idk too much about his online persona/claims but fair point…that’s why I try not to get too serious online…it’s hard to see who is really who when you’re not talking to them face-to-face
[VIDEO] Why black people fail to build generational wealth.
- Thread starter ThrobbingHood
- Start date
idk too much about his online persona/claims but fair point…that’s why I try not to get too serious online…it’s hard to see who is really who when you’re not talking to them face-to-face
Gritsngravy
Superstar
People use internet as an escape, they can “live” lives they ain’t really living in real life
CreepyMcCreeperson
Veteran
We know the system is against us, yet make decisions that make our lives worse. Not valuing education, and too many kids out of wedlock is not working.
again with “we”…not all of us know that…I remember talking with someone on here and having them admit to not knowing/being exposed to certain information in relation to black history that I thought/assumed was common knowledge bcuz of how I grew up…no “we” don’t all know that…shyt listening to the way some of y’all talk, you’d think we’re on a completely leveled playing field
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lol…worst “mistake” I made was being honest on the internet…I should’ve read a couple books and lied and said I was an astronaut…I think I could’ve pulled it off lmao
Gritsngravy
Superstar
I’m not really interested in putting the work in to create a character, it’s corny
The Fade
I don’t argue with niqqas on the Internet anymore
Dont want anyone to ever, ever say my people wasted opportunity or were lazy
Yep its thrown around too much. Most people don't know but normally the wealth that folks have is gone in a generation or two.
IMO its not a generational wealth the issue with white folks not in the top 1%. Its the access that the white folks not in the top 1% have in terms Jobs, money (such as loans etc), quality education and etc. That we as black folks are locked out or have to work 10 times harder to get access to.
If you have access to jobs (aren't last hired, first fired) then from an economic level you don't have to worry about generational wealth to pass down to your kids because you and your offspring will have access to money. That is one of the biggest advantages white folks have over black folks black folk.
have living wills and life insurance policies that go directly to your next of kin...Also it helps that you educate your kids about finances on some next level shyt when they're young so that they wont blow it all... alot of black folks leaving their kids with nothing but debt... yes i saw the video this morning
Yep I see this a lot. Or you got parents who are horrible with money lean on their responsible kids to bail them out. Or you have responsible parents who have sorry kids who are grown and leech off of them.
Just a horrible cycle. As I have mentioned on here since I joined the site. We as black folks are at the edge of a 50 foot drop economically due to systematic racism in this country. We get paid less to do the same job as others and are last hired , but first fired.
With that knowledge as a black person you should know that being irresponsible with your money is like playing Russian Roulette. You should never ever ever be foolish with your money. You should manage your money (and teach your children to manage theirs) like your life depends on it (cause it really does) cause you have almost zero wiggle room there is no real safety net for you, no one is going to come out of the sky and save you. Black folks who are foolish with their money do so at their own peril.....this is not a game so take warning.
WonderCheeks
Pro
Generational wealth doesn’t last in any community in this country. I had a wealthy white stepfather whose grandfather lost everything the great grandfather built. They used connections and education to marry and start businesses with the right folks to get rich again. My step uncles pissed off money with bad investments and marriages. One of my step siblings is a doctor, she was determined to be rich on her own and marry rich. Her former athlete brothers are wasting money and waiting for my stepdad and his ex wife to die so they can inherit money. All these people talking about old money and generational wealth don’t know the white families these people are trying to mirror. Unless you raise rich kids to take top professions or work in the family business that money will be gone in one generation.
Black people deep down dont care about or want wealth. Unless they have become assimilated and belong to the system.
20:25
We are smarter than everyone else and inherently realize this is a zoo and unnatural. At least in our higher state of thinking. The European considered us lazy simply for living naturally and organically in tune like the animals do. The European is a cancer to the earth. Do you actually believe as the white mans counterpart and the original man. Your main focus is supposed to be caring about "wealth". Thats your lowerself that created the white man talking. The white man has tapped into that part of us through his teachings/precepts
20:25
We are smarter than everyone else and inherently realize this is a zoo and unnatural. At least in our higher state of thinking. The European considered us lazy simply for living naturally and organically in tune like the animals do. The European is a cancer to the earth. Do you actually believe as the white mans counterpart and the original man. Your main focus is supposed to be caring about "wealth". Thats your lowerself that created the white man talking. The white man has tapped into that part of us through his teachings/precepts
CreepyMcCreeperson
Veteran
And how has that worked for us? We have to be scumbags like everyone else.
MoveForward
Veteran
It’s not hard and doesn’t require much thought. Purchase your home, pay it off over 30 years, make certain your kids have a solid education, get life insurance and when you pass… Viola!
Most of the stuff you talking about involves having access to capital.Have a high paying job/develop a high paying business
Invest a portion of that money into index funds or individual stocks if you're more risk adverse
Pickup rental properties. You get tax write offs, appreciation plus rental income. Can even use a 1031 exchange to avoid capital gains tax.
Pick up life insurance. If your under 40 and in good health can literally get a million dollar policy for like 25 dollars a month.
Stop falling for get rich quick schemes
Never stop educating yourself on investments and money making opportunities.
Been doing all these for years (currently still in pursuit of the rental and finalizing the insurance end of the year actually), should be a millionaire within the next decade. nikkas need to stop sitting around crying and making excuses all day. All the information needed is right at our fingertips in 2023.
You can build generational wealth over time without much capital by owning a home outright, leaving it to your kids, and getting your kids into saving and investing at an early age. The major issue is you have to contend with society educating your child to be a mindless consumer.
My pops had 5 family members in their youth living in the same house at once working for GM. He tried to get them to take their money pool it together and in 5 years buy and pay off houses for all of them. His bother, sisters, and his mother refused they took their money and blew it spend it on stuff like cars eventually they all moved out on their own and saddled themselves with mortgages. Pops bought a starter house paid it off quick and never moved again. Later in life they all came to him begging him for money.
The biggest obstacle to generational wealth is shedding the consumerism ingrained in society that keeps people buying dumb shyt that doesn't increase in value like the typical car instead of spending their money more strategically. Many younger people aren't gonna be receptive to that sort of education.
A 20 something with a fully paid off house and car and the sense to not go into consumer debt can make a modest income and still be on the fast track to generational wealth with investing.