In the past year, or so I have been reading about the prediction that black people will have zero net income by 2053. That coincides with minorities being the majority within that same period. Those predictions are setting up a scenario that we MUST stop ignoring.
Starting a plan to build generational wealth is imperative right now. Black people have around thirty-three years to makes some real strides in this area, but time is of the essence. Time is especially important if you are close to middle age, your parents haven’t left you anything, and you have not planned for the generation that will follow you.
Things that you should start in 2020 to start building generational wealth:
🔸Purchase a life insurance policy.
🔸Buy real estate, a multifamily dwelling, if possible.
🔸Start a business that will be passed down to your children.
🔸Invest in education for your children.
Things you should STOP doing in 2020 if you want to build generational wealth:
🛑Stop spending money on nonsense, start saving.
🛑Stop trying to keep up with your broke friends, who are trying to keep up with their broke friends.
🛑Stop limiting your potential in your employment. Learn what you need to learn to get a higher paying job. The more you make, the more you can save.
🛑Stop hanging out with people that squander money.
🛑Stop saying, what you can’t do, and start doing what you MUST do.
There is NO quick plan. There is NO easy strategy. You have to make hard choices, sacrifice, and make it happen. The goal is to SAVE money and make money moves. Doing this will start by looking at your finances, minimizing the amount of money going out, and maximizing the amount of money coming it.
Look at where you can save and start doing it NOW. When thinking about saving money, think about paying yourself first. That means deciding on a savings goal and making that happen.
Below is a chart that will help you start to save:
If you want to read more about The Road to Zero Wealth and the impact on the black community, click the link.
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