How I'm Building Generational Wealth for My Family
This post is part of Generation One Blog Tour which I am excited to be a part of along with many other inspiring bloggers. To learn more and to join us as we tell the world how we are creating generational wealth, CLICK HERE! Why Wealthy?
50 Cent told you years ago he was going to "Get Rich or Die Trying." Years later and it looks like Fiddy ain't never lied.
Black people in America and money.
In spite of what Rihanna's new video said, people haven't had our money for generations - and have been clearly getting away with it.
Today, we have more rich black Americans than ever before in history, yet our income gap is higher than ever. Your favorite athlete probably has your highest paid job that can still get traded like a bad poker hand. All that money, and no control. Your favorite athlete is probably rich, but the odds are he or she is not wealthy.
Wealth is the individual writing the checks to feed the rich.
Wealth pays for your lifetime, Memphis Bleek's life, and all of your children's lives.
A person can save enough for riches, but a person must earn their way to wealth.
At least the first generation does. Because from there wealth can be inherited. And as much us we love to celebrate the bootstrapping lifestyle, it's only because we had to. There was no other option. Millions of us would gladly leave our children the option to be unburdened with money.
Wealth generation is why I lose sleep at night. Through no choice of our own, most of us live in a country and in a time where the opportunity of true wealth generation is a reality for most of us. We simply have to recognize the abundance around us, find our path that leads to our goals, and walk those steps every single day until we get there, or die trying.
I can only think a few more worthy things to live for than the freedom and financial security for my kids; and by teaching others how to do the same for their kids.
Through wealth, you can own your own time. What is of greater value?
How am I getting wealthy?
By shifting my hoarding mentality to an earning mentality.
People don't spend a certain amount of their money per month. People spend a percentage of their paycheck per month. We're taught to save first, but the truth is most of us pay our bills and essential services (phone, electricity, etc.) first, food next, rents, mortgages, and if God has blessed you with anything after those expenses, you're almost guaranteed to get a flat tire this month. Life comes at you fast.
You can't hoard enough for intergenerational wealth.
You have to earn your way there. My paycheck is simply a part of my monthly earnings.
I have created companies to reposition my controlling interests into streams of income already flowing in our economy. I do that by sales and adding value to the marketplace.
But what am I doing specifically?
Direct sales and network marketing is a simple example.
One of my companies owns a network marketing franchise. Through the contracts set up with this company, I am able to broker those same essential services people cannot live their lives without (energy, gas, phone, internet access) and more with national, regional, and local providers.
I add value by providing services people and businesses must have in order to function in modern society, and many times by lowering a consistent expense in all of our lives - our bills. And as I build lasting relationships with my customers and clients, with enough referrals, my clients are able to earn their services at no cost to the them. A life free from a cell phone bill coming every month is value added no matter where you're from.
As my customers, both residential and commercial, pay their bills every month as responsible members of society, my company is paid every single month. It's as simple as that.
We also own and partner with other not for profit organizations to give back a portion of our revenue as we grow. We embed it into our culture. The goal at the end of day is helping as many as we can.
How does that make you wealthy?
1) It puts myself and my company in a position of earning. Earning new customers - new revenue - new billing - new accounts - new receivables. Every single month. Please name a better business to be a part of than bills for continual passive, leverage, or residual income streams? Every time I want more revenue, I need to make another sale. An entrepreneur gives raises to themselves through closing.
2) It allows me to hand pick my business partners and duplicate the model. Our organization's business model is built on duplication, support, and the success of your distribution team - as any decent franchise would be. I can grow an organization of dozens or thousands. Through the success of my team, only then am I able to scale to wealthy heights.
I can sell my way to riches.
I have to build others in order for true wealth to follow.
In my company, we partner with the motivated, and teach the necessary skill. I can teach skill. I can't teach someone how to be motivated.
Is that all I do for wealth?
No. Like many of us, I have many interests, and wealth generation is simply a single one.
The world is full of opportunity if you're looking in the right spots, and the sheer fact you're still reading this is a testament to your search.
Will it work?
I don't know. I could get into a horrific auto accident tomorrow and never have a chance to lay eyes on my son again, let alone make another sale, so who knows. Life is rarely fair.
I do know math however.
I do know if I can make one sale, I can make two. I do know if I can increase my passive income by $10,000 in one year, I can increase it by $20,000 in two by remaining consistent and challenging myself. I do know if I can land a $1,000,000 single contract, I can land a $3,000,0000 one. I do know if I can mentor one person to earn enough to tell his boss exactly where to put those quarterly result numbers, I can mentor five people how to do the same. I quoted Jay Z and Kanye West in my resignation letter. I want to read the letter quoting Kendrick Lamar.
Each one teach a dozen.
This is the land of opportunity. Find your people. Lock arms together. March into your desired life.
But regardless of what you choose, I've made my choice. And we're going to get it, or die trying.
For the simple fact that regardless of my struggles, I'm blessed with the option.
What are you going to choose?
Lamar and Ronnie Tyler are co-founders of BlackAmdMarriedWithKids.com. They wrote and directed Generation One to give African American families the tools and strategies they need to begin building wealth for their families TODAY. The Tylers know this film has the power to change lives. You can grab your copy HERE.
Want to know more about my team and whether you may qualify to be a part of our growing community of earners go HERE.