It means that the wealthy are not going to help our future generations to increase their net worth through business ownership and simply working a nine to five won’t cut it either. So what are we going to do? Ignore the problem, complain about the financial injustices, or are we going to get up off our over spending behinds and take the initiative?
African Americans are the largest consumer group on the planet, yet we are financially inferior to every other social group in this country. I could ask why, but we all know why and the blame sits squarely on our own shoulders. We can’t expect to see the full potential of our investments during our lifetime. That’s not how wealth works, but we can rest peacefully in knowing that we left something behind for our children besides debt and funeral costs.
So what are some practical things we can do today that can eventually severe the ties of inter-generational poverty in the African American community? One of the easiest and cost-effective options is life insurance, and I’m not talking about your employer provided life insurance. I’m talking about life insurance with payouts of six figures or more. Yes, a lot of us may have to go through health exams and other uncomfortable situations that may or may not expose some of our youthful health mistakes, but aren’t our children worth it? Is not the future of your family’s name worth it?
Other options are starting a home or web based business, both having little start-up costs and depending on the industry may not require you to inventory anything…only logistics. Don’t expect to “ball out till you fall out” in the beginning, if ever. But what levels we couldn’t reach, our children are sure to exceed them because you gave them a legacy they can build on. Microsoft started in a garage, Apple started in a garage, Facebook and Google started in dorm rooms and (insert your legacy’s name here) could start at your kitchen table or basement apartment.
Education is only as valuable as the opportunities presented after you’ve received the knowledge. If there aren’t any opportunities available, then just like Harriet Tubman, Malcolm X, Marcus Garvey, and Nat Turner; create your own. In an unfair society, we can’t expect to rise out of financial oppression waiting on that society to play fair. We have to do it ourselves. It not us, then who?