Stop Spending, Start Stacking — A Generational Wealth Blueprint For Black Families
No matter what stage you're in on the journey toward generational wealth, we've gathered tips that all Black families can utilize for help. The post Stop Spending, Start Stacking — A Generational Wealth Blueprint For Black Families appeared first on MadameNoire.
Black News 
Black History Month will see many brands across the world making monetary gain off the Black dollar, but isn’t it about time we start keeping it in the family? We’re talking about money, of course, and building generational wealth by learning how to invest it the right way. That’s where we come in with this helpful guide to achieving generational wealth, specifically for Black families, given the occasion at hand. From advisors and key digital outlets to practices we can all adapt to save more — do yourself a serious favor and take notes as you scroll. Or, you know, just bookmark the page for a go-to reference.
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Your choice, fam — we’re just here to help.
Let’s get you all started with the “why” as per usual. Even though it should be quite obvious — more money? hello? — there should be a general understanding of where it makes sense to even begin your journey. In an economy that can oftentimes feel like an uphill battle for any race, African Americans usually have a proverbial Draw 4 card thrown on top of that based on a series of preexisting factors, including historical bias in the workplace, regional prejudice in cities with a heavy minority population and everyone’s favorite: good ol’ systemic racism!
So, first and foremost, take a look at how to better understand why.
How Black Families Build Wealth
It all starts at home, literally. Homeownership is one of the primary ways that Black families can keep money within the family while solidifying a consistent place that all relatives can consider the base. According to Urban Institute, homeownership has the potential to actually outperform stocks and bonds financially if done right. As they put it, “the returns for homeownership, not including the tax benefit, are higher than the after-tax returns on a bond index and on the S&P 500.” They also go on to add other beneficial gains like paying little or no capital gains tax when a home appreciates in value, and the lack of tax paid on “imputed rent” — essentially, that’s the return homeowners get simply for living in their own home, which normally is taxable for those paying rent to a landlord.
However, don’t sleep on stock investing as well for building generational wealth. A diversified investment portfolio that includes stocks, bonds and retirement accounts can go a long way in generating long-term wealth. Financial service firms with certified experts who are trained to generate and grow money are your best bet. From your trusted banking service to specialized firms like LPL Financial, it can be as simple as scheduling an appointment.
Of course, the one most people go for is entrepreneurship. We couldn’t agree more, but always remember to get into it for the right reasons and with the right game plan. For those of us who don’t have an uncle named Rev Run, gaining startup capital may seem like the hardest hurdle in the process. However, many public services provide monetary support in the form of small business loans and grants. At the same time, some even offer networking opportunities that get you in the right rooms to get the job done on your own terms, like the entrepreneur you’re becoming. Good examples include the Small Business Administration, the NAACP Black Entrepreneurship Program, and networking through the U.S. Black Chamber of Commerce, all of which are invaluable resources.
The post Stop Spending, Start Stacking — A Generational Wealth Blueprint For Black Families appeared first on MadameNoire.
