I came across this post on Facebook where a young man had made the following observation:
“White children are allowed to live at home, go to college, make mistakes and learn, fall down and get back on their feet with the support of their parents… Meanwhile while a black child has to be an asset financially in order to remain in the household otherwise you are deemed useless, so instead of being able to get ahead you are stuck doing jobs and things you don’t want JUST to support a household that doesn’t support you…”
As I read this post, I thought how this is a sad, but true view of the black community. However, additional underlying factors call to dig a little deeper. I have come to notice in my line of work that the people who place more value on educating themselves concerning finances gain the keys of building wealth. In many cases, those in the urban community wear and drive their money instead of investing it. They look like they have money, but in reality, they don’t. All the while, their children are observing these habits and mistakes and inherit these bad behaviors, instead of generational wealth.
Far too often in our community, there is an issue of just being able to survive in the present, and the future it not considered, let alone leaving a generational inheritance. Wealth without sports, hustling or the lottery is considered unreachable and many find themselves being content with existing. I meet people all the time that have to take care of their aging parents financially, because their financial future wasn’t planned out. This is more than a black and white issue, but a class issue. However, this cycle can be broken though financial education. When I meet with my clients who are also parents, I explain to them the importance that their children know about their financial position. By keeping your children in the loop about your finances, you are teaching them how to manage their finances so when they have a family, they will do the same. I thank God that my Grandmother did it with my Dad, He did it with me, and now I have the opportunity to do it with my children.
There are many strategies that can be used to build wealth, but the strategies are different based on your unique situation. Some use insurance, some entrepreneurship and others investing. The strategy that works best for you may not work for someone else. Unfortunately, people lose trust with financial professionals when strategies are misapplied in the name of the financial professional lining their pocket.
At DNA Financial, we work to empower and educate our clients on how to build wealth and pick what strategy best benefits their situation. I am urging the black community specifically. Let’s break this cycle and began to take authority over our finances. I challenge anyone who reads this blog post to take one at least step that will improve your financial future and stick with it.
If you need any assistance, DNA Financial Services is here to help.