Updated: Oct 20, 2021
It's a marathon, not a sprint.
I define Generational Wealth as, "the knowledge, wisdom, assets, and/or money you amassed during your life that continues to impact the lives of several generations (changing their lives for the better) after you are gone."
I realize some cultures, like mine, seem to be in a never-ending cycle of starting from the beginning every generation and having to work our way up to wealth.
For others, so generational wealth looks and sounds like a family that has a trust fund that their great grandparents (or even farther beyond) set up that is still paying for their education or housing 50 years after it was created. Thus eliminating a huge financial burden.
Or it could look like a family who has owned the same land for over a 1000 years and the property continues to get passed down from generation to generation.
As African Americans/Black people, we have been subjected to having to walk away from our land to protect ourselves and the ones we love or forfeit our land due to unpaid taxes/debts.
THE MAJORITY OF BLACK FAMILIES CONSISTENTLY START THE MARATHON OF LIFE EITHER AT OR BEHIND THE STARTING LINE.
I believe Financial Education and TRUSTS can solve some of our problems.
If you believe the person you are planning to leave money to will take your money, live off of it (make sound decisions AND GROW the money you left them, then sure a will, will achieve your purpose but if you don't think that person is financially savvy enough to maintain and or grow your money then make them a beneficiary of your trust and when they parish allow your trust to take care of the next generation and even the generation after them.
This is how we start to create true GENERATIONAL WEALTH.