Generational Wealth And The Black Community

    Happy April! Sorry for my absence. My children are on Spring Break from school and I needed a break also since I've been their formal teacher this year with virtual learning. Anyway, I'm glad to be back from my brief hiatus. This month, expect a range of blogs on informative topics. Today, I'd like to discuss generational wealth and where the black community stands on this topic. It's important during life that we as parents try to handle certain things so our children don't have the same struggles or lack of knowledge that we may have had. It's easier during their life if we can lay a strong foundation for our children. First off, generational wealth is financial means that are passed down in your family. This is important because children that inherit assets (a way to bring money into your pocket) are proven to have a financial advantage over their peers who may not. Having the extra funds can prevent your children from being in debt and making detrimental choices some people feel pressured to make regarding credit and loans in order to be stable. As parents, we have to figure out how can we pass on financial success first. It's noted on many websites that this is difficult to do for the first time, which by now we have all figured out life is difficult but we can't let that paralyze our progress. For Black families it's been noted that their wealth is 8.6 %  of white families wealth. In short terms, this means the wealth gap (unequal assets ) is still significant between blacks and whites in America. It's difficult for black businesses to sustain because there is no circulation of the black dollar (money spent by blacks back into black businesses) Also, the employment pool of blacks is decreasing for black employers for many systemic reasons. If we would like to lessen the gap,  here's a few things suggested online that can help us build generational wealth. 
  • Invest in stocks.
  • Invest in real estate.
  • Save money that constantly grows.( high interest account)
  • Make a business you can teach to your children and leave for them.
Now I know you may read this list and think how can I do any of this. Well, you have to start somewhere. I suggest getting a notebook and pen so you can start writing down definitions and research advice. If you are attached to your smart phone these days then crave out some time for your financial literacy. I want to make this topic a big deal on my blog because it's something my husband and I are very adamant about for the betterment of our family tree and I think it's so important to bring awareness to this topic because it's not discussed in some black families. I didn't want the blog to be too long because too much information is hard to process. I will be making more blogs with more detail on each bullet point  above in the next few days.

Until Next Time, 

Dx3

Sources:

MarketWatch
BusinessInsider

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