Here are 5 ways the black family can be an awesome wealth building unit

by: Dr. Terry Jackson & Silas Burgess III

What is the purpose of the family? What is the role of the Mother, Father, Son and Daughter? What is the role of the Grandparents? How often do you or your family members ask these questions? What answers do you receive? These questions are imperative when examining the purpose of the family.

The late Dr. Amos Wilson, a trained psychologist, often stated that the purpose of the family is to create generational wealth. He also stated that the reason families break up is because of the lack of resources, wealth or financial floor needed to sustain it in tough times. How often does your family sit around the table to discuss financial matters?

Everyone dreams of being wealthy. The difference being a dream of being wealthy and creating actual wealth is a plan. An overall strategic plan should include a wealth creating plan. Does your family have a Family Strategic Plan?

It is important to make the distinction between being rich and being wealthy. This reminds me of what Chris Rock said in one of his stand up comedy acts. Chris Rock indicated that Shaquille O’Neal is rich because of the salary he received as an NBA player but the owner was wealthy because he was able to pay Shaquille O’Neal the salary.

READ MORE via 5 Steps to Resurrect the Family as a Wealth Creating Unit | Dr. Terry Jackson.

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Comments (2)
No. 1-2
tjackphd
tjackphd

I am glad you enjoyed the article. I have more than 150 articles on Business on Linkedin. I welcome all to read them. These articles are a product of my 20 plus years in corporate America and more than 10 years as an Entrepreneur.

Bryanda
Bryanda

I love the example contrasting rich vs. wealthy. Building a strong family is nation-building. That's why people with strong cultures take bloodlines very seriously.