Doneisha Posey: Generational wealth is crucial for minority women

Keywords Opinion / Viewpoint
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In a world where financial stability often determines the breadth of opportunities available, the concept of generational wealth is vital for women, particularly minority women. Generational wealth is not merely about accumulating money; it’s about ensuring that our work benefits not only us but also our children and those yet to come. It’s about breaking cycles of poverty, transcending barriers and empowering generations.

As the co-founder of Women Equity Brunch, a platform dedicated to empowering women and advancing equity, I’ve witnessed the transformative power of generational wealth. Our organization has created intersectional conversations for women of all walks of life, and this conversation underscores the profound importance of women supporting women.

To comprehend the significance of generational wealth for minority women, we must first acknowledge the disparities they face. A glaring statistic CNBC reported in 2021 highlights the harsh reality: 59% of Black women aren’t invested in anything, compared to 48% of Hispanic women, 34% of white women and 23% of white men. This financial gap is a stark reminder of the need for change.

Education has always been a cornerstone of progress, and it plays a pivotal role in the generational wealth journey. For minority women, education not only opens doors but shatters ceilings. Access to quality education equips them with the tools to secure better jobs, invest wisely and be financially stable.

However, education alone is not enough. Financial literacy, an often-overlooked aspect of empowerment, is equally critical. We must equip women with the knowledge and skills to make informed financial decisions, whether about investing, budgeting or estate planning. Financial literacy is the bridge between education and economic empowerment.

Building generational wealth is also about mindset. These women can envision a future where their children have access to opportunities they never did. It’s about instilling the values of financial responsibility, resilience and the importance of giving back to their communities.

When women come together to support and uplift each other, remarkable things happen. Community initiatives, mentorship programs and networking opportunities can bridge gaps, provide access to resources and create a supportive environment for wealth-building.

One of the most inspiring aspects of generational wealth is its ability to break down barriers. It’s about shattering stereotypes, challenging biases and paving the way for others to follow. When women succeed in building generational wealth, they become trailblazers and inspiration for their communities.

I’m issuing a call to action. It’s a call to individuals, businesses and communities to join us in supporting women on their path to generational wealth. It’s a call to invest in education, financial literacy and mentorship programs that empower women with the tools they need.

It’s a call to create opportunities for women to build wealth not only for themselves but also for their families and communities. It’s a call to break down the barriers that have held back generations and to ensure that generational wealth becomes a reality for all.

The time for change is now. The time for generational wealth is now. Join us in this important journey toward a brighter, more equitable future. Join WE Brunch on Saturday for a women’s brunch centered around Women Building Generational Wealth.•

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Posey is a civil rights attorney, the vice president and general counsel at Black Onyx Management and co-founder of WE Brunch.

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