If you’ve been on an airplane, you should be familiar with the instruction “put on your oxygen mask before helping others.” I am currently reading “The Millionaire Next Door.” On page 18, the authors state a very powerful message:
“Most American millionaires today (about 80%) are first-generation rich. Typically, the fortunes built by these people will be completely dissipated by the second or third generation.”
This statement stuck out to me and got me thinking about the narrative of generational wealth currently being focused on in the black community.
Some questions started to pop into my head:
“Are we looking at this the wrong way?”
“Would there be better results of generational wealth if we simply focused on our own individual and nuclear family wealth?”
“How can we be focused on leaving our kids and grandkids things if we have yet to put on our own masks?”
This train of thought also got me thinking about my experience as a black person and immigrant and the Black Tax. The idea that we are expected to support others while barely able to support ourselves, creates an even larger gap when we are expected to attain wealth. My hypothesis is that we be more selfish while building our own wealth and then give at our own discretion once we have arrived at our own predetermined destination of success.
What do you think?
Can you get behind this?
What would stop you from being this way?
by Georgie-Ann Geton © All rights reserved