Celebrate Black History Month By Establishing Black Wealth

I wasn’t born into a wealthy family. I wasn’t poor either. Let’s just say we were OK. The problem with most families in our (black) communities is that we don’t establish wealth for the next generation. I always have this conversation with my best friends.

Related: 5 Money Habits You Need to Follow Now

According to a study released by Consumer Finances, without the family car, black wealth barely exists. In other words, there are very few black enterprises, black businesses, and companies. What’s that about? You find in other races —first thing first— they buy a house and make sure their children’s children have inheritances.

Something really different in my community. Parents don’t really think of what they should leave behind for their children so when they no longer around to take care of them. For my Haitian folks, they build in Haiti. They have businesses in Haiti. They bring everything down to Haiti. I’m not being judgmental here (please understand my view). When all your kids are raised in foreign countries, educate and speak foreign languages, do you really think they will go down and follow your inheritance in Haiti?

Well, think again. Some will do. But very few will return.

So establish your wealth where you know your children will stay. What does it mean to establish wealth anyway? We’re talking homes, investments, retirement plan, long-term insurance, trusts, and estate planning.

If you have two homes, and something happens and let’s say you can’t work anymore, at least, your children have a home to shelter-in. If you have a college fund for your children, then they won’t be consumed by student loans after they graduate college.

If you pay some of their tuition fees during college, then they won’t have overloaded student loans to pay. Now when they’re working, the wealth legacy will revive as they will continue to multiply the family wealth.

Though I am beyond grateful to my mother who astoundingly raised me as a single-mother. I wish my parent knew that. And I’m sure that’s not the case for many of us. Then it becomes harder for the next generation to create ma eans of prosperity for their children because no one started it.

It’s time to break the cycle and establish wealth for your great-grand kids. It’s never too early nor too late. Think of what it is you want to leave behind for your kids when you’re no longer around, so they don’t struggle?

Think. Think. Think big. Think black wealth.