![Quantcast](http://pixel.quantserve.com/pixel/p-GS-HF4BKvzCmv.gif)
![The Woke Woman’s Guide To Building Generational Wealth](https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yNTU5OTA0Ny9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTc4Mjc4ODk2NH0.gwpOZ8aQlpZRlZYlJ4FXDpNNQ-pgbqoXzwRsNQ9UHe0/img.jpg?width=1200&height=600&quality=90&coordinates=0%2C0%2C0%2C167)
The Woke Woman’s Guide To Building Generational Wealth
Try to escape a conversation about money. Whether it's a new poll showing that blacks aren't prepared for retirement, actress Kerry Washington urging women to be "financially literate," or Jay-Z rapping about generational wealth - conversations about money are all around us.
Honestly, these are topics that I've avoided like Trump speeches for years based on bad financial choices from the past. But burying my head in the sand won't change anything and, the truth is, black women are winning in business. It can't be said enough that we're the fastest growing group of entrepreneurs in this country and our businesses generate $51.4 billion in revenues. Those are the kind of numbers that motivate a girl to get it together.
That and my kids.
I want to give them a better life than I had and enough money to never have to struggle when I'm gone. So, how do I get there? According to financial advisor Lola C. West, who has been educating people about money for over 20 years, building the type of wealth that can be passed down to future generations is easier than we might think. In fact, a lot of it has to do with awareness and the right mindset.
The key to generational wealth is having awareness and the right mindset.
Fortunately, she's broken down some gems about building generational wealth that can strengthen our financial literacy IQ exponentially, whether we're new to the conversation or just brushing up. So, in the spirit of sharing, here's the Woke Woman's Guide To Building Generational Wealth!
It Never Too Late To Start Saving
It's never too late to start building wealth. First, you have to know how much it costs to be you. If you spend more than you make, then you have to look at your daily habits and create a budget. At least, 10% or more of your income should go into savings that you don't touch, and it's critical to have at least six months of living expenses saved up in case you lose your job.
Also, the first day you start a job, take out the max (in 2017, $18,000 per year, and $24,000 for 50 years of age and over) for your retirement account. By taking out the maximum amount, it could put you into a lower tax bracket, which could save you more money.
If you're self-employed, put at least 30% of what you earn away for taxes.
You could also speak to a financial advisor about setting up an SEP IRA. A Simplified Employee Pension Individual Retirement Account allows entrepreneurs or anyone with freelance income to open an account and make tax-deductible contributions. Like a traditional IRA, the money in a SEP IRA is not taxable until withdrawal and business owners can contribute up to 25% of income, or $53,000, whichever is less.
Educate Your Kids About Budgeting and Good Money Habits
We have to look at the conversations we have at home about money and what we are teaching our children. For example: giving a child as young as five years old a $5 weekly allowance can build their understanding of money. 1/3 of that money could go to a savings account, 1/3 could be for philanthropy, and 1/3 for spending....NO CANDY!
By taking a child into the bank, they understand this is an institution. An ATM does not leave that impression. Explain that if you buy something with a credit card today, a bill will be at your doorstep in 30 days, and if you don't pay on time there are late fees. You can also give them things to budget. For example: give them the amount of money you plan to use for back-to-school clothes and let them help make the list based on how much you have to spend.
Invest In Your Child's Future
Also, establish a 529 College Fund account when your child is born, and every birthday, Christmas, and holiday that your child gets money - at least 50% of it should go into a savings vehicle. If you have significant assets or a child with special needs, establishing a trust with the support of a qualified estate attorney can be a powerful way to foster the longevity of assets and/or protect the welfare of your child throughout their lifetime.
Multiple Streams of Income and Diversifying Investments
I always use the analogy that if you're in an elevator that has three cables and one of them breaks, the other two will still hold it up. It's the same with multiple streams of income. If one stream doesn't work, the others should help balance. It's also the strategy behind diversifying investments between three asset classes: stocks, bonds, and cash.
Stocks are the equity that you buy when a company is selling shares. You can buy one, two, or many. Bonds are considered fixed income. For instance, a company says if you give me $1,000, I will pay you 4 percent interest for the year. At the end of the year, I will give you back your $1,000 and you will have received $40 for letting us use your money.
Cash is the money you put in a bank that they pay you interest on. Interest rates for savings accounts are low now, but save anyway! You continue to earn because of the compounding effect of interest, which is interest on top of interest earned when you don't withdraw your money.
Property Investment
People often ask if buying a house is still a good investment. Yes. Because it allows you to build equity. You build equity in a house as you pay down your mortgage. The less you owe on the property, the more equity you have. When you have equity in your home, you can "borrow" money against it - we call that refinancing your home. The danger is mortgaging your home to its market value. You will then have no equity in your home. Property is one of the main assets that are passed from generation to generation.
Deeds And Setting Up A Will
A deed and a will are very important. A deed establishes ownership of a piece of property. If you and your partner buy a house, it's important that both names be on the deed so there are no issues when transferring the property to someone else. Because of the complexity of federal and state laws, we recommend working with a qualified estate attorney to draft your will to lessen the possibility of family conflict. Be specific in terms of what you want each child to have, even children you don't wish to leave anything so that your will won't be contested. For example: each child should be mentioned by name and left something, even if that sum is $1, so it is clear that the child was not forgotten, and he or she can't contest your will.
Study Wealth Building
One of the best ways to build the wealth you desire is research. Attend workshops, study online, find a mentor, etc. There's a great book called 50 Billion Dollar Boss: African American Women Sharing Stories of Success in Entrepreneurship and Leadershipthat I strongly recommend because it highlights how successful black women worked through the challenges of creating their businesses. When you look at generational wealth beyond dollars and cents, it's also our stories of resilience that we want to pass down to future generations.
Lola C. West is a co-founder and managing director at WestFuller Advisors.
Featured image by Shutterstock
- 7 Types Of Investments To Invest In - xoNecole: Women's Interest, Love, Wellness, Beauty ›
- Budget For Taxes When Self-Employed - xoNecole: Women's Interest, Love, Wellness, Beauty ›
- I Quit a Job During Covid And Survived - xoNecole: Women's Interest, Love, Wellness, Beauty ›
- Why Generational Wealth Is The Ultimate Form Of Securing The Bag - xoNecole: Women's Interest, Love, Wellness, Beauty ›
- Why Estate Planning Is The Secret To Building Generational Wealth In Our Community - xoNecole: Women's Interest, Love, Wellness, Beauty ›
- Generational Wealth Management: Home ›
- GENERATION WEALTH by Lauren Greenfield | International Center ... ›
- An Even Wider Generational Wealth Gap? ›
- Jay-Z's Pitch for Generational Wealth ›
- Don't Be Fooled: 'Generation Wealth' Is More About Wanting Than ... ›
- Lack of young homebuyers fuels generational wealth gap ›
- Generational Wealth Management Group - Home ›
This Black Woman-Owned Creative Agency Shows Us The Art Of Rebranding
Rebranding is an intricate process and very important to the success of businesses that want to change. However, before a business owner makes this decision, they should determine whether it's a rebrand or an evolution.
That's where people like Lola Adewuya come in. Lola is the founder and CEO of The Brand Doula, a brand development studio with a multidisciplinary approach to branding, social media, marketing, and design.
While an evolution is a natural progression that happens as businesses grow, a rebrand is a total change. Lola tells xoNecole, "A total rebrand is necessary when a business’s current reputation/what it’s known for is at odds with the business’s vision or direction.
"For example, if you’ve fundamentally changed what your product is and does, it’s likely that your brand is out of alignment with the business. Or, if you find your company is developing a reputation that doesn’t serve it, it might be time to pump the brakes and figure out what needs to change.
She continues, "Sometimes you’ll see companies (especially startups) announce a name change that comes with updated messaging, visuals, etc. That usually means their vision has changed or expanded, and their previous branding was too narrow/couldn’t encompass everything they planned to do."
Feature image courtesy
The Brand Doula was born in 2019, and its focus is on putting "the experiences, goals, and needs of women of color founders first," as well as brands with "culture-shifting missions."
According to Lola, culture-shifting is "the act of influencing dominant behavior, beliefs, or experiences in a community or group (ideally, for the better)."
"At The Brand Doula, we work with companies and leaders that set out to challenge the status quo in their industries and communities. They’re here to make an impact that sends ripples across the market," she says.
"We help the problem solvers of the world — the ones who aren't satisfied with 'this is how it's always been' and instead ask 'how could this be better?' Our clients build for impact, reimagining tools, systems, and ways of living to move cultures forward."
The Brand Doula has worked with many brands, including Too Collective, to assist with their collaboration with Selena Gomez's Rare Beauty and Balanced Black Girl for a "refresh," aka rebrand. For businesses looking to rebrand, Lola shares four essential steps.
1. Do an audit of your current brand experience — what’s still relevant and what needs to change? Reflect on why you’re doing the rebrand in the first place and what success would look like after relaunching.
2. Tackle the overall strategy first — before you start redesigning logos and websites, align on a new vision for your brand. How do you want your company to be positioned moving forward? Has your audience changed at all? Will your company have a fresh personality and voice?
3. Bring your audience along the journey — there’s no need to move in secret. Inviting your current audience into the journey can actually help them feel more connected to and invested in your story, enough to stick around as changes are being made.
4. Keep business moving — one of my biggest pet peeves is when companies take down their websites as soon as they have the idea to rebrand, then have a Coming Soon page up for months! You lose a lot of momentum and interest by doing that. If you’re still in business and generating income, continue to operate while you work on your rebrand behind the scenes. You don’t want to cut existing customers off out of the blue, and you also don’t want so much downtime that folks forget your business exists or start looking for other solutions.
While determining whether the rebrand was successful may take a few months, Lola says a clear sign that it is unsuccessful is negative feedback from your target audience. "Customers are typically more vocal about what they don’t like more than what they do like," she says.
But some good signs to look out for are improvements in engagement with your marketing, positive reviews, press and increase in retention, and overall feeling aligned with the new branding.
For more information about Lola and The Brand Doula, visit her website, thebranddoula.com.
Let’s make things inbox official! Sign up for the xoNecole newsletter for love, wellness, career, and exclusive content delivered straight to your inbox.
Feature image courtesy
Earlier this year, while having a conversation with a couple of women about, well, a lot of things, when it came to the topic of traditionalism in relationships, one of them said, “I hate submission in all forms” to which I replied, “Unless a man does what you say, right?” to which she paused — and then shrugged and laughed.
It’s what I said next that tripped her right on out, though: “I guess that means that you hate the missionary position too because, I mean, lying on your back and opening up your legs in order for a man to enter inside of you? Not sure it gets much more vulnerable than that.” Her response? “Well damn. Touché.”
Ain’t it though? And here’s the thing, if you’ve ever wondered what the origin story of the classic missionary position is, according to some long-standing lore, it’s not too far off from what I said. That’s why, if you keep reading, I’ll attempt to fully explain what I mean when I say that, along with why, no matter what you think about where the name of the position actually came from, the missionary continues to be a supreme sexual go-to…for oh so many super valid different reasons.
If the Position Sounds Like What You Think, There’s a Reason for That
Back when I toured with an organization that got people out of porn and sex addiction, they put out a documentary about them called Missionary Position. Because it was a Christian-based group, it was definitely meant to be a pun.
I say this because, according to urban legend, the missionary position came from Christian missionaries who believed that getting into that position was the “proper” way to have sex. Is there Scripture to support this? No.
At the same time, though, because there are Scriptures that speak to sex being designed for marriage (I Corinthians 6) and husbands needing to lead their wives as their wife submits to her husband (Colossians 3:18, Ephesians 5:22, Titus 2:5) — many conservative biblical thinkers believe that the position complements, if not straight-up amplifies, all of this.
Personally, while none of what I just shared sounds totally outlandish, I must admit that I definitely would like to see a chapter and verse that confirms any of this (as far as the missionary position goes) to be true. I tend to check out Scripture a lot and…I haven’t seen it yet. Just sayin’.
Then There’s Another Theory…
Okay, but what about the people who don’t have Christian and/or conservative sexual views? Many of them also partake of the good ole’ fashioned missionary position, so…where do they think that the term comes from? Good question. From what I’ve read and researched, outside of a Scriptural realm, many consider missionary to be a type of “vanilla sex.” I evenread one article that said it’s for couples who are either so in love that they want to look at each other in the eyes all of the time (yeah, bookmark that) or are too lazy to try anything else (hmm…).
On a more scientific tip, theKinsey Institute has its own perspective. Although Alfred (Kinsey) did acknowledge that the tale of Indigenous people learning about the missionary position came from actual missionaries, once the sexual revolution began to pick up steam, many found the story to be ludicrous at best. Not only that but another semi-popular spin is that the Indigenous people of a certain time were not learning about sex from white missionaries via the missionary position; by using the term, they were actually mocking them for thinking that was the best way to have sex.
Some even "despise[d] the European position and consider[ed] it unpractical and improper." Some natives also believed that anyone who felt like sex should be that way, actually didn’t know how to have “effective intercourse.”
Listen, I’ll say this: whether you believe that the missionary position actually came from missionaries or that the term was an inside joke amongst the individuals who the missionaries called themselves trying to minister to — I think that if there are two things that we all can agree on, it’s that 1) the missionary position is definitely an all-time classic and 2) it’s not going anywhere any time soon.
And honestly, since one definition of a missionary is simply “someone who is on a mission”…no matter which theory floats your boat, what possibly could be wrong with that? Besides, I’ve got some pretty solid reasons for why the missionary position deserves its flowers…regardless.
5 Solid Reasons Why the Missionary Position Reigns Supreme. STILL.
Again, whether you like the name or not — shoot, whether it’s your immediate go-to position or not, take a moment to read why you definitely shouldn’t rule the missionary position out or simply chalk it up to some…vanilla sex (geeze).
1. Yes, eye contact is important. Positions that don’t call for eye contact have their benefits (doggy style comes to mind). However, don’t sleep on the fact that eye contact helps you to deeply connect with your partner, puts you in a better mood, increases arousal, and helps you to trust your partner more. If you take all of this into account, if you want to experience a deeply passionate sexual experience, why wouldn’t you choose a sexual position that has eye contact involved?
2. You can get maximum skin contact. When two people are fully naked and engaged in sexual activity, yes, they are going to experience plenty of skin-to-skin contact. That said, when someone is literally lying on top of someone else, it doesn’t physically get much closer than that —and the more that happens, the safer and less stressed you feel. Plus, that makes it easier for your oxytocin levels to surge which causes you to bond with your partner all the more.
3. It hits all spots. This point, I mean quite literally (andy’all can argue with science if you disagree). When it comes to making it easier to stimulate a woman’s clitoris and hit her G-spot which increases her chances of climaxing, the missionary position earns first place (especially if you have a pillow underneath your butt). Although the positioning itself plays a huge role, I’d venture to say that the other stuff that we already touched on helps with this too. Anyway, how cana position that gives more orgasms than other ones be considered “boring”? How indeed, y’all?
4. The variations are virtually endless. I think something that should go on record — not just when it comes to the missionary position but all sexual ones — is there are tweaks and “upgrades” that you can give to them all. For instance, shout out to Men’s Health for their article, “18 Missionary Sex Positions That Put a Fun Spin on the Classic Move.” It contains illustrations ‘n all of some real winners. Take a look. Prove me wrong.
5. C’mon, it’s comfortable. Uh-huh. Whoever the hater was who said that only lazy people engage in missionary sex, I’m going to swap out “lazy” for comfortable. When you’re tired or parts of your body are sore or not as flexible as you would like, the missionary position can definitely get you what you need without you having to stress yourself out in the process. To me, that doesn’t seem lazy so much as smart.
___
Personally, I found the potential origin stories of the missionary position to be interesting. At the same time, it didn’t really influence me one way or another. At the end of the day, I’m always gonna be a fan of it. I mean, after all I just said, it would be silly (and counterproductive) not to be.
So-called vanilla sex or not, chile.
Let’s make things inbox official! Sign up for the xoNecole newsletter for love, wellness, career, and exclusive content delivered straight to your inbox.
Featured image by Giphy