ajnapoleon
Veteran
But I thought building wealth was you being greedy and the devil
whats the real answer
whats the real answer
[VIDEO] Why black people fail to build generational wealth.
- Thread starter ThrobbingHood
- Start date
Ezekiel 25:17
Veteran
I'm not downplaying the system, why do you keep bringing that up? Everytime this topic comes up those same talking points are posted
There's 100 ways to make money and Society doesn't respect a man with his hands out.
The Observer
All Star
Generational wealth starts by buying your own house, which you can all do now and provide for future generations instead of complaining about not being given anything from your parents.
OperationNumbNutts
Superstar
It does. Just depends on who's hands.
Banks and large companies get hand outs all the time. It's amazing how perception works.
A house and a car are people’s typical greatest expenses. If you can eliminate both of those you can live very well on very little. For many people that’s an extra $2K a month they’d have access to save and invest. In 15 years at 8% compound growth that’s almost $668K. In 20 years that’s $1.1 million. In 30 that’s $2.7 million.
I would say one person leaving their heirs almost $3 million is generational wealth. With owning a house outright that invested would pay almost $70K a year in dividends at 2.5% yield enough for a reasonable with no housing expense to live off of even without a job.
Y'all still mad muthafukka won't show his face?!?
Dillah810
Flat Girther
Mindfield333
Superstar
No, I don’t care that much. I’m just not even sure he’s black. He is a pessimist though.Y'all still mad muthafukka won't show his face?!?
ThrobbingHood
Breh&Breh Associates™
4 different women he fathered children with.
CreepyMcCreeperson
Veteran
This is something the Coli never discusses.
4 different women he fathered children with.
Might be contrarian on this but the way I see it, buying a house is cool but most kids are not gonna want to live in the house they grew up in. That shyt is gonna get sold and the money will be used to stunt a little.yes they could rent it out but most won't. Especially if you have multiple kids, they selling the house and splitting the money (more simple).
It starts with family culture. As fukked up as it sounds, most mainstream hip hop culture needs to be thrown in the bushes. Matter of fact, mainstream American culture needs to be thrown in the bushes. Anti intellectualism to the bushes. Obsession with sex and ironically obsession with materialism needs to go. As a man, you need to view your family like a business. You need to love the fukk out of your business cause that's where your true wealth is. You need to protect that business but also be firm in leading it. Choose your wife carefully cause it might be the most important decision of your life. Be very intentional about the values you instill in your offspring. Be a role model to your wife and kids. Make sure your family's culture is to be financially literate and to not give a fukk what other people think (that includes your kids but your wife as well).
Once that foundation piece is laid, it won't matter as much if you decide to buy a home and pass it down, if your kids decide to sell it or keep it, or if you start a business, have a job, or if you invest in stocks, etc. Multiple ways to skin a cat. But whatever you do, once you pass it down, your kids will know how to move based on the circumstances because it will be part of their family culture. Your affairs will also be in order (wills, insurance, etc) because it will be part of your family culture.
Random points I'd like to add:
-date and marry black.
-Best way to build generational wealth is to start a scalable business that delivers value to plenty of people. I personally would look into things people have to buy over and over that are cheap to manufacture, or subscription based products/services where they will stick with you for life and spend monthly.
-Not everyone's calling is business, you can still build a great family by having a job and providing the proper culture and foundation for your kids so that they can thrive if they happen to be entrepreneurially inclined.
-dont be afraid to pay for learning money making skills. But watch out for scams.
-yes, white people also consume american culture and materialism. They can afford to cause the system got their back. It's not fair, but it is what it is. So protect your family's culture even more fiercely against materialism and anti intellectualism.
-worry about your family before you worry about "the community". Stop looking for thought-leaders. Most of them are hustlers and charlatans.
-Dont be a simp or a sucker. But still be a good person.
This might be the realest shyt i ever posted. Now let me go back to JBO so i can find a PAWG I can beat my meat to...
It starts with family culture. As fukked up as it sounds, most mainstream hip hop culture needs to be thrown in the bushes. Matter of fact, mainstream American culture needs to be thrown in the bushes. Anti intellectualism to the bushes. Obsession with sex and ironically obsession with materialism needs to go. As a man, you need to view your family like a business. You need to love the fukk out of your business cause that's where your true wealth is. You need to protect that business but also be firm in leading it. Choose your wife carefully cause it might be the most important decision of your life. Be very intentional about the values you instill in your offspring. Be a role model to your wife and kids. Make sure your family's culture is to be financially literate and to not give a fukk what other people think (that includes your kids but your wife as well).
Once that foundation piece is laid, it won't matter as much if you decide to buy a home and pass it down, if your kids decide to sell it or keep it, or if you start a business, have a job, or if you invest in stocks, etc. Multiple ways to skin a cat. But whatever you do, once you pass it down, your kids will know how to move based on the circumstances because it will be part of their family culture. Your affairs will also be in order (wills, insurance, etc) because it will be part of your family culture.
Random points I'd like to add:
-date and marry black.
-Best way to build generational wealth is to start a scalable business that delivers value to plenty of people. I personally would look into things people have to buy over and over that are cheap to manufacture, or subscription based products/services where they will stick with you for life and spend monthly.
-Not everyone's calling is business, you can still build a great family by having a job and providing the proper culture and foundation for your kids so that they can thrive if they happen to be entrepreneurially inclined.
-dont be afraid to pay for learning money making skills. But watch out for scams.
-yes, white people also consume american culture and materialism. They can afford to cause the system got their back. It's not fair, but it is what it is. So protect your family's culture even more fiercely against materialism and anti intellectualism.
-worry about your family before you worry about "the community". Stop looking for thought-leaders. Most of them are hustlers and charlatans.
-Dont be a simp or a sucker. But still be a good person.
This might be the realest shyt i ever posted. Now let me go back to JBO so i can find a PAWG I can beat my meat to...
Formerly Black Trash
Philosopher, Connoisseur, Future Legend
Slavery
Jim Crow
End thread
Jim Crow
End thread
ThrobbingHood
Breh&Breh Associates™
Is that stopping you from building generational wealth right now?
I was expecting Amos Wilson. I'll see myself out .
xXOGLEGENDXx
Superstar
Black people when you talk about LLCs and generational wealth
Black people when you talk about getting married to actually start generations
Black people when you talk about getting married to actually start generations