By CultureBanx Team
- A wealthy mindset is the crucial first step to create a path towards generational wealth
- The average Black family total net worth is only $68,000
In today’s society, building generational wealth is a goal that many individuals strive to achieve. However, for underserved groups, such as Black entrepreneurs, there are unique systemic and mental barriers that need to be addressed. Developing a wealthy mindset is the crucial first step towards attaining financial success. By changing the way we think and adopting certain strategies, it’s feasible to overcome these barriers and create a path towards generational wealth.
Why This Matters: Jonathan Ferguson, CEO of JF Enterprises and Wealth Mindset Influencer, has been spearheading discussions to further the long-term gains for Black entrepreneurs seeking to create sustainable wealth. “We are in an age of financial innovation and A.I. and that has everything to do with mindset… if you can change your mind, you can change your money,” Ferguson told CultureBanx.
When we look at the financial playing field, the wealth gap is astonishing. Specifically, the Peterson Foundation found that among college-educated households white families had a net worth of $360,000, Latinx families had a net worth of $73,000 and Black families came in with a net worth of only $68,000. These figures highlight the importance of why a wealthy mindset is important and how entrepreneurs stand to benefit greatly from this train of thought.
The Harvard Business Review reported that there’s no one-size-fits all for wealth building. No matter the path, what will make a difference is your consistency.
For those who grew up without access to wealth, it’s common to develop limiting beliefs about money and abundance. While it’s important to acknowledge the challenges and obstacles faced by marginalized communities, it’s equally as important to use those experiences as fuel to drive positive thought change.
As a Black entrepreneur, it’s crucial to recognize the systemic barriers that exist. These can include limited access to capital, lack of representation, and discrimination.
The wealth mindset has not just helped Ferguson grow his business, it has helped others who have charted a similar path. A young unemployed father of three decided to try this abundance strategy shift and “I helped him scale his business to over $1 million in nine months.”
Situational Awareness: Cultivating a wealth mindset is the first step towards building generational wealth as a Black entrepreneur. It requires changing your beliefs, embracing the power of money, and being intentional about managing your finances. Ferguson stated that embracing the journey, seeking support, and never underestimating the potential for greatness can get Black entrepreneurs to fully adopt a wealthy mindset, along the path to creating generational wealth.
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