Four Simple Ways to Build Generational Wealth in the Black Community

“We need to start thinking about investing.”

Finance guru Ross Mac breaks down 4 simple ways Black people can build generational wealth now on the latest episode of #YourMoneyStory.

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[tyypkzb]

I don’t know who needs to know but bitcoin is now almost $40k. Don’t just buy and hold, you can still learn how to trade in order to always make money with the change in market price of bitcoin.

[rkms]

4 Ways- Budget Better,
Invest in Stock Market,
Get Life Insurance,
Get Rid of Student Debt (529 account for children's education and a custodial investing account)

[KP-hiom]

The first step is to educate yourself about finances. In educating youself about finances you will ultimately come to the conclusion that you have to get out of debt. Educate your childeren about financial literacy. Keep in mind that this is a seed that you may never see to maturity. Walk the walk and talk the talk. Show your children how to budget and maximize their income. Learn about investing. The dumbest thing you can do is give your money to someone else to invest for you. Know what you are investing in. Do not take out loans to go to college. Nothing wrong with working while going to community college or going to trade school. Apply for scholarships. I took on a second job to ensure neither me or our daughter will incur student debt. Do not teach your kids to be victims. They are victors!

[jake]

It’s not that they can’t invest, most don’t have any capital. You can’t tell a person to budget when he can’t even pay is rent.

[pinrunguys]

It's time the world should appreciate the development of crypto curency, most especially BTC and ETH because the way it makes good returns within a short period of time makes it so much lucrative and profitable for me

[BurtBartlow]

1. Finish school
2. Don't have a kid till you are married
3. Get a job.

That may not get you rich but it will damn sure almost guarantee you won't be poor.

[treycherie]

I see these points but for families that are living literally paycheck to paycheck or on government assistance with essentially no other income, how does one make an investment in the stock market? not eat for a week? figure out how to get to work without paying transit fares for a few months? The suggestions given are great but maybe a bit unrealistic for families in the most dire circumstances

[eastbaykidd]

Here's the best solution to grow black generational wealth:

(1) Don't have children you can't afford to take care of, and don't have children when you're not married. 2/3 of black children in this country are born to single mothers. Teach young black girls that welfare and government assistance are NO substitute for a committed and dedicated husband and father in the home, working a job and active in the raising of his children.

(2) Acquire useful skills and a work ethic to go with it. Respect education, and at least get a high school diploma - and make the effort to learn, not just do the minimum daily requirement to get by. If you attend college, take a SERIOUS course of study that will offer a solid career path in a field with decent pay. Hate to say it, but majoring in ethnic studies isn't going to get your ahead in life financially. Take college seriously as well, the only thing worse than being a broke-ass college student is being a broke-ass college DROPOUT with a bunch of student loans you can never pay back. If college isn't your thing, look into a trade or joining a branch of the armed forces where you can pick up some useful skills. If you have a PC at home, spend less time on social media and games, and more time to teaching yourself some online skill (Word, Excel, PowerPoint, programming language or even a spoken language).

(3) LEARN HOW TO MANAGE YOUR MONEY! Hate to say it but too many black folks are HORRIBLE with money management. Save your money when you can, and if you have to spend it, invest it in something that will pay for itself - work clothing, tools, BOOKS, work-related or educational software. DON'T BUY A NEW CAR! Find a decent well-maintained car that is 5-10 years old and has less than 100K miles on it. You will get another 100K out of most cars if you maintain them on a regular basis. DON'T SPEND ALL YOUR MONEY TO IMPRESS OTHERS! Especially important, if you're a young black man, STAY AWAY from women who are all about "da bling"! They are out to impress their lady friends with how much they can milk out of you, and have NO interest in you once the flow stops coming in their direction.

(4) HANG OUT WITH GOOD FOLK! Avoid people with criminal tendencies, drug and alcohol abuse problems, broke-ass people living fantasy lives about being rich & famous rappers or ballers while still cribbing in "da hood" with Mama. Hang with good people, no matter their color or race, and treat them well. Good people look out for their friends and family, their good habits will rub off on you.

(5) LIVE A LONG HEALTHY LIFE! Most of your wealth in life comes later, and it comes later when you pay your dues and save your money. You won't live long OR healthy if you're a substance abuser or alcoholic, or if you get involved in street life. Never EVER forget that the leading cause of death for young black males is homicide - NOT by the police, but by other young black males. You want your memorial to come at the end of a long, health, productive life, not as some street-corner vigil with candles and empty 40s...

FWIW

[richlinlaw]

this sounds like good advice for everyone actually, regardless of their immutable characteristics! good show

[henricoanda]

EDUCATION IS THE KEY!!! Not complaining about ""racism", not asking for slavery compensation like idiots, not looting, not shooting innocent people, not being victimized by the so called african leaders the worst enemy of the black Work hard, educate your children, be honest, respect and will be respected, etc..

[Alduinsshadow]

One reason Latinos are doing better than blacks is because they are willing to work the same job for less money, so those who hire can get the same labor for cheaper. Simple fix, be willing to work for less. The job market is very competitive, AI is also becoming cheaper every year.

[maxthc]

Try education and a job. It seems to work for everyone else

[DrPhd-nmex]

Sorry but his plan is not realistic. What’s the point on building wealth if only your children have it and/or you be 50 to be a comfortable