An article on StLouisFed.org entitled, History’s Lasting Imprint on the Racial Wealth Gap intrigued me. It discussed, “Today’s Black-white wealth gap—Black families have about 12 cents of wealth for every dollar held by white families—largely reflects, then, the culmination of all those shared historical experiences of exclusion and destruction. And this gap hasn’t changed much in the last generation, despite educational and other progress.” Thus, when we think about the generational wealth gap, it’s not just a conversation about understanding financial literacy, it requires that we also understand the history of oppression and intentional economic setbacks.
For us parents who are trying to break the cycle of poverty or lacking resources, we have to be intentional about education ourselves so we will have the means to passed on generational wealth for multiple generations beyond us.
We had a riveting conversation with Dr. LaTanya White, a mom of one and homeschooler.
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Something to Explore:
You know that Africa is the birthplace of civilization, but did you know that there are more than 3,000 different groups of indigenous people and more than 50,000,000 indigenous people living in Africa? (Source)
African Proverb
The rich man may wear old clothes. – Ghanaian Proverb
Word of the Episode
Báwo ni means how are you in Yoruba.
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Grown Folks Section: Meet Dr. LaTanya White who discussed Generational Wealth Families
Dr. White spoke to us about how many people think generational wealth is going to be the game changer for Black families. However, according to her, “The truth is, our high networth (HNW) and ultra high-networth (UHNW) counterparts are not focused on transferring financial wealth to the next generation. They are building dynasties that focus on five forms of wealth being transferred to the next THREE generations. The more Black families that learn how to build their own Dynastic Wealth™, the more clever we can be in changing the narrative in our families about wealth!”
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