

The Woke Woman’s Guide To Building Generational Wealth
Try to escape a conversation about money. Whether it's a new poll showing that blacks aren't prepared for retirement, actress Kerry Washington urging women to be "financially literate," or Jay-Z rapping about generational wealth - conversations about money are all around us.
Honestly, these are topics that I've avoided like Trump speeches for years based on bad financial choices from the past. But burying my head in the sand won't change anything and, the truth is, black women are winning in business. It can't be said enough that we're the fastest growing group of entrepreneurs in this country and our businesses generate $51.4 billion in revenues. Those are the kind of numbers that motivate a girl to get it together.
That and my kids.
I want to give them a better life than I had and enough money to never have to struggle when I'm gone. So, how do I get there? According to financial advisor Lola C. West, who has been educating people about money for over 20 years, building the type of wealth that can be passed down to future generations is easier than we might think. In fact, a lot of it has to do with awareness and the right mindset.
The key to generational wealth is having awareness and the right mindset.
Fortunately, she's broken down some gems about building generational wealth that can strengthen our financial literacy IQ exponentially, whether we're new to the conversation or just brushing up. So, in the spirit of sharing, here's the Woke Woman's Guide To Building Generational Wealth!
It Never Too Late To Start Saving
It's never too late to start building wealth. First, you have to know how much it costs to be you. If you spend more than you make, then you have to look at your daily habits and create a budget. At least, 10% or more of your income should go into a savings that you don't touch, and it's critical to have at least six months of living expenses saved up in case you lose your job.
Also, the first day you start a job, take out the max (in 2017, $18,000 per year, and $24,000 for 50 years of age and over) for your retirement account. By taking out the maximum amount, it could put you into a lower tax bracket, which could save you more money.
If you're self-employed, put at least 30% of what you earn away for taxes.
You could also speak to a financial advisor about setting up an SEP IRA. A Simplified Employee Pension Individual Retirement Account allows entrepreneurs, or anyone with freelance income to open an account and make tax-deductible contributions. Like a traditional IRA, the money in a SEP IRA is not taxable until withdrawal and business owners can contribute up to 25% of income, or $53,000, whichever is less.
Educate Your Kids About Budgeting and Good Money Habits
We have to look at the conversations we have at home about money and what we are teaching our children. For example: giving a child as young as five years old a $5 weekly allowance can build their understanding of money. 1/3 of that money could go to a savings account, 1/3 could be for philanthropy, and 1/3 for spending....NO CANDY!
By taking a child into the bank, they understand this is an institution. An ATM does not leave that impression. Explain that if you buy something with a credit card today, a bill will be at your doorstep in 30 days, and if you don't pay on time there are late fees. You can also give them things to budget. For example: give them the amount of money you plan to use for back-to-school clothes and let them help make the list based on how much you have to spend.
Invest In Your Child's Future
Also, establish a 529 College Fund account when your child is born, and every birthday, Christmas, and holiday that your child gets money - at least 50% of it should go into a savings vehicle. If you have significant assets or a child with special needs, establishing a trust with the support of a qualified estate attorney can be a powerful way to foster the longevity of assets and/or protect the welfare of your child throughout their lifetime.
Multiple Streams of Income and Diversifying Investments
I always use the analogy that if you're in an elevator that has three cables and one of them breaks, the other two will still hold it up. It's the same with multiple streams of income. If one stream doesn't work, the others should help balance. It's also the strategy behind diversifying investments between three asset classes: stocks, bonds and cash.
Stocks are the equity that you buy when a company is selling shares. You can buy one, two, or many. Bonds are considered fixed income. For instance, a company says if you give me $1,000, I will pay you 4 percent interest for the year. At the end of the year, I will give you back your $1,000 and you will have received $40 for letting us use your money.
Cash is the money you put in a bank that they pay you interest on. Interest rates for savings accounts are low now, but save anyway! You continue to earn because of the compounding effect of interest, which is interest on top of interest earned when you don't withdraw your money.
Property Investment
People often ask if buying a house is still a good investment? Yes. Because it allows you to build equity. You build equity in a house as you pay down your mortgage. The less you owe on the property, the more equity you have. When you have equity in your home, you can "borrow" money against it - we call that refinancing your home. The danger is mortgaging your home to its market value. You will then have no equity in your home. Property is one of the main assets that are passed from generation to generation.
Deeds And Setting Up A Will
A deed and a will are very important. A deed establishes ownership of a piece of property. If you and your partner buy a house, it's important that both names be on the deed so there are no issues when transferring the property to someone else. Because of the complexity of federal and state laws, we recommend working with a qualified estate attorney to draft your will to lessen the possibility of family conflict. Be specific in terms of what you want each child to have, even children you don't wish to leave anything, so that your will won't be contested. For example: each child should be mentioned by name and left something, even if that sum is $1, so it is clear that the child was not forgotten, and he or she can't contest your will.
Study Wealth Building
One of the best ways to build the wealth you desire is research. Attend workshops, study online, find a mentor, etc. There's a great book called 50 Billion Dollar Boss: African American Women Sharing Stories of Success in Entrepreneurship and Leadershipthat I strongly recommend because it highlights how successful black women worked through the challenges of creating their businesses. When you look at generational wealth beyond dollars and cents, it's also our stories of resilience that we want to pass down to future generations.
Lola C. West is a co-founder and managing director at WestFuller Advisors.
Featured image by Shutterstock
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Exclusive: Gabrielle Union On Radical Transparency, Being Diagnosed With Perimenopause And Embracing What’s Next
Whenever Gabrielle Union graces the movie screen, she immediately commands attention. From her unforgettable scenes in films like Bring It On and Two Can Play That Game to her most recent film, in which she stars and produces Netflix’s The Perfect Find, there’s no denying that she is that girl.
Off-screen, she uses that power for good by sharing her trials and tribulations with other women in hopes of helping those who may be going through the same things or preventing them from experiencing them altogether. Recently, the Flawless by Gabrielle Union founder partnered with Clearblue to speak at the launch of their Menopause Stage Indicator, where she also shared her experience with being perimenopausal.
In a xoNecoleexclusive, the iconic actress opens up about embracing this season of her life, new projects, and overall being a “bad motherfucker.” Gabrielle reveals that she was 37 years old when she was diagnosed with perimenopause and is still going through it at 51 years old. Mayo Clinic says perimenopause “refers to the time during which your body makes the natural transition to menopause, marking the end of the reproductive years.”
“I haven't crossed over the next phase just yet, but I think part of it is when you hear any form of menopause, you automatically think of your mother or grandmother. It feels like an old-person thing, but for me, I was 37 and like not understanding what that really meant for me. And I don't think we focus so much on the word menopause without understanding that perimenopause is just the time before menopause,” she tells us.
Gabrielle Union
Photo by Brian Thomas
"But you can experience a lot of the same things during that period that people talk about, that they experienced during menopause. So you could get a hot flash, you could get the weight gain, the hair loss, depression, anxiety, like all of it, mental health challenges, all of that can come, you know, at any stage of the menopausal journey and like for me, I've been in perimenopause like 13, 14 years. When you know, most doctors are like, ‘Oh, but it's usually about ten years, and I'm like, ‘Uhh, I’m still going (laughs).’”
Conversations about perimenopause, fibroids, and all the things that are associated with women’s bodies have often been considered taboo and thus not discussed publicly. However, times are changing, and thanks to the Gabrielle’s and the Tia Mowry’s, more women are having an authentic discourse about women’s health. These open discussions lead to the creation of more safe spaces and support for one another.
“I want to be in community with folks. I don't ever want to feel like I'm on an island about anything. So, if I can help create community where we are lacking, I want to be a part of that,” she says. “So, it's like there's no harm in talking about it. You know what I mean? Like, I was a bad motherfucker before perimenopause. I’m a bad motherfucker now, and I'll be a bad motherfucker after menopause. Know what I’m saying? None of that has to change. How I’m a bad motherfucker, I welcome that part of the change. I'm just getting better and stronger and more intelligent, more wise, more patient, more compassionate, more empathetic. All of that is very, very welcomed, and none of it should be scary.”
The Being Mary Jane star hasn’t been shy about her stance on therapy. If you don’t know, here’s a hint: she’s all for it, and she encourages others to try it as well. She likens therapy to dating by suggesting that you keep looking for the right therapist to match your needs. Two other essential keys to her growth are radical transparency and radical acceptance (though she admits she is still working on the latter).
"I was a bad motherfucker before perimenopause. I’m a bad motherfucker now, and I'll be a bad motherfucker after menopause. Know what I’m saying? None of that has to change. How I’m a bad motherfucker, I welcome that part of the change."
Gabrielle Union and Kaavia Union-Wade
Photo by Monica Schipper/Getty Images
“I hope that a.) you recognize that you're not alone. Seek out help and know that it's okay to be honest about what the hell is happening in your life. That's the only way that you know you can get help, and that's also the only other way that people know that you are in need if there's something going on,” she says, “because we have all these big, very wild, high expectations of people, but if they don't know what they're actually dealing with, they're always going to be failing, and you will always be disappointed. So how about just tell the truth, be transparent, and let people know where you are. So they can be of service, they can be compassionate.”
Gabrielle’s transparency is what makes her so relatable, and has so many people root for her. Whether through her TV and film projects, her memoirs, or her social media, the actress has a knack for making you feel like she’s your homegirl. Scrolling through her Instagram, you see the special moments with her family, exciting new business ventures, and jaw-dropping fashion moments. Throughout her life and career, we’ve seen her evolve in a multitude of ways. From producing films to starting a haircare line to marriage and motherhood, her journey is a story of courage and triumph. And right now, in this season, she’s asking, “What’s next?”
“This is a season of discovery and change. In a billion ways,” says the NAACP Image Award winner. “The notion of like, ‘Oh, so and so changed. They got brand new.’ I want you to be brand new. I want me to be brand new. I want us to be always constantly growing, evolving. Having more clarity, moving with different purpose, like, and all of that is for me very, very welcomed."
"I want you to be brand new. I want me to be brand new. I want us to be always constantly growing, evolving. Having more clarity, moving with different purpose, like, and all of that is for me very, very welcomed."
She continues, “So I'm just trying to figure out what's next. You know what I mean? I'm jumping into what's next. I'm excited going into what's next and new. I'm just sort of embracing all of what life has to offer.”
Look out for Gabrielle in the upcoming indie film Riff Raff, which is a crime comedy starring her and Jennifer Coolidge, and she will also produce The Idea of You, which stars Anne Hathaway.
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Feature image by Mike Lawrie/Getty Images
Have you ever been in a relationship with someone and felt so deeply connected to them? Everything about the relationship was intense – good or bad? Then you might be in a part of a soul tie.
The concept of a soul tie binds individuals on a level beyond a relationship's physical and emotional aspects; it’s more than a mere connection. You can form a soul tie with anyone – lover, friend, colleague, etc.- but we are discussing romantic partners for this article. Think of you and your partner as an intensely burning flame. The flame can burn passionately to light the relationship’s way or chaotically burn everything in its path. Either way, it leaves an indelible mark on the souls involved.
A soul tie should not be confused with the term “soulmate.” The main difference is that a soul tie can be positive or negative, while a soulmate is a mutual, harmonious connection. Unlike a soul tie, a soulmate relationship is generally characterized by mutual understanding, support, and shared values.
However, the more we learn about soul ties, the more it becomes evident that they are not monolithic; they vary in nature and intensity. As someone who has experienced a negative soul tie, it is crucial to discern whether they contribute positively to personal growth or hinder you from flourishing.
If Your Soul Tie Is Positive
A positive soul tie creates a deep and affirming connection between individuals. One key indicator of a positive soul tie is effective communication. If you’re experiencing a positive soul tie, a shared understanding fosters open and honest dialogue, contributing to a sense of connection and support.
Mutual growth is another hallmark of a positive soul tie. When individuals in a relationship encourage each other's personal development and evolution, it signifies a positive and uplifting connection. This mutual support leads to an environment where both parties can thrive individually and together, contributing to the overall health of the soul tie.
Emotional security is a crucial element in identifying a positive soul tie. In such connections, individuals feel a deep sense of trust and comfort with each other. This emotional security forms a stable foundation for the relationship, allowing both parties to express vulnerability and foster a strong, positive bond. These three indicators—effective communication, mutual growth, and emotional security—underscore the positivity inherent in a healthy and affirming soul tie.
If Your Soul Tie Is Negative
A negative soul tie manifests as a detrimental and draining connection between individuals. One clear sign of a negative soul tie is the presence of emotional turmoilwithin the relationship. When the connection becomes a source of constant distress, causing emotional upheaval and hindering personal development, it indicates a negative soul tie.
Codependency is another red flag for a negative soul tie. In such connections, individuals may become overly reliant on each other, impeding their ability to thrive independently. Codependency often leads to unhealthy dependencies and can result in a toxic dynamic that hinders both individuals' growth and well-being.
A lack of effective communication is a third indicator of a negative soul tie. When there is a breakdown in communication, misunderstandings and unresolved issues can fester, contributing to a strained and unhealthy connection. In negative soul ties, the absence of open and honest dialogue can perpetuate a cycle of negativity and prevent the resolution of underlying issues. These three indicators—emotional turmoil, codependency, and poor communication—point to the negativity associated with an unhealthy soul tie.
Putting Out The Fires And Breaking Your Soul Tie
Unfortunately, my deep, intense connection only caused destruction. And despite the obvious red flags, it took a minute before I broke the connection. Why? Because I was addicted to the relationship, we both were. But it is possible to break a soul tie if and when you are ready because if you are not, pretending you are when you are not is a waste of your time.
Breaking a soul tie requires intentional and purposeful actions. Establishing clear and firm boundaries is a fundamental step in severing the connection. By limiting contact and emotional engagement with the person involved, individuals can gradually weaken the tie and create space for personal growth.
Seeking professional support is another effective strategy to break a soul tie. Guidance from therapists or counselors provides valuable insights and coping strategies. Professional assistance can help individuals navigate the emotional challenges associated with breaking a soul tie, offering a structured and supportive environment for healing.
Redirecting energy toward personal growth is important in breaking free from a soul tie. Engaging in activities that promote individual well-being and create a sense of independence allows individuals to refocus their attention on their own growth and development. This redirection of energy is essential for breaking the emotional bonds of a soul tie and moving towards a healthier, more fulfilling life.
The last step I advise everyone to go through is the mourning period. My partner and I did our song and dance for years before I walked away. And I would be lying if I didn’t say that I mourned our relationship while I healed.
Recognizing the presence and nature of a soul tie in your relationship is crucial to understanding its impact on your well-being. Whether positive or negative, the intensity of a soul tie can shape the course of your personal growth and happiness. Breaking free from a negative soul tie demands intentional efforts, from setting clear boundaries to seeking professional support. Redirecting energy toward personal growth and allowing oneself a necessary mourning period are vital steps toward healing and liberation from the intricate ties that bind.
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Feature image by JD Mason/ Unsplash