9. Guarantee that your wealth is passed on to future generations through proper insurance and estate planning. When it comes to the creation and nurturing of wealth, the generational barrier may be the last, great hurdle for African Americans. Now’s the time to sit down with a smart estate planner to ensure that you will pass on to your children a legacy to build on instead of debts.
10. Strengthen your community through philanthropy. Success, ultimately, is the opportunity to give back. Remember, the civil rights movement didn’t just happen; it was largely underwritten by African-American entrepreneurs. As successful as these men and women were as individuals, they saw it as their responsibility to contribute to the social advancement of African Americans as a whole. Today, we need these same types of social, economic and political partnerships if we are to overcome the many challenges we face. Economic success and financial independence give us the power and the freedom to be effective, valued partners in this shared effort.
These 10 principles are designed as a set of guidelines for creating wealth in the midst of the day’s economic challenges–wealth that can be maintained and passed on for the benefit of future generations. Much like the times we find ourselves in, they demand our vigilance and sacrifice, and our commitment to success over the long haul.
Wealth building is not a sprint; it’s a marathon. It’s a race that is in our power to win.
Earl “Butch” Graves Jr. is the publisher of Black Enterprise.