Initiating the Conversation about Money (Building Generational Wealth)

In the words of the O'Jays hit For the Love of Money, "Money money money money money". We sing about it, we rap about it, we worry about it, we work long hours to make it, we lose sleep over it and we will cry over it. We can talk about money ALL day long, but how many of us actually have constructive conversations about saving money to build Generational Wealth, or have conversations about investing with a group of friends?

I know what some of you may be thinking, "no one ever taught me how to save because it was not discussed in my home" or "I know the importance of saving, but I plan to do it later when I get married and start a family". I find that many Black (African, Black American, Caribbean) homes do not discuss the importance of saving and investing money, because survival of how to get money to pay this bill, or pay that mortgage consumes a lot of energy. Lack of knowledge around the topic of money has also kept us from having the conversations. Although this may, or may not be true for some, we as a community need to be in a position where talking about money is not taboo, and share and educate others on how to save and invest.

The best way to overcome the fear or taboo regarding conversations about money is to ask questions, start conducting research about the basics of saving and investing, start initiating the conversations among family, friends and co-workers, and lead by example by actually saving and investing! You can start off small by saving $5 a week, or sacrifice eating out everyday and save $30 a week. Building Generational Wealth, takes time, however, you HAVE to START somewhere. Money was not discussed in my home often, so I want to educate myself, my family, my friends, my peers and my future offspring.

One of the methods that I use for saving is the "52 Week Money Challenge". This is my second time utilizing the method, and have altered the challenge by saving $60 every week. I make my deposits every Monday and also deposit change that I find on the ground into the account. Whether you decide to lead by example, or initiate the conversation, don't think about the process too much; JUST DO IT!


Peace, Love & Blessings,


Aminata B. Sow