CYPRESS-Generational wealth is defined as “any kind of asset that families pass down to their children or grandchildren in the form of cash, stocks, bonds, real estate, or even companies.” Generational wealth is important as it gives the recipients a financial advantage in life. Over the years, many Black people have struggled financially just to make it and get by. It has been hard for some Black people to save money for unexpected expenses, save money for retirement, and to pass assets to their children and grandchildren.
It has been recommended that 15% of an individual’s income should be saved for retirement, according to Forbes Advisor. It was also noted that more than one-fifths of Americans are not saving any money at all. With everything going on in the world today with COVID-19, unemployment rates, and inflation, it is getting harder for the everyday person regardless of color to survive.
However, when breaking down the racial inequities regarding Black people, there are many factors that contribute to why it is harder for Blacks to build generational wealth. For starters, Blacks continue to make less money than White people. According to the Economic Policy Institute’s Wage Report, in 2019, Black workers made 14.9% less than White workers. Sadly, education does not even help this wage gap with those who have obtained advanced degrees. According to Forbes Advisor, on every educational level, white workers were paid more than Black and Hispanic workers. In addition, Black women have it the worst because women in general are paid less than men, and Black women will already receive less pay because they are also Black. This is one reason why financial literacy is so important.
Jeremy Bibb, a native Houstonian who believes in financial freedom and passing wealth down to his kids stated, “I believe minority people are not financially educated and do not have the knowledge on how to build wealth and secure passive income for themselves. Instead, they get caught in the system that has them spending the majority of their time working only to make enough money to live check to check.”
Because of the racial wage gaps, this makes it harder for Black people to save and invest. The National Institute of Retirement Security noted that people of color who are close to retirement have an average savings of 30,0000 compared to Whites who have an average saving of 120,000. It is important that Black people not only save money, but to also find different ways to invest their money.
So how can Blacks build generational wealth? For one, Black people can start saving money. Go to the bank, open an account, and begin saving money. Whether it is $5 a week, or $50 dollars a month, any money saved is better than no money saved. Black people should also educate themselves about investment opportunities. There are other areas that can help build generational wealth such as keeping good credit and keeping your debt low. Having good credit will allow you to purchase different things that can be passed down like a house and keeping your debt low will allow you to save more money. Most importantly, Black people must educate themselves,
invest in themselves, and learn as much as possible since institutionalized racism will always be present. It is also good to be open with our youth and teach them good financial habits so that they can start saving and investing at a young age. This is why Bibb is working hard to not only build something for his children, but to teach them about financial literacy and how to become financially independent. Bibb stated, “I believe stock, Bitcoin, real estate, and true ownership can create a life for my kids, nieces, nephews, and loved ones where they can experience true freedom.”
Whether you are just entering the workforce, or close to retirement, it is never too late to start saving money. You never know when something unexpected will happen and you will need funds to support you. In addition, preparing for retirement should be a priority. Even though the future is unknown, it is always good to have a plan. Lastly, people should do what they can to pass something down to their children and grandchildren. Someone once said, “Build something that outlives you.” Build generational wealth!
October 16, 2023, HOUSTON, TX – Congressional Candidate Amanda Edwards has raised over $1 million in less than 4 months, a substantial sum that helps bolster the frontrunner status of the former At-Large Houston City Council Member in her bid for U.S. Congress. Edwards raised over $433,000 in Q3 of 2023. This strong Q3 report expands on a successful Q2 where Edwards announced just 11 days after declaring her candidacy that she had raised over $600,000. With over $829,000 in cash-on-hand at the end of the September 30th financial reporting period, Edwards proves again that she is the clear frontrunner in the race. “I am beyond grateful for the strong outpouring of support that will help me to win this race and serve the incredible people of the 18th Congressional District,” said Edwards. “We are at a critical juncture in our nation’s trajectory, and we need to send servant leaders to Congress who can deliver the results the community deserves. The strong support from our supporters will help us to cultivate an 18th Congressional District where everyone in it can thrive.” Edwards said. “Amanda understands the challenges that the hard-working folks of the 18th Congressional District face because she has never lost sight of who she is or where she comes from; she was born and raised right here in the 18th Congressional District of Houston,” said Kathryn McNiel, spokesperson for Edwards’ campaign. Edwards has been endorsed by Higher Heights PAC, Collective PAC, Krimson PAC, and the Brady PAC. She has also been supported by Beto O’Rourke, among many others. About Amanda: Amanda is a native Houstonian, attorney and former At-Large Houston City Council Member. Amanda is a graduate of Eisenhower High School in Aldine ISD. Edwards earned a B.A. from Emory University and a J.D. from Harvard Law School. Edwards practiced law at Vinson & Elkins LLP and Bracewell LLP before entering public service. Edwards is a life-long member of St. Monica Catholic Church in Acres Homes. For more information, please visit www.edwardsforhouston.com
As September 13th rolls around, we extend our warmest birthday wishes to the creative powerhouse, Tyler Perry, a man whose indomitable spirit and groundbreaking work have left an indelible mark on the world of entertainment. With his multifaceted talents as an actor, playwright, screenwriter, producer, and director, Tyler Perry has not only entertained but also inspired audiences worldwide, particularly within the African-American community, where his influence and role have been nothing short of powerful. Born in New Orleans, Louisiana, in 1969, Tyler Perry’s journey to stardom was a path riddled with adversity. Raised in a turbulent household, he found refuge in writing, using it as a therapeutic outlet. This period of introspection gave rise to one of his most iconic creations, Madea, a vivacious, no-nonsense grandmother who would later become a beloved figure in Perry’s works, offering a unique blend of humor and profound life lessons. Despite facing numerous challenges, including rejection and financial struggles, Perry’s determination and unwavering belief in his abilities propelled him forward. In 1992, he staged his first play, “I Know I’ve Been Changed,” which, although met with limited success, was a pivotal moment in his career. Unfazed by initial setbacks, Perry continued to hone his craft, and by 1998, he had successfully produced a string of stage plays that showcased his storytelling prowess.
Calling all teenage student-athletes! If you have dreams of playing college soccer and wish to represent an HBCU, the HBCU ID Camp is your golden opportunity. From 8 am to 5 pm on November 11-12, Houston Sports Park will transform into a hub for aspiring male and female soccer players. Coaches from HBCUs across the nation will be present to evaluate, scout, and offer valuable feedback. Moreover, they might even spot the next soccer prodigy to join their collegiate soccer programs. This camp is not just about honing your soccer skills but also a chance to connect with the HBCU soccer community. You’ll learn the ins and outs of what it takes to excel on the field and in the classroom, which is crucial for a college athlete. The HBCU ID Camp is an excellent platform to network with coaches, learn from experienced athletes, and take the first steps toward your college soccer journey. To secure your spot at this incredible event, don’t forget to register [here](insert registration link). Space is limited to 120 participants, so make sure to reserve your place before it’s too late. It’s time to turn your dreams of playing college soccer into a reality.