Why is the establishment of family wealth always overlooked in the black community? Many of us strive to provide for our children while we’re here, but forget that we can also provide for our children when we’re gone. Meaning money wise, we can leave our loved ones financially set for their future. Not only am I speaking of the importance of life insurance, but also financial and non financial assets. These three resources help to insure that your family can establish financial stability once you’ve passed.
Life insurance isn’t something that you should want to push to the side. No one’s time on this earth is guaranteed, so we shouldn’t procrastinate on providing for our loved ones in the event of our death. As stated by Black Enterprise, “life insurance can help blacks create multi-generational wealth, keep assets like homes and businesses, and amplify their nest egg for retirement to name a few benefits.” It’s already hard to lose a loved one. Financial burdens shouldn’t be a part of the healing process. Not only can life insurance aid in your family’s wealth, but it could also benefit the community. Community outreach efforts such as charities, churches, and youth programs could benefit from your insurance.
Financial assets, in my opinion, are the second key to establishing financial wealth. Assets like bank accounts, stocks, and bonds can be of great use to your loved ones after you pass. In order to properly utilize these three resources, you first have to educate your self about money and the stock market. Dr. Boyce Watkins created a great program called The Black Stock Market Program, just in case your interested. Invest in yourself.
Another important aspect in the establishment of family wealth is non-financial assets. The difference between financial and non-financial assets is that one you can physically see (non-financial) and touch and the other is usually presented on a piece of paper (financial). Non-financial assets usually refer to real estate, cars, businesses, equipment, gold, etc. Having non-financial assets allows your loved ones to keep some of your items for their own usage, or sell off your items for financial gain. Either way they can help your family accumulate wealth.
Now I’m no financial coach and I possess no degrees in business. I’m simply passing on some of the tips that I’ve learned about establishing family wealth. I encourage you to dig a little deeper and gain the knowledge you need to achieve financial stability because financial stability and family wealth give your loved ones a leg to stand on in the black community.
Love and peace family….
The Blaque Knight 