This post is part of Generation One Blog Tour which I am SUPER excited to be a part of along with many other inspiring bloggers. To learn more and to join us as we tell the world how we are creating generational wealth, CLICK HERE!
Wealth. We hear this word thrown around loosely but what does it really mean? I was really inspired about learning more about creating wealth after hearing Deborah Owens (who is also featured in this film) speak about how to Nickel and Dime Your Way To Wealth: Wealth Building On Any Income. I think one of the biggest things my husband and I finally understood was not only the importance of diversifying our portfolios but also making sure we were doing the “opposite” of what the market was telling us to do so that it had an impact long after we’re gone. It’s so easy to let fear control our spending habits (i.e. selling stocks if the market goes down or spend profits when you see a big increase). But this was all new info for my husband and I as neither of us grew up understanding how to create, build and sustain wealth.
This is why we are trying to learn what we can and put it to practice. We want to be able to teach our children, what we are now teaching ourselves. We want to be first generation in our families to really build wealth for many generations to follow.
But here are 5 things I wished I knew about creating wealth, especially as it relates to my own African/African American community.
1. Your job does not equal wealth
We were taught to graduate from high school, go to college and get a good paying job. The better paying job (and perks), the “wealthier” you were. I wished I would’ve known that my job was an opportunity to invest wisely in stocks and bonds, and take advantage of that regular paycheck.
2. Do your own thing
In Nickel and Dime Your Way To Wealth, Deborah talks about a parking attendant and how he built a million dollar portfolio off of doing the opposite of what everyone else around him was doing. I wished I would’ve known that my outlook on situations and circumstances can have a direct effect on my overall wealth, and that not following the crowd is actually the best way to go.
3. Invest in stocks and bonds
I honestly am almost ashamed to admit that I really thought this was something only rich people did/could afford. I never really started investigating in this until recently because I didn’t understand what it meant. I still don’t know all I need to know, but I know enough to know that we can more than afford to buy shares. And more importantly, we want to start teaching our children at a young age what it means so that they can begin to invest some of their own birthday/holiday money. I wished I would’ve known that investing is not just for rich people, but is actually a means to obtain true riches.
4. The importance of leaving generational legacy
I thought that working to pay bills, buy what we need/want, having life insurance and other necessities was enough. I knew we wanted to create a legacy to leave our children, but we hadn’t really thought about what our generational legacy would be three, four generations from now. I didn’t realize that what we do now will highly impact our children’s children’s children (exactly). I want our children to benefit from what we do now long after we’re gone. I wished I would’ve known the importance of thinking beyond one and two generations when it comes to generating and sustaining wealth.
This is why this film by my friends and mentors Ronnie & Lamar Tyler is so important. If you haven’t created at least three generations of wealth for you and your family, you need to watch this trailer and then click here to purchase your copy of what I know is going to be a powerful film.
Check out the full trailer here for #GenerationOne:
Lamar and Ronnie Tyler will kick off the debut of #GenerationOne with a live screening in the following cities:
*National Wealth Discussion via Social Media July 18th using #GenerationOne*
Visit www.GenerationOneMovie.com to register and for the latest updates.
Lamar and Ronnie Tyler are co-founders of BlackAndMarriedWithKids.com. They wrote and directed Generation One to give African American families the tools and strategies they need to begin building wealth for their families TODAY. The Tylers know this film has the power to change lives. You can grab your copy HERE. This post contains affiliate links.