The Truth About Black Wealth

Listen up, folks. We've got a problem, and it's time we faced it head-on. As I often say:

"There is no generational wealth really in the black communities at all. Well, in minority communities at all. And that's something that needs to change every day."

It's a tough pill to swallow, but it's the truth. We've been playing catch-up for generations, and it's time we changed the game.

Breaking the Cycle

So, how do we break this cycle? It starts with education and changing our mindset about money. Here's the deal:

1. Stop trying to keep up with the Joneses

2. Understand the difference between good debt and bad debt

3. Start thinking about leaving a legacy

Let's break these down, shall we?

Stop Trying to Keep Up with the Joneses

I get it. We all want to look good and have nice things. But here's a little secret:

"Are you living for them? Are you living for you?"

That's the question you need to ask yourself every time you're about to make a purchase. Remember, most of the people you're trying to impress don't even care about what you have. They might even be broke themselves!

The Fun Money Solution

Here's a little trick I use with my clients at Black Mammoth:

"We allocate for that. So that fun money is literally money every month that you can set on fire if you wanted to."

Give yourself a little wiggle room in your budget for fun stuff. This way, you can treat yourself without blowing your whole budget.

Good Debt vs. Bad Debt

Now, let's talk about debt. We've all heard that debt is bad, right? Well, it's not that simple. There's good debt and bad debt.

Bad Debt

• Student loans (after you're done with school)

• Personal loans

• Payday loans

Good Debt

• Car loans (if the car helps you make money)

• Rental property mortgages

• Business loans

Here's the kicker:

"Wealthy people, rich people, the people that basically employ you and have all the money, don't use the word debt, they use the word leverage."

It's all about how you use debt to make more money. That's the game, folks.

Leaving a Legacy

This is a big one, family. We've got to start thinking about the future - not just our future, but our kids' futures and their kids' futures.

"You can't die with all your money. Can't I'm not gonna, what are you going to bury yourself with it? You can't use it."

So why not set up your family for success? It doesn't have to be millions of dollars. Even a small start can make a big difference.

How to Start Your Legacy

1. Life Insurance: It's an affordable way to leave something behind.

2. Set up a Trust: This can help manage and distribute your wealth over time.

3. Teach Your Kids: Pass on your financial knowledge to the next generation.

Remember:

"A hundred dollars can start a legacy if you really wanted it to."

Taking Control of Your Financial Future

It's time we took control of our financial futures. No more excuses, no more waiting for someone else to save us. We've got the power to change our financial situations, and it starts with education.

Check out my free ebook on Modern Family Office for more tips on how to build wealth as a minority business owner. And don't forget to tune into my podcast, No BS Wealth, where we keep it real about money and success.

Remember, family, we're in this together. Let's build wealth, leave legacies, and change the game for generations to come. It's time to write our own financial stories. Let's get it!