I talk a lot about how we can truly shift the terrible dynamics in our society when we as Black, Latina, and Asian women have more money. Money allows us to have more agency in our personal and professional lives to leave the bad husband, quit the soul-sucking job, or move out of the cramped house.
This is especially crucial for mothers. We have to lift up not only ourselves but also our children. What mother doesn’t strive to give her precious children the head start in life that she didn’t have? By learning, growing, and matching our incredible work ethics to our financial knowledge and assets we’ll be able to truly run towards the life we really want and shift our family trees for generations to come (all saying “Bye Felicia” to white supremacy). After all, the white supremacist patriarchy only thrives when we’re broke, struggling, and essentially powerless.
I know for a fact that had my mother’s financial wherewithal matched her work ethic and commitment to doing better, I probably wouldn’t have had to work 2-3 part-time jobs in college. I doubt it would have taken me years to pay off my student loans, feel financially secure or muster the courage to pursue full-time entrepreneurship. Most importantly, I doubt it would have kept me and my life aspirations small for so long.
With more financial wealth, we can spend more time instilling our cultures and values into our children instead of worrying about our student loan debt. We can pass on the greatest lessons our families gave us all while leaving behind the scarcity mindset, pervasive financial anxiety, and self-identification with living on the struggle bus. We can pursue our own passions and pour into our communities in a meaningful way. The truth is, financial stability and abundance are really pivotal in terms of our overall well-being and ability to thrive. It’s not the only part of building generational wealth but it’s pretty important. Side note: I believe entrepreneurship plays a pivotal role in that as it’s really the fastest way to overcome the wealth and income gaps for women of color, but that’s material for another post.
What will it mean if an entire generation of black and brown children grow up with economically empowered, financially savvy, and independent mothers?
How will that shift what they view as possible for their own lives?
How will that shape the trajectory of their lives?
How will they move through a world that has shown them they are not as valued but don’t care because they don’t need their approval to achieve the life they want?
At the end of it all, financial stability boils down to agency and choices. If you’ve been here a while, you know my motto is “choices are everything.”
If you’re a mom trying to change her family’s financial tree then please register for this incredible FREE “Mom’s and Money” panel on May 6th. A group of us will discuss the financial steps mothers need to take to release mom guilt and provide financial security for their families.
I’ll see you there. Happy wealth building.