy building, and wealth sustainability in our minority communities? In commemoration of Black History month, here are twenty-eight tips we must implement in our life and community to promote global economic justice.
We must embrace the language and principles of money and wealth.
We must identify wealth creation relies on investing in appreciated transactions not depreciated transactions.
We must not shy away from numbers including fractions and percentages.
We must support businesses operated by our own.
We must operate our businesses with integrity and deliver customer service which exceeds that received from businesses of our counterparts.
We must teach our children about operating a business and investments prior to encouraging the learning of popular songs and trending dances.
We must be opened to accountability and networking.
We must not hoard the information and strategies related to using the “system” of wealth in our life.
We must eliminate the need to be perceived wealthy with the collection of material things.
We must understand the secret sauce to wealth is consistent and constant wealth conversations.
We must learn both the theory and practice of wealth management.
We must take risk in order to create wealth by doing our research but more importantly taking action to invest.
We must plan our money and work the money to advance our lifestyle.
We must shift our mindset about money as to perceive it as a tool and not a burden.
We must stop working to just pay bills.
We must eliminate wasting time always needing to be entertained more than creating streams of income.
We must transfer our professional skills into the marketplace and monetize it.
We must discover what makes us tick and create opportunities in the marketplace.
We must not confuse serving in our genius with giving away our genius for free.
We must jump out of the box of financial slavery by creating impactful solutions for sale.
We must not shy away from creating and maintaining an accurate spending blueprint in both our personal household and businesses.
We must not depend solely on our employer to set a “value” on our sweat equity and intellectual property.
We must bring the family together no matter how much blending must occur.
We must create cooperative and group economic opportunities to teach others how to OWN appreciated investments.
We must learn to say no to toxic relationships, conversations, and thought processes keeping us from creating wealth.
We must protect our assets by possessing adequate yet comprehensive insurance policies.
We must teach money management to all ages and genders.
We must not embrace a mindset that our minority community is inferior to others who had a head start because its implementation of these 28 tips and then some.
LEAP YEAR TIP: We must stay current with tax laws and operate our lives to benefit the most by taking advantage of these credits and deductions.
Creating and maintaining generational wealth requires our commitment to implementing the strategies which have advanced the households of our counterparts. We no longer have time to keep humming the “woe it’s me, nobody knows the trouble we’ve seen” because it will continue to hinder the reload and building of multiple Black Wall Streets globally.
LaToya Rose is the CEO of LR International LLC, a firm dedicated to global economic justice. You can stay connected with her several ways:
E-mail: firstname.lastname@example.org Tax Preparation: www.TaxFuel.com Office: (844)528-6927 Social Media Platforms: @SpeakLaToyaRose
This editorial was originally published in Entrepreneurs of Color Magazine.