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.
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.