Increasingly, the term “generational wealth” has been floating around the Black community. There is nothing new about the conversation, but I am especially happy to see it happening more and more. The idea of generational wealth represents assets passed down from one generation to the next. People who inherit generational wealth have a significant financial advantage over those who do not. Historically, the Black community has been “limited” to the opportunities to build wealth due to racism and oppression. However, with the strides that Black Americans have made in spite of the odds, we have found a way to create those opportunities for ourselves. In this article, we’ll be showing you ways to start building generational wealth today:
LOOK AT YOUR MONEY.
I avoided looking at my bank account, savings, or credit because I didn’t want to be disappointed or reminded of how far behind I was financially. If you don’t know your problem, how can you fix it? I can’t stress enough how important it is to get an accurate view of your finances and your credit. If your credit needs work, try Self, it’s a way to get a loan and/or a credit card (by paying yourself). You can build your credit while saving your money at the same time.
BUDGET.
Creating a budget will help you find the “extra” money you’ve been praying for. And then you can take that “extra” you find to create a revenue stream that will help increase your income.
REVENUE STREAMS.
These can be active or passive. One or another, you should create multiple streams of revenue for yourself. Selling products, time, or services can be an active stream of revenue. Passive streams are created once and then you do not need to invest anything more to continue to reap the benefits (residual income).
EXERCISE YOUR MONEY.
Investments are a great way to have your money make money for you. A simple trading app, like Robinhood, has the potential to make more money from your money than leaving it in the bank alone. It’s user-friendly and it’s what I use as well! Whatever you do, if your money is lazy, it will not grow!
