Closing the Black Family Wealth Gap
7/29/24
Family wealth is not always apparent in Black families—and if family members do not know of the wealth, it can be lost forever. Black families can only retain their family wealth by informing their responsible family members of what has value, and letting them know where to find family information. All vital family data should be organized for easy access for responsible family members.
Closing the wealth gap requires not only for an individual or family to gain wealth, but to protect wealth, so it is not lost or stolen. In order to protect wealth, you have to recognize what wealth is, or you will fail to protect it and fail to hold onto it. Properties are lost every day because Black families are led to believe some properties do not have value, when that is not true. All properties should be assumed to have value, even properties that are in need of extensive repairs. Even if property taxes or mortgage payments are in arrears, properties usually have equity (cash), particularly properties that have been owned for decades. Wealth includes obvious things, such as assets, cash and properties, but also financial documents, education, health, contacts (established relationships) and faith practices. In addition to knowing your assets, you also must organize your family and financial data to keep a list of your family inventory, otherwise the family forgets what they possess and loses bits of valuable information, over time, needed to access their wealth. Such things, as account numbers and policy numbers, are a key to family wealth. The following items of wealth need to be recorded in a workbook or planner, such as The Home Organizer, so that the information is not lost, thereby protecting family wealth. Assets are cars and other vehicles, furniture, heirlooms, real estate (properties and land), businesses, intellectual properties (artwork, writings [copyrights], photography, musical compositions, and inventions). Cash includes dollar bills, bank accounts, bank CDs, bonds, utility deposits, income tax refunds, work bonuses, insurance policies, pensions, social security benefits, 401K’s, disability checks, veteran benefits, lottery winnings, etc.—any document that can produce cash or be turned into cash, immediately or overtime, when certain conditions are met. Holding onto original legal documents and keeping them in a safe place when needed, can be the difference between “cashing out” or losing money. Losing money, which can be thousands of dollars, can be an unnecessary setback for families, while having unexpected money can move the family forward. 
Important Family documents can be property deeds, mortgages, car titles, medical insurance plans, social security cards, birth and death certificates, marriage certificates, baptismal certificates, military records, life insurance policies, pensions, annuities, wills and living trusts, etc. Some of these documents are needed when selling a property or doing other business, yet many people fail to keep these documents in a safe place, or make sure more than one family member is aware of where they are, if needed.
Family Properties need to be protected, to be passed down, so a family does not face foreclosure because heirs do not know the value of what they have inherited. The younger generation (responsible teens and young adults) needs to understand property ownership and how it passes to another generation, and that knowledge starts with knowing necessary property data that can be preserved in an organizer, like The Home Organizer. Education. Self-taught or low-cost education can be more valuable than higher education because the cost of college can be exorbitant today, and can be a stifling expense for decades to come. Higher education can be crippling, but resourcefulness can be valuable and has been seen to get people out of debt and earning a good income. Contacts (established relationships) can be a wealth of resources, from a good doctor or lawyer, to a handyman, plumber and Realtor. Most important are family, friends, neighbors and church contacts. Faith practices help to build wealth and protect wealth, by helping families avoid foolish, reckless lifestyles that cause families to lose wealth. Reckless behavior can cause families to hand over money and savings for legal fees and hospital bills, in addition to causing loss of employment and housing. Recklessness can decimate a family’s finances, and a family. On the other hand, sensible living, rooted in faith, is vital to protect family finances long-term, for generations. The start to closing the wealth gap is awareness of family assets and making sure vital family information is organized with an organizer/planner, such as The Home Organizer. ©VC Edwards 2024, All rights reserved. 
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