This post was originally published on MommiNation.
I want to take a moment to discuss a very serious topic. A topic that the success of our children, future grandchildren, and even our nation depends on. Let's have an open dialogue about wealth in the black community.
According to a study completed by Prosperity Now, "If the racial wealth divide is left unaddressed and is not exacerbated further over the next eight years, median Black household wealth is on a path to hit zero by 2053." $0?!? That is in less than 35 years. Personally, my son will only be 47, and I, for certain, cannot let this become his reality. We cannot let this become reality!
Reflect on the concepts you learned growing up around wealth. Where did you learn those concepts? Most likely, you didn't learn anything about wealth in school. I'd be willing to bet that whatever you learned, good, bad, or indifferent, you learned from the examples within your family dynamic. Have you noticed the difference between the wealth of blacks vs. wealth of whites? I'm sure you have. But how can we close this gap and how can we blur the lines to make it impossible to notice this difference?
The answer is within our children.
It is our responsibility to teach our children about generational wealth. It is one thing to teach our children how to have a healthy relationship with money, but if we are not passing wealth on to them, we cannot be sure they will acquire it. It is time we break the generational curse of scarcity and start securing our legacies. We can disrupt the wealth gap, but we must be intentional and forward thinking. Generational wealth is not just about money passed down, it is also opportunities, support, and investments to generate more money.
Let's talk steps:
Self-Care
GiphySelf-care is not only about taking bubble baths, meditating, and working out. Self-care is about preserving your health, which includes your financial health. If you have mountains of debt, poor credit, no savings/investments, or unhealthy spending habits, that is what you will pass to your children. Before your child can become wealthy, your financial independence is required. This is the first step to setting your children up for generational wealth.
Multiple Streams of Income
GiphyWe are talking about building wealth, therefore having only one source of income will not cut it. Take all of your eggs out of that one basket and start spreading the wealth. It is almost impossible to depend on a 9-5 to build wealth when lay-offs, pay cuts, and unforeseen circumstances can storm through your life at any moment. Multiple streams of income not only provides security, but it also builds wealth. Many financial books (as well as the internet… and you know the internet is always right) proclaim that the average millionaire has seven sources of income. How many streams of income do you have?
No Fund Me
GiphyLife insurance is not to protect you, it is to protect your family. Life insurance is important for several reasons. The most important reason is to ensure that you do not pass on debt to your loved ones. Leaving funeral expenses, debt, and financial burdens to our loved ones must stop! If you take nothing else from this article, take this. Go get a life insurance policy ASAP! I cannot see another GoFundMe as a substitute for life insurance. In addition to covering your debts, life insurance can leave a substantial inheritance for your family leading up to the time that you have successfully built wealth yourself.
Credit
On the personal finance scene, there is a big debate around the use of credit. Personally, I feel like credit is a necessary evil. When your child is 16 (as young as 13 with some companies), add them to your oldest credit card with excellent payment history, utilizing 10% or less of the limit, and ensure the company is reporting to the credit bureau. Warning: This should ONLY be done if you are an extremely responsible credit card user. If you are not, DO NOT take this action and see number 1 on this list immediately. Please do not ruin your child's credit before they are old enough to ruin their own. Building your child's credit at an early age allows them to immediately obtain business loans, an auto loan with a low-interest rate, buy a home, get an apartment, etc. If you are successful at building wealth, which allows them to cash flow all expenses, they will not need credit. But, it will not hurt to have a 700+ credit score at the age of 18.
Investments
I could write an entire blog post about investments and how important they are (and actually, I probably will in the future). But for now, I'll keep it brief. THIS is the part where you build wealth. In order to pass down wealth, you want to pass down assets that will continue to generate more assets.
Retirement Account
- First and foremost, you should have a retirement investment account. This will prevent you from working the rest of your life while continuing to generate passive income. Once you leave this earth, your contributions will be transferred to your beneficiaries (your family).
Real Estate
- Investing in property is arguably the most efficient way to build and pass on wealth. Real estate is a tangible purchase you can make that will appreciate and become more valuable over time.
529 Plan
- Invest in your child's education. Now this is one I am passionate about because I have a massive amount of student loan debt that has prevented me from living my best life and also put me behind the curve of building a legacy for my child. Recent studies show that the US student loan debt is $1.5 TRILLION and black women hold $890 BILLION of this total. Whether college is necessary is debatable, but I can tell you as a person that hires/fires in corporate America and a person whose income has tripled because of a Masters degree, having a degree opens more doors than not. Take advantage of a college savings plan at a young age and prevent your child from falling in the student loan trap that will make it difficult for them to build and pass on generational wealth.
Stocks, Bonds, and the Likes
- Stash money into low-cost investment funds for your children at a young age. Let compound interest do its thing, and your child will be set when they enter adulthood.
The transmission of wealth is often accomplished much earlier in life and in less direct ways than inheritances during late adulthood. Securing your family's legacy will take intentional small steps that will make a substantial impact. Start now! Finish strong! And let's secure the bag our children will benefit from for generations to come.
Were you set up financially for generational wealth? Have you utilized any of these tips to set your children up for wealth? Or were any of these tips utilized to prepare you to receive wealth?
Written by Mykal Steen
Originally published on MommiNation
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Now, I’ll be honest: as an avid TV-lover, I was well-prepared to hop on Zoom and jump into all the chatter around Bel-Air and her characters’ decisions. But after listening to her new EP Identity Crisis, I knew there was a lot more to talk about as well. During this exclusive conversation with xoNecole, Jazlyn Martin delved into the challenging journey she’s faced surrounding her identity, newfound fame, and family influence, and how it all plays a part in her art. Check it out!
xoNecole: So I know that your father is in the entertainment world, but when did you realize you shared the same passion?
Jazlyn Martin: I think it was very early on. I was a child who was full of attitude and fearlessness that would go after anything I wanted. I believe seeing my dad pursue music made me realize it was possible. I just had this hunger and fire, and my parents consciously fed and nurtured that - they are always all super supportive of whatever I do. So very, very early on, I was like, I'm meant to do this. And I just was like, I'm a star, and I know I'm a star.
xoN: Actually, let's talk about your family. What are some of your most important values, and how have your family and heritage played a part in shaping those values?
Jazlyn: I mean, my mom is like an angel; she's so graceful and kind, and I've had to work hard to get there. When I was young, I was very abrasive, headstrong, and stubborn. Whereas my mom gives an immense amount of grace in the way she carries herself. I had to learn that.
I think being strong is something I’ve always had. My parents always joke that they don't know where my personality came from. Because my dad is shy and timid and my mom is kind, and I'm a fireball. But my Dad always asked the important industry questions like, “Why do you want to do this?” And that instilled some purpose into me. It really carried me to keep going because it's so easy to be discouraged in this field, but that drive has helped me push through all of the challenges.
xoN: I bet. I have such a respect for actors and the way you all navigate the industry. Speaking of, let’s dig into “Bel-Air.” Were you a fan of the show? Did you have to go back and watch the episodes?
Jazlyn: So I actually did watch the show which is crazy because sometimes I don’t. I saw it was a reboot and was like, ‘Oh no, not another one.’ But I watched the first three episodes, realized how good it was, and ended up watching the whole season. I became a fan, and then a few months later, I booked the role!
I think the imagination is such a beautiful and powerful tool, and I feel like if you create something in your mind, it happens. It's a crazy thing, but I really just created Jackie's world - the house she grew up in, her parents leaving her, and everything. I created why she fell in love with dance. I really came at it from a human approach. If I see it, then the audience can see it.
xoN: Yeah, background plays into so much of how we deal with things, how we interact with people, and everything. And I feel like Jackie gets a lot of backlash. Like, we’ve all had a “Jackie Moment” to be real.
Jazlyn: She gets so much backlash! I just encourage people to give her grace and see the God in her because I do think she tells a lot of Black and brown girls' stories. People project on her, saying she’s too ratchet or hood, and I’m like does that mean she’s not loveable?
We have to be careful of what’s said and put out because Jackie has gone through things that I've never had to go through. The fact that she's alive and still highly functioning is a blessing. So what if she gets a little messy? I love her. Because she’s helped me extend empathy to people I don't necessarily want to or don't think deserve to have it. But she's 17, she's figuring it out, and she doesn't have parents. Like, that's such a huge factor.
"We have to be careful of what’s said and put out because Jackie has gone through things that I've never had to go through. The fact that she's alive and still highly functioning is a blessing. So what if she gets a little messy? I love her."
xoN: You mentioned how your character is viewed, which digs a bit into identity. So I want to talk a little bit about some of the emotional songs on your EP “Identity Crisis.” What inspired the track “Perfect?”
Jazlyn: When I was creating “Perfect,” I already had the EP title. So I kind of mapped out, like, the different conflicts I had in my head and categorized them into seven songs, and so one of my identity crises was being perfect. Because I feel like a lot of men tend to put women on pedestals. They're expected to be perfect - especially when you’re in the limelight. You know, you can't slip up. You can't say the wrong thing. Cancel culture is such a huge thing. And I just wanted to encourage people to give people grace to be themselves because that's not an easy thing to do.
I just wanted to take down this facade that I’m perfect because I never pretended to be. I never wanted to be. I think that's something people have placed on me, that I have it all figured out, I think I just carry it well, but that doesn't mean it's not heavy. I just wanted to be very vulnerable and honest. I think people think “perfect” is a compliment, but I think it's a cage because it doesn't allow room for error. It doesn't allow for you to be human and mess up and fail and take risks. So I just wanted to encourage grace.
xoN: Do you ever feel like you went through an identity crisis?
Jazlyn: I go through one constantly. Growing up, I didn't really have one. But I think as you get older and more aware and cognitive, you know how the world goes, and the world starts telling you who you are, instead of you deciding who you are. And I feel like being mixed played a big role in that, not feeling Black or Mexican enough. I wanted to belong to both worlds but didn’t so I was just “other.” That was an identity crisis in itself.
Also, being introduced to a level of fame has been interesting, too. I think we all go through identity crises all the time because we’re evolving and changing. It’s beautiful, but it’s also scary; you see yourself this one way, and then something happens, and there’s a shift. So yeah, I think it’s something we all go through but no one talks about.
"I think as you get older and more aware and cognitive, you know how the world goes, and the world starts telling you who you are, instead of you deciding who you are. And I feel like being mixed played a big role in that, not feeling Black or Mexican enough. I wanted to belong to both worlds but didn’t so I was just 'other.'"
xoN: I love that. And I know Hispanic Heritage Month is coming up, and you'll be speaking at the New York Latino Film Festival. Talk to me about what that moment means to you and what you hope to bring to the event. *Editor’s note: The interview was conducted before Hispanic Heritage Month began.
Jazlyn: I’m bringing some Afro-Latino-ness! I always grew up seeing Latinos being represented in a very specific way—very Spanish, not very Indigenous looking. So I'm really excited to bring the Black experience, with the Latino experience, to the stage because that's something a lot of people don't know exists.
People are always like, “Are you Black or Latina?” Well, I'm both! We were just dropped off in different parts. I’m excited to speak on that and highlight how prevalent anti-Blackness is within Latino communities. A lot of Afro-Latinos have faced an identity crisis because of it, including myself. It sometimes feels like you’re supposed to hate the other half of who you are.
For me, I held onto that little Black girl inside. I refused to let her go. And that’s what I want to represent when I speak—resilience and acceptance of our full selves. I’m also looking forward to meeting fellow Latino people, especially Afro-Latinos, and sharing our stories. It’s not a narrative that gets much attention, and I’m excited to represent.
xoN: I’m excited for you! Finally, with all the praise and recognition you’re receiving now, what has it been like to transition from working in music, dance, and acting to now being in the spotlight? How have you embraced this new level of fame?
Jazlyn: Um, it's overwhelming. I think that's the best word. Sometimes, I'm joyful, because I'm giving back to the community. People resonate with Jackie's stories and see themselves in her, which I think is the biggest compliment to me. But then sometimes, you know, I feel sad because I'm like, ‘Damn, I'm not doing enough,’ like I should be doing more. It's crazy, the industry is so fast-paced that you don't really try to celebrate wins. It's just a transition, an identity crisis of the like.
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Hodge, known for his iconic roles in One Night in Miami, Underground, Straight Outta Compton, and a host of other hit projects, will become Alex Cross, the “brilliant detective and forensic psychologist renowned for his uncanny ability to probe the darkest recesses of killers and their victims,” according to a press release shared with xoNecole.
Moderated by Chris Witherspoon, the panel during this year’s CultureCon featured Hodge and his co-star for Cross (and fellow hearth throb) Isaiah Mustafa.
After a special screening for the community builders, creatives, tastemakers, and everyone in between, the trio discussed the theme for the forthcoming show, how it pays homage to the original book series by James Patterson but is its entirely own story, and much more.
Following the conversations, guests could party with Hodge at an exclusive after-party.
“Cross is set to push the boundaries of suspense and storytelling, crafted by the visionary Ben Watkins, who serves as both showrunner and executive producer,” read an official statement for this show.
Photo by Aaron J. Thornton/WireImage
“His creation promises a complex and twisted narrative that will keep audiences on the edge of their seats. Joining Hodge in this high-octane thriller is a talented ensemble cast including Isaiah Mustafa, Juanita Jennings, Alona Tal, and Samantha Walkes, each adding depth to this multifaceted drama.”
During an interview with Blavity’sShadow & Act this summer, Hodge opened up about playing the iconic character previously serving as the protagonist in the James Patterson novel series dedicated to Alex Cross.
“I’m excited because this is a completely different Cross than anyone has seen before,” said Hodge. “You get to explore every element of what makes cinema entertaining. It’s a sexy show. It’s a dangerous show. I feel like I’m stuck in the coolest psychological thriller ever. We get to explore all the facets of his life, his world, his manhood, family man, brotherhood, trying to explore new relationships, and what that means to him.”
He added, “This show goes there. It dives deep and I just love the fact that people are going to get something they do not expect.”
All eight episodes of Aldis Hodge as Alex Cross will premiere on Nov. 15 only on Prime Video.
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Feature image by Prince Williams/WireImage