In times of uncertainty, it is critical to know that your financial strategy can withstand volatile markets and serve you and your loved ones for generations to come. Ensuring you are on track to build multigenerational wealth is especially critical for Black men, who face their own unique set of challenges on their financial journeys.
Tiki Barber, entrepreneur and former NFL Pro Bowl running back, joins JPMorgan Chase and Black Enterprise on the panel, “A Man With A Wealth Plan: Steps to Creating Your Multigenerational Legacy,” for the Black Men XCEL Conference, on Friday, Oct. 23, at 12:05 P.M. ET.
Together with Barry G. Simmons, managing director and eastern divisional director for U.S. Wealth Management, JPMorgan Chase, and Justin Grant, head of communications, Advancing Black Pathways (ABP), JPMorgan Chase, the session will break down key financial issues that Black men should address today, to help ensure a financially secure tomorrow.
“Black families today possess only one-tenth of the wealth that white families enjoy, and if we don’t reverse these trends, the median wealth for Black families is on track to fall to zero by 2053,” says Grant. “But on a more hopeful note, some of us are starting to break through and position our families to thrive and long-term financial planning is at the core of this.”
In an environment marked by economic upheaval, as well as high unemployment rates, a detailed financial plan may be the best way to ensure long-term financial success. “We actually need to start planning as soon as we can and as early as we can because you’re never too young to start building that financial plan,” says Simmons. “Given these signs of uncertainty, I think it’s even more important now because people may be taking jobs where they may have less income coming in. So what we need to do is to start to adjust for that today, planning to build your budget, your spending, your allocation based on the funds that you are going to be receiving, not what you may have had in the past.”
Barber knows that approach all too well since his pro-football days ended 14 years ago. Since then, he explored multiple streams of income, including: as a co-host of CBS Sports Radio’s national afternoon show, Tiki & Tierney Show; as a co-owner of Julius, a leading software solution for influencer search and procurement; and as the founder of Thuzio, a sports events and media company.
“The COVID pandemic has challenged us pretty significantly, but by using technology we’ve been able to grow our business by doing virtual events over the last four or five months,” he says. “It’s been an eye-opening experience.”
What has kept his personal finances and long-term wealth planning on track, however, has been disciplined savings, asset diversification, and an unshakeable bond with his financial adviser.
“You have to find an adviser that works for you. You absolutely have to build a relationship. It isn’t a transactional relationship. It is a business relationship,” Simmons agrees. “As your wealth evolves and changes over time, that adviser has got to be with you over time to ensure that they are helping you continue to grow your wealth.”
The session will also cover:
- Managing your finances during crises
- Identifying an “accountability partner” to stay on track
- Engaging in ongoing financial education
- Investing for your children’s education
- Starting the retirement planning process early