How To Kickstart Your Path To Generational Wealth In 2023

How To Kickstart Your Path To Generational Wealth In 2023

The start of a new year comes with the usual examination of goals and aspirations. People are typically focused on a few areas that include fitness, relationships, and wealth – with the latter generally finding its way toward the top of people’s “new year, new me” lists.

And this perspective is in line with cultural norms. With songs like “Money” by Cardi B  or the ’90s hit “It’s All About The Benjamins” by the Bad Boy Records crew, the world keeps the idea of wealth accumulation on the brain. But how exactly does one go about getting to the bag to reach their dreams?

Social media makes it easy to tap into information from people who market themselves as financial gurus and entrepreneurial experts. But with so many people in the mix and sometimes little proof, it can be hard to know whom to trust and what advice should be implemented.

It is at the intersection of financial research where AfroTech enters the chat. We gathered information and tips from some of today’s trusted voices to help you reach your financial goals.

The post How To Kickstart Your Path To Generational Wealth In 2023 appeared first on AfroTech.

Connecting The Cause

One of the ways people get into their money bag is by maximizing opportunities in their careers. Every person won’t be an entrepreneur, and there is still a need and benefit in working for organizations. However, Kickstarter CEO Everette Taylor believes tapping into a point of inspiration while on the job makes the difference.

“I say a lot of times, early in your career you need somebody that’s a believer. You need someone that’s gonna give you your first shot, especially for people of color, people from unorthodox backgrounds,” Taylor said. “And I didn’t have that person. And so I had to make that opportunity myself. I was working a minimum-wage job. I saw my family struggling. We were homeless when I was in high school. So for me, my inspiration number one was just survival and being able to take care of my family.”

That level of inspiration translated into understanding what motivated him more: the power of Impact. As he has ascended to CEO of Kickstarter, Taylor is not only inspired by impacting others personally but by working to ensure his work can spread to others who need it most.

“Being in this space allows me to help so many people bring their dreams to life as a creator who normally wouldn’t have the resources or the access to be able to do these things,” Taylor described.

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Now, Taylor has worked to bring his dreams to life and also positioned himself to do the same for others.

Taylor has doubled down on his passion for creating funding for those that need it by being a key partner in Chevrolet’s “Lead Dream Chaser” Opportunity.

The winner of the $100,000 grant will assist a qualified person to realize their dreams and goals.

This tale of inspiring others is similar to that of Bay Area entrepreneur Anthony Walker.

Family Inspired Freedom

Walker once worked as a salesperson and insurance agent but remembered some of his father’s advice about financial literacy. That advice, coupled with what he learned in his previous jobs, started his career as an entrepreneur. For Walker, it was about how he could genuinely help people while forging his path toward financial freedom, with a concept now known as “Finance Fridays.”

“I started creating this video series explaining the 12 principles of financial freedom as taught to me by my parents. I decided to create a video every Friday explaining these 12 principles, which really kicked everything off from there,” Walker explained. “I started a clothing line around some of the more powerful and important phrases like, ‘love is currency,’ or ‘buy or pay yourself first.’ And then from there, I felt like the natural progression was me digging.”

In addition to the clothing line associated with his finance tips, Walker wrote a book titled, “B Is For Black Wealth.” It is designed to be comprehended by children, but its content is relevant to anyone. What’s more, Walker shared some of that expertise for those looking to level up financially.

Start investing early and often – Educate yourself on what’s out there and invest in things that matter to you and that you can financially benefit from.

Pay off your credit cards – Paying off the balance means eliminating excessive interest. If you can help it, you don’t want to owe anyone anything.

Save 10 percent of your income – Make saving an automated process so you take the guesswork out.

For Your Children and Their Children Too

One can imagine that there is no “right” way of accessing generational wealth. However, life examples from people such as Taylor and Walker help people understand that financial freedom is not only possible but tangible.

To double down on the examples of Walker and Taylor, DeAnte Tompkins, a market director at Thrivent, shared “6 Tips for Creating Generational Wealth in an Increasingly Diverse America.”

Create a strong foundation through education. One of the essential things someone can do for themselves and their family is spend a bit of time on education to understand better both the financial terms and the opportunities that may exist. 

Have a financial strategy with a long-term view.  When people have a long-term strategy anchored against their priorities, goals, and values, it can help keep them steady in uncertain times.

Look for opportunities. People should consider working with a financial advisor to discuss their goals and what they might be able to do to strengthen their financial future.

 Consider diversifying income sources. The rise of remote work and gig apps has opened new opportunities beyond traditional full-time jobs. Now is a great time to explore ways of earning additional income that fit a person’s unique lifestyle.

Find a support system. People need to remember they don’t have to go at this alone. A support system can come in many shapes and sizes, and not all cost money. Thrivent’s Money Canvas program, for example, offers free online coaching sessions to help individuals build a baseline understanding of their financial picture. 

Remember what truly matters.  People should let their values guide where they place their finances and energy, such as spending time with loved ones, helping others in their community, or deepening their faith practice.

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