"It is Spring! The renewal of abundance. The season of growth. So, let' turn our minds to wealth."

Melody Fogarty

The black community's economic value to the United States is $1.8 trillion. So, we are not poor, we are broke. We have the money to change our situation if we work together to build wealth for our families. To achieve this vision of economic freedom and to have self-direction our goal for the next decade is to break the chains of self-doubt and validation through others. We must focus on building generational wealth in the black community using a combination of strategic financial planning, education, and community empowerment approaches. Here are some key strategies:

• Financial Education: Invest in financial literacy programs and resources to empower individuals with the knowledge and skills to make informed financial decisions, including budgeting, saving, investing and managing debt.

• Individual debt is a form of slavery. Business or corporate debt is a tool for growth. 

• Unembellished gold, silver, and platinum are forms of international currency. All other forms of currency are based on the concept of "the greater fool."

• There are no greater wealth holders than land and water. Both are finite.

• Understand every financial term and never sign a contract you did not read, nor do you understand.

• Homeownership: Real estate can be a powerful wealth-building tool. Encourage homeownership by educating individuals about the homebuying process, exploring affordable housing options, and using programs like FHA loans or down payment help.

• Houses built before 1940 are better built than those built after.

• Brick is better than stick and sawdust. 

• A house in an urban area cuts your transportation costs and increases the cost to educate your children. 

• Suburban and rural communities' rarely have sidewalks or public transportation. 

• If your house does not have a mortgage, rent/lease it to another until you need it again, before selling it. Placing an inherited house for sale should be the last option, not the first.

• A shared mortgage is much better than individual rent.

• Entrepreneurship: Support entrepreneurship within the community by providing resources, mentorship, and access to capital for aspiring business owners. Encourage creation of businesses that address local needs and contribute to economic development.

• If you expect others to pay you what you are worth, then pay those who look like you what they are worth which is no less than the market rate.

• Manufacture what you need, want and desire in your community.

• Purchase businesses with the money you would have used to purchase the business' product(s)

• Remember, competition only makes you better and critics only give you fuel.

• Investing: Promote investments in stocks, bonds, mutual funds, and other financial instruments to grow wealth over time. Encourage long-term investment strategies, diversification, and seeking professional guidance when needed.

• Teach children the five jar method ($2 expenses, $1 long-term savings, $1 short-term saving for gifts to self, $1 philanthropy)

• Invest in what you know, understand the business model, and/or purchase regularly.

• If you can not explain the business model and how it makes money to your grandmother, it is probably not a wise investment.

• Retirement Planning: Encourage participation in retirement savings accounts such as 401(K)s, IRAs, or pension plans. Educate individuals about the importance of saving for retirement early and maximizing employer contributions and tax advantages.

• Asset Protection: Ensure that wealth is protected through estate planning, including wills, trusts, and life insurance. This can help preserve assets for future generations and minimize estate taxes.

• Education: Prioritize education as a means of upward mobility and economic empowerment. Advocate for access to quality education, scholarships, and vocational training programs that lead to higher-paying jobs and career advancement opportunities.

• Community Investment: Support initiatives that address systematic barriers to wealth accumulation in the black community, such as affordable housing, access to capital for minority-owned businesses, and financial inclusion programs.

• Generational Transfer: Teach the importance of passing down wealth and financial knowledge to future generations. Start conversations about money management, investing, and legacy planning within families to ensure continuity of wealth-building efforts.

• Advocacy and Policy Change: Advocate for policies and initiatives that promote economic equality and equity, reduce systemic barriers to wealth accumulation, and address racial disparities in wealth and opportunity.

By implementing these strategies and fostering a culture of financial empowerment and community support, the black American community can work towards building and preserving generational wealth for future generations.

Regards,

Melody