This post, 5 Wealth-Building Steps You Can Start Today, 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!

With the 2007 recession, the housing crisis and soaring unemployment rates leaving Black America’s wallet trapped in the crosshairs of the United States’ financial crisis, the lack of generational wealth in the African American community has never been in sharper focus. In my own household, my husband and I definitely felt the impact when he lost his job in 2010. We were already planning to sell our home of 8 years, but there was an urgency to do it quickly to avoid foreclosure. It was painful, because my husband was one of the few people in his family who actually owned their home. To have to sell it, and go back to renting, felt like defeat.

We begin to ask ourselves, why is there a lack of generational wealth in our families? Generation One takes a hard look at the numbers, giving historical context to early wealth creation in the Black community and tapping the expertise of the nation’s top financial experts to weigh in not only on how Blacks fell behind, but surefire strategies families can implement to begin building a strong financial legacy for generations to come.

The film was released on July 14, 2015, and stars David Anderson (Founder, Empowerment Radio Network), Dr. Julianne Malveaux (Founder and President, Economic Education), Lawrence Watkins (Founder & CEO, Great Black Speakers), Dr. Boyce Watkins (Founder, FinancialJuneteenth.com), Deborah Owens (The Wealth Coach), and Patrice Washington (Author – Real Money Answers). Watch the trailer HERE!

When I received the DVD in the mail, I purposely left it out on my coffee table on my way out the door headed to work so Mr. Blakes would see it.  A couple of hours later, I got the text “Where did this DVD come from?” Got ’em! We talked about the film, and I mentioned plans to have a screening at our home – a watch party if you will. Let’s bring family and friends together, and watch this film. Unfortunately not everyone could attend, so we’ll have to plan another one soon. The film really touched home for all of us, who have first hand seen the results of generational lack of wealth in our own families, and the urgency to help change that, starting with us.

Here are the 5 wealth-building steps I learned from Generation One that Mr. Blakes and I will be focusing on in our own family.

1. Have an emergency fund. Our goal is to save the equivalent of 3 months of our salaries; then 6 months. We already have an auto-save program through our bank that we use, which transfers $1 from our checking account into our savings account every time we use our bank debit cards to make a purchase. In addition, we will set up an automatic transfer in addition to that to help us reach that goal.
2. Pay off debt. This has long been a goal of ours, and we’ve actually paid off several credit cards already. We still have two credit cards with significant balances, one personal loan, several student loans, and a car loan to go. It sounds overwhelming when you think about it, and this can make you feel like it’s pointless. But instead, think long-term. Those credit cards that we paid off – at one point it seemed like it would never happen, but it did. In 5 years, 10 years even, by making sacrifices now you will have freedom later.
3. Home ownership. This one is tough for us. We’ve owned a home before, and remember the headache that it was with maintenance and upkeep. We also remember the struggle to sell when it came time to move on. But we see the financial benefits of home ownership as well, and would love to own again and possibly have investment property as well. The real estate market has definitely improved, and there are so many home ownership programs available.
4. Retirement plan. We are both fortunate to have employers that provide retirement plans that they pay into along with us. We both take advantage of those programs, and our goal is to work with a financial counselor to see what other retirement options are available that we can take advantage of. If your employer offers a retirement plan that they will pay into as well, you may want to consider that.
5. College savings fund. My step-daughter is already college age, so we are a little late on that one. But for my readers, take advantage of college savings fund programs through your employer or start one on your own. Chose a college or university that is within your means so that you mounding up student loans doesn’t have to be the only option.

Lamar and Ronnie Tyler are co-founders of BlackAndMarriedWithKids.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!