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How African Americans Can Build Generational Wealth for Pennies Per Day
Written by Administrator    Thursday, 10 March 2011 13:55    PDF Print E-mail
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African Americans have made incredible strides in many areas, but generational wealth is one in which we need to play catch-up. There is an often-overlooked, simple way to build generational wealth for pennies a day. 

Generational wealth consists of assets, holdings and monies that are passed on from one offspring to the next, and built upon by each generation.  A family business is the first thing that comes to mind when many think of generational wealth. Wine vineyards, orange groves, tobacco farms, and sugar plants started by ancestors centuries ago continue to be passed down to children who build upon them and pass them along to their offspring in the form of inheritances.

Regrettably, African Americans have been left behind, disadvantaged, when it comes to passing on generational wealth because of history rote with slavery. African Americans have made incredible strides in many areas, but generational wealth is one in which we need to play catch-up.  

One of the fastest ways to pass on wealth to the next generation is by securing a simple life insurance policy. Parents, especially those who don't have the means to leave an inheritance in holdings such as stocks, real estate and business, can certainly make up for lost time and leave their children an inheritance in the form of a life insurance policy.

A six figure policy, such as $100,000, can cost less than a couple hundred dollars PER YEAR. A $750,000 policy can cost less than $50 per month. (Age and health conditions will be the governing factors when it comes to insurance premium costs.)

Many experts, such as Clark Howard and Suze Orman, prefer term life insurance, versus a whole life policy. (To learn more about term versus whole life, perform a quick internet search.)

Regardless of the dollar amount of the policy you choose, or the type of policy you opt to leave for your children, consider leaving instructions with the monies so the inheritance can filter over into the lives of the generations beyond your own children.

For example, a will or trust (preferred) can be left with specific instructions or special stipulations that an executor of sorts can oversee and ensure are carried out before monies are dispersed to beneficiaries.  

Here are some ideas for special stipulations that parents can consider when leaving an inheritance for their children in the form of life insurance:

Malik Jr. will receive X amount of dollars upon completion of 4 years of college.

Malik Jr. will receive additional funds in the amount of X dollars upon successful operation of his own business for three consecutive years.

Samantha will receive X amount of dollars upon completion of a Masters Degree program.

Samantha will receive additional funds in the amount of X dollars after purchasing her first investment property.

Both Malik Jr. and Samantha will receive final disbursements in the amount of X dollars upon proof of securing life insurance policies for their own children (or, if they don’t have children, children of close relatives).

You can add special stipulations from the very simple to the ultra complex. The point, the goal, should be to nudge the children towards ventures (http://www.bigandgrown.com) that will assist them in building future wealth that can be added to (real estate, businesses) and passed along to the next generation.

Of course, consult with competent professionals who specialize in financial planning, wills and estates so your plan of action is solid.

Much success to you in devising a plan of action to build generational wealth for your family. And congratulations; you may be the beginning of something great that can positively impact the fabric of our community as a people forever.

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Written on Thursday, 10 March 2011 13:55 by Administrator

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