I say this with the utmost sincerity. Majority of black families worldwide tend to start all over once anyone with money in their family tree meet his or her demise. This is not because of racism, we cannot blame everything on the white man. This is by design, most importantly due to how we think about money.
It starts with how we still think in 2020 that going to school or having a western tertiary education is the answer to generational wealth building.
This has caused many black families to focus on achieving the feat having the “best education”, instead of focusing on what their children are been taught. Most of what they are taught are useless in the real world. Hence after years of expensive fees paid, they end up doing the opposite of what they studied or become a regular joe working for whatever pay cheque available.
This can be attributed to the vestiges of slavery. A time where it was against the law to educate the black man or woman. Since the emancipation of slavery, blacks gravitate more to western education, the one thing that was kept away from us on purpose.
But, what blacks fail to realise is what is been taught in schools devoid of the most essential lesson needed in life. It is called financial literacy.
While school may teach you how to become an employee or earn an income, financial literacy teaches how to manage and multiply your income. School indoctrinates the idea of selling your time for money, financial literacy makes it clear money is a tool to buy time.
Majority of the white community have since adapted to the notion that financial literacy is the major key to generational wealth, ethnic minorities are stuck in looking for the “best schools” for their kids.
The disparity is evident. It does not matter how many degrees you have. At the end of the day, who cuts the cheque for generations to come is what counts.
Whites have excelled in multiple inventions that have changed the trajectory of history, from Amazon to Facebook, not by going to school. While 99% of black millionaires and billionaires still come from sports and entertainment, a genre that glorify excess and grandiose with little or no financial literacy.
The reason why whites are light years ahead in the wealth gap is because they have mastered the number one rule of financial literacy: Money Works Harder For You Than You Could Ever Work For It.
Our parents and school systems have taught us as kids to work hard to earn money. Generational wealth builders have since optimised the idea of making your money do the work instead by putting investments in place to feed generations to come.