February is Black History Month and the United States that we live in has designated the shortest month of the year to highlight the history that black Americans have built in this country. However it’s time for us to dictate our own history. Many of us didn’t inherit money, land, businesses, or inventions from our descendants. Therefore there was no wealth or opportunity for wealth passed down from previous generations. But that doesn’t mean we have to be stuck. It’s time for us to create our own history by building a legacy that will support, protect, and build wealth for future generations. You are the game changer for your family.
Here are some simple tips that you can use to start creating history and building a legacy for your family.
#1. Own real estate – stop renting. You are giving your money away when you rent. Buy real estate to save you an average of 40-45% on your cost between renting and paying mortgage. Real estate is an investment with the greatest rate of return. You will never have financial freedom if you are renting. You are simply making someone else rich.
#2. Start a business – turn your passion into a paycheck. Do the things that you love to do even if you would not be paid for it. Brainstorm on ways that you can make money doing the things that you love to do.
#3. Create a wealth protection plan. Create a plan that protects and insures everything that you are building. That includes insurance for your belongings, businesses and most importantly your life. Think about the people who rely on you to take care of them and will need your financial resources when you are no longer here. Those are the people who will benefit directly from your wealth protection plan.
When you implement these things into your financial plan, you start to create a wealth plan that will support generations to come. The Bible states in Proverbs 13; verse 22 “a good man leaves an inheritance to his children’s children”. Now I ask you, what will your children’s children remember about you? Do an exercise and write a letter to your children’s children and explain the legacy that you are leaving for them.