Generation One – A SavvyReview and Giveaway

Generation One DVDThe website for Generation One: The Search for Black Wealth offers the following synopsis of the film:

With the 2007 recession, the housing crisis and soaring unemployment rates leaving Black America’s wallet trapped in the crosshairs of the United States’ financial crisis, the lack of generational wealth in the African-American community has never been in sharper focus.

Generation One takes a hard look at the numbers, giving historical context to early wealth creation in the Black community and tapping the expertise of the nation’s top financial experts to weigh in not only on how Blacks fell behind, but surefire strategies families can implement to begin building a strong financial legacy for generations to come.

Regular readers of this blog know generational wealth is something I have given a lot of thought to recently, speaking about the topic not only with my wife, mother, brother and daughter, but also with cousins as I explore ways to ensure future generations of my family are well positioned to attain – and maintain – wealth.

The day after receiving the DVD, I sat down with my wife to view the movie, anxious to see what insights, or new information, the producers could provide. We were not disappointed. The only criticisms? The movie started with a preview of other projects by the film’s producers, Lamar and Ronnie Tyler; and initially, it wasn’t clear to me that they were previews. Moreover, they ran nearly eight minutes. Perhaps it’s just me, but when I’m ready to watch a movie, I’m ready to watch a movie. The one thing my wife picked up on was the background music, which played throughout the movie. While it didn’t really bother me, my wife noted that she found it slightly distracting. With those slight criticisms out of the way, there was a great deal to like about the movie.

Multiple authors, educators and business leaders share a tremendous amount of financial information and philosophies. I liked the way the 7 Wealthy Habits, as described by Deborah Owens, The Wealth Coach, were shared throughout the course of the movie. Also of note, Dr. Julianne Malveaux, Founder and President of Economic Education, did a superb job of describing, from a historical perspective, why it has been harder for African-Americans to achieve not only wealth, but long lasting generational wealth.

Generational Wealth

On multiple occasions throughout the movie I found myself nodding my head in agreement when a philosophy was discussed or an observation made. One such occasion was when the failure of families to talk with one another, to actively discuss finances, was noted as an impediment to building – and maintaining – wealth. Regular readers of this blog know that I have discussed that phenomenon on multiple occasions. Another occasion when I found my head moving from north to south was when Patrice C. Washington, author of Real Money Answers, lamented the fact that too many in the African-American community are consumed with materialism and reality television shows such as The Real Housewives of [insert your location of choice] and Basketball Wives have in fact distorted reality and provide poor examples of what it means to acquire assets and be wealthy.

While the DVD presents historical reasons why African-American families have failed to build and maintain generational wealth, the lessons and philosophies shared can benefit all families. It is highly recommended. I would love to hear more from these two and I’m working at getting them to sit for a SavvyInterview. Additionally, I’m hopeful that Lamar and Ronnie find a way to increase distribution of the film – particularly via streaming services such as Netflix, Hulu Plus, Amazon, etc. – and bring this information to a wider audience.

What are your thoughts on not only creating wealth during your lifetime – perhaps as a means of sending children to college, traveling extensively or funding a comfortable retirement – but also on building wealth, and financial knowledge amongst family members – that extends to multiple generations?

I will be giving away not one, but two complimentary copies of the DVD to readers. The winners will be randomly selected from those who leave a comment. For those readers not fortunate enough to receive one of the complimentary copies, the Generation One: The Search for Black Wealth DVD is available for purchase, along with information on the screening tour, on the movie’s website.

The Giveaway will end, and the winners selected, at 12:00 p.m. (EDT) on Sunday, September 6th.

Blogger-in-Chief here at RetirementSavvy and author of Sin City Greed, Cream City Hustle and RENDEZVOUS WITH RETIREMENT: A Guide to Getting Fiscally Fit.

21 Comments

  1. Thoroughly enjoyed that review! Regardless of whether or not I win the giveaway, I will be checking this out very, very soon. Thanks for sharing.

    • I think you will find that it is well worth your time; great information, philosophies and practices. I look forward to getting your feedback. Thanks for taking the time to stop by.

  2. I see so many of my family struggle because they are so busy trying to keep up with the Joneses. The competition is intense and it makes it difficult for them to save. I try to save money every paycheck although my funds are limited. I know educating yourself is important but we have to do it in small doses with a family like mine. They need baby steps on this topic or they will tune you out. My goal is to teach them about saving and preparing for the future as I learn more. Thank you for the information and your blog.

    • Great points, Tangee. No doubt that a lot of people get caught up in keeping up with the Joneses and buying the latest and best … to their long-term financial detriment. There is a lot of pressure, both internal and external (family, friends, marketers, advertisers, etc.) to spend those earnings now! “My goal is to teach them [family] about saving and preparing for the future as I learn more.” That is exactly the approach I took, and still continue take in a lot of ways. Best of luck to you and your family!

  3. A definite must watch for me, and I will encourage others to do so as well. For the most part, back in the day the goal was to “own” one’s home. That was considered an achievement and something to build upon.It’s such a complicated issue. From institutional racism, to the difficulty for people of color to get mortgages, to redlining, to gentrification, to the lack of or refusal to utilize banks and credit unions vs. check cashing and prepaid visa cards etc. One’s ability to create and build wealth is a daunting task. It’s definitely going to take educating the masses especially the really young. Perhaps some sort of grassroots campaign to bring said financial education to schools, community centers and churches as a start.

    • You hit on a number of great points. While there are a number of issues that have conspired to work against people of color, my take is that the key going forward will be education; hence, one of the reasons I wrote my first book, RENDEZVOUS WITH RETIREMENT: A Guide to Getting Fiscally Fit, and started this blog. While the task is daunting, and platforms like this blog have a limited reach, I often think of the old saying, “How do you eat an elephant? One bite at a time.” My approach is to make the most of individual interactions with friends, family and readers; and always try to pass along a piece of information that they can add to the foundation upon which their financial freedom can be built.

      Great to hear from you, my friend and thanks for taking the time to stop by and add to the conversation.

      • I agree. Information should be shared. Most treat it like goulash, pick around what they don’t like, eat what they do like and hopefully get something beneficial from it. Keep sharing!

        • “Most treat it like goulash, pick around what they don’t like, eat what they do like … .” Ha 🙂 So true! Enjoy the rest of your weekend.

    • Congratulations on being selected as one of the winners!

  4. Loved the review of the movie and will now watch it. I just attended a 2 hour speaking engagement with Deborah Owens and found her to be a very knowledgeable and energizing speaker. She was one of several speakers in an APG Women’s Series that CECOM ran. Also my Div Chief bought all of us that attended a copy of her book A Purse of Your Own. I haven’t read it yet but am excited to start it.

    • Glad that you took the time to stop by, Val. Great to hear from you again. Deborah’s 7 Wealthy Habits was one of the things I liked most about the film. Good stuff!

  5. This was a great review! I, ironically, was just speaking to my husband and mother about how it’s so unfortunate that people of color are unknowledgeable about basic financial principles such as balancing a checkbook and properly using a debit card to avoid bank fees. I worked at the bank for years and saw generational curses being created and carried on right there. Black parents would tell their kids not to trust bank and use a prepaid card, but never tell/show them how to make a deposit.

    I also saw a lot of “Keeping up with the Joneses” from everyone, but with majority blacks.

    Great post!

    • Thanks for the input, Ashley. It really is a shame that so many black families – more so than the population at large – lack basic financial knowledge and the understanding of the principles required for them to build – and maintain – wealth. And as you note, one way that manifests itself is the number of families that maintain a distance from the traditional, mainstream banking system and pay a high cost for their mistrust and lack of knowledge.

      I hope you stay engaged with the conversation that will take place here over the next few days and check back on the 6th, when the winners will be announced.

  6. An important topic that needs greater discussion. It seems to me the first step in any endeavor is improving education. This DVD appears to support that idea and provide tremendous food for thought.

  7. I believe generational wealth is one of the key assets to any group of people rising above poverty. Generational wealth builds a foundation for the next generation to proceed from. Without it, building wealth is that much harder. (I know this personally!)

    On one hand, I believe we should encourage more training on how to build generational wealth. This is an issue that isn’t usually covered in budgeting or financial courses. On the other hand, I am getting tired of the bashing of Black families (along with other people of color) as not passing on generational wealth when they haven’t been given the tools or time to do it like their White counterparts. This DVD is a step in the right direction.

    • “On the other hand, I am getting tired of the bashing of Black families (along with other people of color) as not passing on generational wealth when they haven’t been given the tools or time to do it like their White counterparts.”

      You make a great point. Knowledge and the resultant wealth are often cumulative. It starts by the first generation taking the time to education themselves – and having equal access to resources – and building a foundation from which future generations can build on. Thanks for stopping by, Charles and contributing your thoughts.

  8. The paradigm shift for generational wealth in the Black community must start with our ability to understand money and its use. The understanding that wealth in the Black community is most often transferred through property and land. As I think about my family the acres of land in the deep country roads of Alabama are were I began that leaving a legacy of assets and not liabilities is vital.

    Wealth building starts with teaching principles of savings, multiple revenue streams, and learning your financial power without yielding it to others.

    • All very well stated. I absolutely agree that, “Wealth building starts with teaching principles of savings, multiple revenue streams … .” Thanks for stopping by, Shana and kicking off the conversation.

    • ” … that wealth in the Black community is most often transferred through property and land.”

      That got me thinking about a passage in Capital in the Twenty-First Century by Thomas Piketty. He notes, “Housing is the favorite investment of the middle class and moderately well-to-do; but true wealth always consists primarily of financial and business assets.” Something to think about.

    • Congratulations on being selected as one of the winners!

Leave a Reply

Your email address will not be published. Required fields are marked *