To piggy back off of Bless' inspirational verse I'd like to add a verse of my own: Proverbs 13:22(a) A good man leaves and inheritance for his children's children... As our community has been documented to be 228 years behind in the accumulation of generational wealth, it is important that we initiate forms of revenue generating opportunities or asset accumulation for our children and grandchildren as they won't be able to rely on going out and getting a "good job". Steps we can take to facilitate this:
1. Investing in life insurance and making it a priority to pay on time.
2. Starting your own business. This can actually be done with a tax return depending on what you are interested in doing. You don't need to start off making millions, but a profitable business is one that makes more money than it costs to operate.
3. Investing in the stock market is overlooked by many Americans.
4. Acquiring assets such as houses or land is a great inheritance to begin working towards for your children or grand children. These don't have to be 300k dollar homes. Fixer uppers are great because they are inexpensive and you can take time to work on them. They also don't acquire the debt new homes may come with.
5. Training your children by talking to them often about commerce, ecommerce, customer service, investments, assets, liabilities, consumer, etc. Also, include older children 10 and up in operating your household. Show them the budget, teach them how money is allocated towards bills. This will make them more cognizant about spending and how much money is available for entertainment.
These are just 5 brief ideas to get your children and grandchildren started off in building generational wealth and not being behind by having to learn themselves at 30 years of age.
I'll post expounding on each of the 5 suggestions and some additional ideas.
ERIN N. SIMON
Inspired In-Spirit Ministries
Inspired In-Spirit Publishing