The Truth about Finance and Kids Lesson 79

An article on StLouisFed.org entitled, History’s Lasting Imprint on the Racial Wealth Gap intrigued me. It discussed, "Today’s Black-white wealth gap—Black families have about 12 cents of wealth for every dollar held by white families—largely reflects, then, the culmination of all those shared historical experiences of exclusion and destruction. And this gap hasn’t changed much in the last generation, despite educational and other progress." Thus, when we think about the wealth gap, it's not just a conversation about understanding financial literacy, it requires that we also understand the history of oppression and intentional economic setbacks.

For us parents who are trying to break the cycle of poverty or lacking resources, we have to be intentional about education ourselves so we will have the means to passed on generational wealth for multiple generations beyond us.

We had a riveting conversation with Dr. LaTanya White, a mom of one and homeschooler.

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Something to Explore:

You know that Africa is the birthplace of civilization, but did you know that there are more than 3,000 different groups of indigenous people and more than 50,000,000 indigenous people living in Africa? (Source)

African Proverb

The rich man may wear old clothes. - Ghanaian Proverb

Word of the Episode

Báwo ni means how are you in Yoruba.

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Grown Folks Section: Meet Dr. LaTanya White who discussed Generational Wealth Families

Dr. White spoke to us about how many people think generational wealth is going to be the game changer for Black families. However, according to her, "The truth is, our high networth (HNW) and ultra high-networth (UHNW) counterparts are not focused on transferring financial wealth to the next generation. They are building dynasties that focus on five forms of wealth being transferred to the next THREE generations. The more Black families that learn how to build their own Dynastic WealthTM, the more clever we can be in changing the narrative in our families about wealth!"

Dr. LaTanya White is a 2x author, TEDx Speaker, and CEO of Concept Creative Group, a multi-faceted Black business development firm. Dr. White's research on the intersection of the racial wealth gap, entrepreneurial dynasties, and intergenerational wealth transfer produced a comprehensive, evidence-based curriculum for building Black business dynasties that accounts for the lived experience and ancestral narrative of Black families. The Dynastic WealthTM construct accounts for the five forms of wealth being cultivated by high net worth families with a targeted focus on including three consecutive generations in the strategic plan for wealth transfer. View the framework for Dynastic WealthTM and learn more about the construct at https://meetprofwhite.com/dynasticwealthresearch. Dr. White and her daughter, Sparrow, will be embarking on their homeschooling and Dynastic WealthTM-building journey beginning in the Summer of 2022.

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