US: CLASS

While watching the movie US, it was the typical backdrop for a traditional black family forced to keep up with their wealthy counterparts as they venture down the rabbit hole. Progress is foreign to black people largely due to the story of race. Most black people consider themselves middle-class; yet only 42% of us own homes. While most of us are doing substantially better than our parents + grandparents; we carry the generational lack that keeps us enslaved. While racism was central to our story, today the picture is extremely more complicated. Although we have an annual spending power of 1.2 trillion, our households have only held a median of $11,000 of wealth. Leaving us only two options: buy up the block or be a business on the block.

Building generational wealth will be acquired with numerous sacrifices + although we are making more money, we must exercise more restraint. Resisting the urge to wear our wealth, fighting back the desire to drive our investments, struggling to maintain our currency rather than wasting it on superficial things that only quell our poverty mindset. Understanding the power of owning a home rather than renting is instrumental in taking the first step in building generational wealth. While our urban communities are being infiltrated making room for new occupants which ultimately has a direct impact on economic segregation. We should be taking small steps to invest, save + map our legacy to recover our black wealth.

The journey to financial freedom will not be easy for black people because the wealth gap is so huge. It will take several lifetimes of consistently making good financial decisions to move the needle back to black families. In the meantime, let’s educate our children, pay off our homes, acquire property + if all possible live below our means. Making the money has never been our issue, but saving it for a bigger return. Rather than aiming for luxury, let’s work for a level of security that each generation can build upon.