Dr Boyce Watkins: Building wealth comes down to family mindset and traditions
by Dr Boyce Watkins
One of the more interesting things I learned while studying Finance during my PhD program is that many of the secret things wealthy people do in order to get ahead are not all that complicated.
Much of the difference in wealth outcomes is deeply related to the culture of your household:
Did your parents talk to you about starting a business or getting a job?
Did you learn to buy stock at the age of 6 or did you not hear about it until your company offered you a 401k?
Did someone leave you life insurance when they died or simply douse you with more bills and debt?
If someone around you says that they've been renting an apartment for 10 years, does anyone say, "You know, you should probably consider buying a house instead?"
If you were to add up the money you've spent at the mall over the last 20 years, does that number exceed the amount of money you've spent buying shares of stock?
Does the money you've spent on fast food over the last decade exceed the amount of money you've invested in your own business?
Are your kids more likely to join a football team or an investing club?
These little things make all the difference, and the biggest myth in the world is that everyone who has more money than you is either lucky or that their outcomes were defined solely by white supremacy. The truth is that there are people of all ethnic backgrounds who build wealth and those who build nothing. A lot of it comes down to what you choose to do with the few dollars you have in your pocket.
So ask yourself: When I get an extra $30 this week, am I going to spend the money on something that gives me long-term wealth and value or on something that is going to decline in value?
What am I teaching my children on a day-to-day basis?
Am I regularly reading articles and magazines on how to build wealth?
Questions like these can help you determine where you are psychologically and whether you're going to reach your desired objective. One thing about the great wealth race in America is that economic success typically does not happen by accident. To have a shot at the greatness you desire, you have to put your life in formation.
Dr Boyce Watkins is a Finance PhD and founder of The Black Wealth Bootcamp. To learn more, please visit TheBlackWealthBootcamp.com