I feel humbled and honored to be a part of the Generation One Blog Tour. This post is part of Generation One Blog Tour which I am 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, Generational wealth is very important to the Black community. We must step up to the plate to create a legacy for our children and for the generations that follow to create generational wealth. We are teaching our family how to create generational wealth and live a more comfortable life. In this article I will describe three methods to create generational wealth. The three methods are as follows: Life insurance, real estate, and entrepreneurship.
In the spirit of entrepreneurship and starting your own business. We believe that if you are “capable of a dream you can make it into a reality.” We want our children to learn the value of not only having money but investing it into yourself to create your own business and legacy for the next generation. I know that I had never had the chance to learn the true meaning of entrepreneurship until I started my own business. I want my children to learn early how to create a business plan, develop skill sets to network with other business owners, set up their business accounts, and have strong ideas for the future. We are working on building businesses that will sustain not only our children, but our grand children, and great grand children.
Second, is something that everyone will face in their lifetime and that is someone in your family passing way. I think that it is very important to have a plan for when that time comes for yourself and your family. The truth of the matter is that we seem to wait until the last minute to think about creating a will, trust, and life insurance plan to protect our families for the future. Almost everyone can have a life insurance and the younger you start the better. If you’re properly insured, your beneficiaries can receive your assets free and clear of debt. That could translate into cash, real estate, and other tangible assets. There are several types of life insurance: term, whole life, cash building, and others. The type of life insurance that you choose will benefit yourself and your family. You can choose which type of life insurance works for your family on your behalf to create a generation of wealth.
Thirdly, is real estate which is an attainable way to transfer wealth from generation to generation. Real estate as a future investment for your family. Keep in mind that real estate is the largest dollar investment most people make in a lifetime. Real Estate will enable you to create generational wealth by laying a foundation for your family and something from children to build from for their children to have something tangible in the future. In conclusion, real estate, entrepreneurship, and life insurance are three key elements to create a legacy for your children.
With the 2007 recession, the housing crisis and soaring unemployment rates leaving Black America’s wallet trapped in the crosshairs of the United States’ financial crisis, the lack of generational wealth in the African American community has never been in sharper focus.
Generation One takes a hard look at the numbers, giving historical context to early wealth creation in the Black community and tapping the expertise of the nation’s top financial experts to weigh in not only on how Blacks fell behind, but surefire strategies families can implement to begin building a strong financial legacy for generations to come.
Lamar and Ronnie Tyler are co-founders of BlackAmdMarriedWithKids.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 https://vs956.isrefer.com/go/BFFPDVD/rukunitl/ .
Live Film Screenings
Lamar and Ronnie Tyler will kick off the debut of #GenerationOne with a live screening in a city near you:
Atlanta – Wednesday July 15
DC – Thursday July 16
Chicago – Saturday July 18
More Cities TBA
*National Wealth Discussion via Social Media July 18th using #GenerationOne*
Visit www.GenerationOneMovie.com for the latest updates.