We often think of wealth as money and material things, but true wealth is more than that. It includes good health, strong relationships, and staying true to our values. Wealth also means giving back to society and making a positive difference with whatever resources we have.

While money can help create change, true wealth is found in virtues like integrity and kindness. Leaving a legacy rich in these values is more precious than any material item. It’s vital to help the next generation, especially Black girls and women, see their worth and potential. Building a legacy on these principles ensures a future where dreams are driven by integrity and goals go beyond financial success.

Childhood Experiences Impact Adult Spending

Childhood experiences often shape our financial habits. Growing up in Cameroon, I was privileged to come from a wealthy family, but my parents taught me the importance of being content and saving money. At first, I didn’t understand why we lived simply despite having wealth. I envied people who showed off their possessions and felt left out of the latest trends and luxuries.

However, after returning from studying in France, I realized the significance of the disciplined lifestyle my father cultivated in us. While others who flaunted their wealth struggled financially, our family flourished due to my father’s emphasis on education and financial discipline. This early lesson taught me that true happiness comes from being content and valuing internal principles rather than seeking external validation through material possessions.

Past generations understood the importance of planning, moderation, and passing investments on to the next generation. They overcame financial challenges with resilience and wisdom, which are no longer celebrated in today’s culture of instant gratification. Instead of giving in to short-term pleasures, they decided to live frugally and plan for the future. 

These lessons are particularly relevant for Black women entrepreneurs who face unique challenges in building wealth. Research shows Black women face a 90 percent wealth gap when compared to Black men, losing almost a million dollars over a 40-year career because of the earnings gap. It’s important to cultivate financial literacy and strategic investment, delaying immediate pleasure for future gains. 

Build a Diversified Wealth Portfolio

Investing in oneself, skills, and networks is essential for building a diversified wealth portfolio. I’ve taken every opportunity to grow my network and position myself where decisions are made. This approach encourages Black girls and women to explore their talents and skills, turning them into avenues for creating wealth. 

Diversifying your wealth portfolio goes beyond hard work — it involves intentionality and understanding the broader societal context. By working with other communities and learning from diverse experiences, we can chart a path towards financial prosperity.

Have Regular Financial Health Check-Ins

It’s vital to take stock of your financial health. Don’t assume you’ll always have sufficient funds for your needs. Make saving a consistent habit. Crowdfunding platforms show how unpredictable financial challenges can be, highlighting the need for regular savings. Managing debt responsibly, using credit cards wisely, and keeping a good credit score can open many financial doors. Basic financial practices like budgeting, saving, investing, and managing debt are key for long-term financial success and security.. According to The Times, nine in ten UK workers aren’t saving enough to have a good standard of living in retirement.

Life will come with financial storms, but weathering the tough times can lead to growth and renewal. I remember relocating to Alberta with only two suitcases, losing everything I once owned. Instead of dwelling on the past, I had to look forward and focus on the potential for future success. Challenges should be seen as opportunities to grow and rebuild. By embracing this mindset, we can navigate life’s ups and downs with resilience, viewing setbacks as chances to strengthen our foundations and rise anew.

Teaching children about money and financial literacy is essential for a healthy understanding of wealth. Studies from the Journal of Behavioral Decision Making show that children as young as five have already developed distinct emotional reactions to spending and saving money, translating into real-life spending behaviours. Financial education should start early, incorporating practical skills and core values like responsibility, empathy, integrity, and generosity. Simple concepts like budgeting, saving, and spending wisely can also be introduced through playful methods, such as the Piggy Bank concept. In addition, emphasizing the significance of giving back to the community fosters a sense of social responsibility alongside financial success.

Invest in the Future Generations

In envisioning a flourishing wealth tree, we must ask ourselves what fruits we want for the future. Supporting our dreams and endeavours with resources and opportunities is essential. Initiatives like Black Canadian Women in Action (BCW), which empower Black girls through mentorship and professional partnerships, are crucial. These programs provide a foundation for future leaders, promoting excellence and resilience within our community. Investing in education and training programs ensures the next generation has the skills and knowledge to navigate and thrive in a changing economy. Encouraging innovation and entrepreneurship within our community can create new ways to generate wealth and achieve economic stability.

Building wealth in our communities requires a change in mindset. It’s about investing in our ambitions and supporting each other’s growth rather than depending on external funding. Initiatives like scholarships for our girls and collective finance systems can drive economic progress. We can strengthen our communities and foster economic growth by contributing and investing in women-led businesses. Encouraging teamwork and community-focused investments can lead to sustainable development and more equitable wealth distribution, ensuring that prosperity is shared and multiplied across generations.Resources and support systems are key to cultivating intergenerational wealth. Organizations like BCW in Action and various business development platforms offer invaluable resources for entrepreneurs. Networking mixers, industry events, and partnerships with local and international organizations provide opportunities for growth and connection. Embracing these resources and seizing every opportunity will help build a prosperous and resilient future for ourselves and future generations. Let’s commit to nurturing our wealth trees so they bear the fruits of stability, opportunity, and a legacy of positive impact.