[VIDEO] Why black people fail to build generational wealth.

[VoxSphere74]

people throw the phrase generational wealth around far too much. Throughout history, the overwhelming majority of people did not have it....they lived average lives (by the standards of their society) and got by through the love of family and the little things.

Most white people do not have generational wealth. It takes an extraordinary person (or parent/child handoff) to build it. Hell...a lot of pro athletes blow their money before they can even pass it on.

Cacs are far more likely to have generational wealth than Black people because they don't have another group of people trying to steal it from them 24/7.

Also generational wealth doesn't have to be tens of millions of dollars.

It can be life insurance, stocks, bonds, mutual funds, index funds, businesses, houses, etc...that someone leaves to their children.

 

[NZA]

the average cac in america didnt even have wealth until at least a generation or two after ww2. why do people constantly talk about this subject?

 

[Mindfield333]

I don’t see how y’all listen to that pessimistic ass dude that won’t show his face. I dont even know if he’s black.

 

[Gritsngravy]

“But white people this, white people that.” Almost every time we talk about personal accountability, this old chestnut comes up.

What personal accountability are you talking about

 

[ThrobbingHood]

What personal accountability are you talking about

The very start of the video discusses not having a Will intact. What that does is leave any assets you have at the mercy of the government and/or at the hands of unscrupulous relatives.

And if it goes to court, all those expenses spent on lawyers may end up making it a pyrrhic victory. I work in finance and I’ve seen countless family feuds over inheritances. They spend so much time in court, the assets end up being worth less than the expenses spent over fighting for it.

All this can be avoided if you have your legal affairs set up early because tomorrow isn’t guaranteed.

Look at how many GoFundMes are created for funeral expenses, especially for our black celebrities. Lack of preparation isn’t an excuse.

 

[Dave24]

As long as you eventually intend on having kids I would.

@UncleTomFord15 what if you don't know for sure? Also, do you recommend term life or whole insurance?

 

[Gritsngravy]

The very start of the video discusses not having a Will intact. What that does is leave any assets you have at the mercy of the government and/or at the hands of unscrupulous relatives.

And if it goes to court, all those expenses spent on lawyers may end up making it a pyrrhic victory.

All this can be avoided if you have your legal affairs set up early because tomorrow isn’t guaranteed.

Look at how many GoFundMes are created for funeral expenses, especially for our black celebrities. Lack of preparation isn’t an excuse.

And in your opinion thats a reflection on the whole community, because some people don’t have a will or celebrities having go fundmes

 

[Ol’Otis]

Grinding is c00n bootstrap talk.

 

[ThrobbingHood]

And in your opinion thats a reflection on the whole community, because some people don’t have a will or celebrities having go fundmes

Ok Breh, do you. I don’t go back and forth with obtuse individuals.

When the black median wealth is projected to be ZERO by 2053, you can piss in the wind with the old “not all black folk” rhetoric.

Why some Black Americans might miss out on the $68 trillion transfer of generational wealth

Experts say wills aren't just for the wealthy, and urge more Americans — and Black Americans particularly — to plan for life after death.

www.nbcnews.com

 

[Gritsngravy]

Ok Breh, do you. I don’t go back and forth with obtuse individuals.

When the black median wealth is projected to be ZERO by 2053, you can piss in the wind with the old “not all black folk” rhetoric.

Why some Black Americans might miss out on the $68 trillion transfer of generational wealth

Experts say wills aren't just for the wealthy, and urge more Americans — and Black Americans particularly — to plan for life after death.

www.nbcnews.com

And the wealth is projected to be zero because of wills

 

[old pig]

shyt like passing on property to grandkids and great grands…

slightly OT but I was talking with a neighbor and we ended up taking a walk around the community (mostly white) and I have to say I was a bit surprised by just how many homes in the area were passed on from parents, grandparents, uncles/aunts, etc. to children in their family…me and maybe 2 other neighbors were pretty much “outsiders”…all the other families were like 2-3 generations deep into the community

 

[UncleTomFord15]

@UncleTomFord15 what if you don't know for sure? Also, do you recommend term life or whole insurance?

Term personally. If you don't know for sure, you can always put down nieces of nephews you trust or your favorite charity.

 

[old pig]

Cliffs:

-The white man stops black people from building wealth.

-Grinding is c00n bootstrap talk.

the problem I have with your type of sarcasm is it’s easy to have the I did it so why can’t “we” do it approach but this country/government/system is not designed for a majority of us to do so…it’s just fukking not…the 80s was a time when AA communities were becoming largely conscious…and the government struck back against this awakening by allowing drugs to be flooded into those same communities…now we see them literally taking legal steps to attempt to erase our history in this country in the classrooms to combat “being woke” (a term that they’ve now b*stardized) and this is not even taking into account the fukking hole we had to climb out of due to slavery, segregation, etc. I’ll never understand how ppl downplay these systemic attempts at keeping/holding us back (and I am just scratching the surface) to make these types of quips…these muthafukkas are continuing to play a wicked game and have been doing so for centuries and some of y’all just gloss over the shyt smh

 

[Gritsngravy]

the problem I have with your type of sarcasm is it’s easy to have the I did it so why can’t “we” do it approach but this country/government/system is not designed for a majority of us to do so…it’s just fukking not…the 80s was a time when AA’s communities were becoming largely conscious…and the government struck back against this awakening by allowing drugs to be flooded into those same communities…now we see them literally attempting to erase our history in this country in the classroom to combat “being woke” (a term that they’ve now b*stardized) and this is not even taking into account the fukking hole we had to climb out of due to slavery, segregation, etc. I’ll never understand how ppl downplay these systemic attempts at keeping at holding us back to make these types of quips

that’s his whole steez, he gets on here talking about why black folks don’t do this or do that but don’t take his own advice on shyt

This dude pushing 40, he a bullshytter
He says people should go into trades and forget about school but he doesn’t have a trade
Said he was going to the military, never went
Said he was getting an engineering degree, never did that

Ask dude what wealth is he building

 

[CreepyMcCreeperson]

Yup, they do it very craftily too.

shyt like passing on property to grandkids and great grands with full knowledge that their children are already taken care of and somewhat educated. Completely negating the trap black folk fall into where most of us don't have nothing and half the kids are still living at momma's house, so we either opt to sell or can't keep the property afloat.

It's a game we suck at playing

If we got married, we could do that. But with so many families where all the kids have kids out of wedlock, it’s not as simple to pass things down. Just think how much more we could have if we have more two income households. We have brehs who can’t even save, because the money goes to child support.