What’s Your OneTransaction in 2021?
According to Brookings, Black Americans net worth is $17,150 compared to $171,000 for white Americans. Public policy is needed to address systemic racism that caused this racial wealth gap, yet public policy moves slowly.
Wealthy people know that the odds of winning the lottery are 1 in 292 million! So, playing the lottery (although it’s fun!) is not a substitute for building generational wealth. The reality is the racial wealth gap for each family can be closed by one strategic transaction!
Here’s 3 Steps:
Have a Family Meeting
Start by sharing this article with your family members to let them know you are seeking to create generational wealth. Money is part financial and part emotional, so having your family on board is helpful. A family meeting also instills the importance of building generational wealth to your children and grandchildren.
Select Your One Transaction
Some of us have a few of the 6 options, but rarely have we achieved all 6. Select One in 2021 that you believe will make a difference for your family and is achievable this year.
Begin Your Journey
Create a “kitchen cabinet”, which is family members and/or friends who you trust to sit around the “kitchen table” or Zoom call to discuss your one transaction. You will be amazed how many people in your inner circle can help you…if you simply ask. Now is not the time to let pride or ego get in the way. We’re on this journey together!
Stay tuned for more information…