LeBron James is rich. The owners/ brand endorsers who write his checks… they are wealthy. We say we want generational wealth, but how do we get it if we don't know what that means and how it looks? This week, Dr. Venus goes in for an educational conversation about what generational wealth really is, and how we as Black Women can create it in the next five years for the next five generations. She talks about the difference between new money vs. generational wealth, why rich doesn't always mean wealthy, and shares practical tips for getting your money management straight today. As Black Women, we need to relate to ourselves as the superpower we are, and step into our role as a giant force in society.
Key Takeaways:
[1:44] When you are first generation wealthy, aka new wealth, you are building something that isn't already given. When you have something already in place, your children's children have a different shot than you do.
[3:13] We tend to talk about hustling and making our coins and paper, but we also should be thinking in terms of assets and in not earning money in a way that is dependent on our skill, labor, or time. There's nothing wrong with flexing however, and Dr. Venus understands where that comes from, especially when it's new money.
[7:20] As a Black Woman, part of what we are contending with is our skewed relationship with money. Black Women have trillions of dollars in spending ability, yet so often we don't always recognize how much power we really have. Buying power equals credit, resources, and access. Think of yourself as not a spender, but a steward over your income.
[7:45] New money is how we spend the money we have right now, in a way that believes there will always be more coming in. Generational wealth spends money like they want to keep it. Dr. Venus discusses how she has always intentionally lived below her means.
[11:51] Why is generational wealth a myth? Dr. Venus breaks it down. For all races, generational wealth usually doesn't last past the second generation because the children don't understand the value of money or how to hold on to it responsibly.
[15:32] We need to leverage more of what we know. For example, if you can make $1 out of .15 cents, that is a skill set no one can take from you. Dr. Venus created her new digital platform to create an ecosystem where Black Women can thrive from making a living from their wisdom and intelligence.
[18:58] If you have debt, don't be ashamed. Consolidate it and negotiate a lower rate. No judgement, just a chance for you to clean the slate and open yourself up to be a conduit for the vibration of money. This is also where it's important to really look at your behaviors and see how you are spending your money, and who you are spending it on. Are you investing it in yourself in the right ways?
[22:07] You can start off with $100 a month and if you are consistent with it, it can multiply. Even if you need to start out very small, you can start to wake up to your behaviors and habits around money. Another powerful habit is to pay more with cash, so you can see exactly where your money is going.
When you start bringing your attention and intention to your money, it starts to move.
[28:39] We need to accept that bringing in money is not hard. We are deserving and we don't have to prove it — our ancestors did that for us. What we must do is look to leverage the generational wealth we already have in our lived experience and tie it to technology.
Quotes:
Mentioned:
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