Whats up fam!
Im up late on a Sunday night/Monday morning and wanted to vent .... so I figured, why not "pop the cherry" on the UIW blog?...💁🏿
This topic has been heavy on my mind a few days now so I decided #LetsTalkAboutIt ... Generational Wealth.
Why aren't we helping the ones to follow us?
Maybe we don't know how...
Maybe we can't...
Maybe we just don't want to...
A lot of shit came to mind. So, I'll ask you...
"What are you doing to make sure the generation after you is taken care of? Financially."
Most of us... us being black folk... fall under one of the following categories:
1. Understands the concept of generational wealth, but doesn't have the means to leave behind anything but some damn debt ...................oh, & the life insurance from our "nine to five" given to our loved ones after we pass ...which by the way is eaten up by funeral cost....
2. Doesn't understand the concept, may or may not have the means...or
3. Understands the concept AND has the means but stuck in that "slave mentality"
ALL THREE ARE UNEXCEPTABLE!
The first two are pretty much self explanatory. Individual 1 is the typical, middle class, living paycheck to paycheck citizen. Individual 2 is just dumb. And Individual 3 is ...well...selfish and unconvinced. Unconvinced that there is a problem in our community. Unconvinced that we should be helping each other. And unconvinced that there are routes other than the "traditional" ones. This individual believes you go to school, get a "good job" and make a life for yourself. Oh, and they got that "crabs in a bucket" shit goin' on too 🙄 ...and every man is for himself.
The problem with all three of these? Not one aids in generational wealth.
We have to start CREATING opportunities for our offspring. Lets be real, most of the shit we learn in school is BS *feel free to disagree with that statement if you'd like*. We should be teaching our children entrepreneurial skills. They need to understand the difference between assets and liabilities, understand the concept of checks and balances, etc. They'll probably hate rolling around with 'mom' listening to you ramble while the kids across the street are playing outside, but they'll appreciate it later.
So how do we break the curse and start creating generational wealth?
1. Get your ass some money and some power. PUT YOURSELF IN A POSITION TO CREATE OPPORTUNITIES FOR THEM! I'm not talking about you talked to your boss & got them a secretarial position straight out of college. I'm talking about you put them in a position where they are the boss and call the shots! You put them in a position that can't be taken away from them.
2. If you actually have the means, bet the house on them! Not literally, but shiiiiiiiiiit literally. Put up your money up and invest in them! Get an LLC in their name (you can do this while they're in grade school) and help them start that business! I don't care if its just ManMan's Lemonade Stand. If they come to you and say, "I want to do this...." ENCOURAGE THAT SHIT!
3. Make sure you are leaving behind something other than debt! Leave them your business instead! Don't have one? Well what assets are you leaving them? *notice assets has an S on it*. & if it doesn't make them more money than it cost to keep, its not an asset!
4. The average millionaire has a minimum of seven sources of income. If you choose to go the route of working a 9-5, there's absolutely nothing wrong with that. But what else you got?!?! .......NEWS FLASH! You can't create generational wealth with one source of income. Hell you can't even create your own wealth with one source of income. You need to figure out how to make money from home AND how to make money in your sleep.
5. I feel like I'm going to regret telling you this later...but...get a credit card in their name. They need to establish some credit! But don't do what our mamas did🤦🏿 . You have to actually pay the bill! And on time! And keep a balance of less than 30% of the approved amount.
6. If your business is doing well, put them on the books! Not as an employee but as a business partner. They make money as the business makes money. You can do this one of two ways. Lets say you split your business profits as a small business owner in 3ways: one-third goes back to the business, one-third goes to you as the owner and one-third goes to 'whatever else'..............you can either
split that profit four ways now - one-fourth back in the business, one-fourth to you as the owner, one-fourth to 'whatever else' and one-fourth to your kid(s)...or
keep everything at one-third and take your third as the owner and split that (it doesn't have to be half, thats your discression) ....
I'd pick the ladder. But thats just me.
Start this while they're young, and you've made it easy for them to not only have money after high school, but they can take your business over or start their own. And the money is there for them to do it!
There are plenty of other ways but IDK my character count limit on here lol. I just wanted to start the conversation...we have to do better as a community! Everybody else is doing all of this, we're not! What are we waiting for? I want my kids in a better position. So the shit has to start with me! & Im perfectly fine with that!
Peace family! I love y'all! Let's break the curse...
Oh! PS. Stop kicking your kids out the house at 18 if they're not ready. Thats another damn generational curse we got from our mamas. At that age you're not financially able to do shit. Let them establish their business so that when they're ready to leave the nest, they can go buy a house! This shit ain't rocket science. We just have to be able to do what our mamas didn't.
Alright, I'm out! Peace and Light to you all! Have a dope ass week & do some shit you haven't done before!