What is generational Wealth? Generational Wealth boils down to one word- INHERITANCE.
For too long BIPOC entrepreneurs have gone underinvested and overlooked for solutions to the problems we want to solve. It is also evident that the lack of generational wealth held by BIPOC leaders and communities perpetuates a cycle that challenges both to reach their full potential.
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“FREEDOM IS NEVER REALLY WON, YOU EARN IT AND WIN IT IN EVERY GENERATION.”
- CORETTA SCOTT KING
GENERATIONAL INHERITANCE: WE PASS DOWN MORE THAN WEALTH
By:Kelli Saulny
Director of Strategic Partnerships | Camelback Ventures
Over the past couple of years, as I have become entrenched in the of racial equity one concept has become increasingly alluring to me - the necessity of inheritance in economic mobility and intergenerational sustainability. Within this concept, I also realized my programming to be drawn to the aspiration of inheritance, the idea of receiving something of value left behind by someone connected to you. But inheritance also has a more simple concept, which is the transference of structure(s).
GENERATIONAL WEALTH INEQUALITY: BLACK COMMUNITIES HAVE BEEN LAWFULLY AND SOCIALLY EXCLUDED FROM BUILDING WEALTH.
Black wealth in this country continues to be precarious because each generation inherits reinvented racism, which is indirectly proportional to the endurance of white wealth. How do we close the racial wealth gap and ensure a plentiful inheritance for the next generation that will live in perpetuity? What actions can be taken to create multi generational wealth?
At $171,000, the net worth of a typical white family is nearly ten times greater than that of a Black family which is about $17,150.
What percent of wealth is inherited? 13% of college-educated black families get an inheritance of more than $10,000, as opposed to about 41% of white, college-educated families.
The average amount of inheritance for white families is over $150,000, versus under $40,000 for black family inheritances.
THE PRINCIPLES OF GENERATIONAL INHERITANCE
Aspirational Hope
It is imperative to start with the idea of hope because this is where agency is rooted and blossoms into the courage to design a different world.
Connectivity
A valuable inheritance is measured by its ability to attach to others in a meaningful way to create a more democratic power structure.
Anti-Racism
We must divorce ourselves from the racism bequeathed to us, generation after generation, in social and market policies as well as implement an accountability system that has consequences for those who pose a threat to inequity.
Perpetuity
Times may change but values are forever. They are the pillars that represent policies and principles. An enduring inheritance has values rooted in equity and supports a vision that is bigger than anyone single person.
This is our chance to show our collective power and vision to bring more equity and justice to the world by bringing to the forefront our personal untold stories and achievements that run through our linked legacies!
In February and October 2021 as a tribute to Black History Month & in conjunction with Guardian Summit 2021, Camelback Ventures launched our
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