Generational wealth in the black community is stagnant. Almost nonexistent!
Do you know what’s one of the most depressing things to do? Watching a report or reading an article on the collective lack of wealth in the black community.
No…that’s not the worse. What’s worse is the fact that it’s not likely to change any time soon, especially not in my lifetime.
Black Generational Wealth
When I speak of black generational wealth. Let me be clear. I don’t just mean, the house your grandmother might have left you. Nor do I mean the life insurance policy you got. The concept of black generational wealth, cannot only be defined by what is left behind financially, or physically.
Like everything, you can only create generational wealth if you have the proper mentality, the knowledge of how to grow wealth, and the diligence to preserve and pass down wealth. In my article, “The Principles of Wealth Creation“, I discuss the 7 principles of generational wealth. Without understanding those core principles, we are left stagnant, letting money fall in and out of our hands.
After understanding the core principles of creating black generational wealth, its important to create a wealth management strategy. Creating wealth means nothing if you never learn how to manage, preserve, and pass it down. Get the scoop here,Legacy Wealth Management Strategy.
Passive Income Streams
Passive income is definitely the way to go. But figuring out the best ways to earn money while you sleep, can be difficult. Every choice isn’t right for everybody. You might need something that you can do that has absolutely no overhead or startup costs.
And of course. You need to have multiple streams of income. Although, you must always develop one before creating another.
Stocks and Bonds
One of the most tried and true methods of investing, the stock market has been a staple in wealth creation forever. Gone are the days where the only people who could benefit from stock investments were rich white men. Now anybody can.
If the volatility of the market and the risk factor and investments are too much, then perhaps it’s not for you. But if you understand the idea of “no risk, no reward” then dive in. Check out these articles written by our resident stock advisor, Michael Robillard:
The Black Guide to Getting into the Stock Market Pt 1
The Black Guide to Getting into the Stock Market Pt 2
Once you understand the basics and the concepts, you might be ready to create a passive income investing in the stock market
Real Estate Investing
One cannot talk about passive income, or really income of any sort, without bringing up real estate. One of the only true measures of wealth, real estate is the only thing that will never go out of style.
As long as human beings exist, they will need a place to live, work, and be. So, if you wait long enough, every piece of land will eventually be worth something. But not everyone wants to wait forever to see their investments bear fruit.
Luckily, there are plenty of resources that shine a light on the real estate market, including the things you “shouldn’t” do.
I’ll include links to articles that might help you in your pursuit.
Real Estate Investing Done Right
8 Ways to Profit from Vacant land
Buying a House with Owner Financing
The Real Cost of Flipping Houses
Write a Book
If you have any thoughts, ideas, or even just have knowledge you can teach by writing about it, write a book. Yes, you can go the traditional route through publishing houses. But be warned, that’s a high competition area.
What you can do, which might to prove to be even more lucrative. Is self publish. You can self publish through amazon as an e-book. It’s almost a set it and forget it system. Obviously, everything grows and benefits from proper advertising and marketing. But, every cent you make is profit. A profit that continues as long as the book sells…which could be forever.
Narrate a book
Yes, you read that right. You don’t even need to be the person who wrote the book, to benefit from the book sales. Narrate an audiobook and either choose to get a flat fee or get royalties from the book sales.
Obviously there’s a system hat you need to adhere to and some equipment to buy, but the residual income flowing in might make it worth it to you. especially if you have a pleasant or interesting voice.
Check out this article on how to make $100,000 a year from reading aloud.
Create an e-course
Similar to self publishing a book, you can create and upload an e-course. You don’t have to be an expert on anything. You just need to know more about the subject than the beginner, you are teaching. You don’t even need a degree.
Once you upload the course, you can wait for sales (rarely ever happens) or advertise your course to bring in customers. We have an article on the specifics, as well as the platforms you can use here at “Teach Your Way to Wealth“.
Own a website
Yes, something as simple as owning a website can earn you passive income. In a multitude of ways. First, you can generate ad revenue from selling advertising space on your website. Either to corporations like google, or smaller businesses and companies.
Secondly, you can also put your book, or other digital products on your website, and sell them via paypal. Then sit back and watch the income flow in.There are actually many ways to make an income from a website, which i detail here in: Why You Absolutely Need a Website!
Music
One of the most fun ways, I would think, to creating passive income. Make, and license music. You can create melodies, musical scores, and sell them and receive royalties. Or, if you are a creative and expressive writer, there is always songwriting. Also a passive earner.
There will always be a market for good lyrics or a catchy tune. Be warned though. There may be complications with the barriers to entry, competition is extremely high and it’s difficult to be seen.
Create an App
Definitely one of the newest ways to create passive income. Creating an app or mobile game can be a heck of an income stream, depending on the app and its visibility.
The creator gets paid , through ad revenue, or by the download. It’s an interesting system that you should look into. Many people don’t go the app creation route because of the technical barriers as well as the high costs. Having an app or mobile game created for you can be lucrative, but can cost anywhere from a few thousand to a quarter million dollars to create/code/ and put together.
Print on Demand
The print on demand industry has been saturated for a while now. But that doesn’t stop people from making money everyday passively with it. If you have an eye for design, or even just know what new and trendy catchphrases and ideas are selling at the moment, you can create t-shirts, mugs, and more.
The upside? No inventory. You don’t have to pay to get 1000 t-shirts made with the the hopes that they sell. You can design a t-shirt, and if it doesn’t sell…just design another. You don’t lost money and you don’t have to store a coffee cup that might get broken, or a sweatshirt that might get stained.
Affiliate Marketing
Affiliate marketing is old. One of the oldest methods of sales invented. It has been honed and perfected in the digital age. But make no mistake, every door to door salesman was an affiliate marketer. Every commercial you ever saw was created by some form of affiliate marketer.
Promoting a product or service for a fee/commission/ etc. You get the idea. Whenever you told someone to join your gym so that you both can get 1 month free, you were participating in the affiliate marketing industry.
Now-there are clear payouts, and people are more intentional with their marketing. You can become an affiliate marketer for a product and service and mention it casually at work, or build an entire marketing campaign around it.
If affiliate marketing is something you would like to learn more about, check out “The Affiliate Marketing blueprint”. And for an in-depth, step by step textbook, get the 7 Figure Mastery.
Cashback Rewards
Part of your passive income journey, should be getting money back from purchases you already make. If you don’t understand the concept, check out this article on “How to get cashback from your regular spots“.
You can get cashback for eating out, grocery, household goods. It may be 5% or more, but imagine getting 5% back every time you buy paper-towels, or toilet paper, or soap.
Invest in a business
Invest in someone else’s business? You don’t have to do any of the work, shelter any of the responsibilities. All you have to do is wait for your investment to pay off.
Obviously these types of ventures can be quite risky. You can never be certain whether a business will turn a profit, especially because the owner of the business is directly responsible for it’s success. They can choose to quit, to make bad decisions, etc.
You have to do research for this type of investing. Read business plans. Have an eye for the market, or develop one.
I would suggest contacting your Chamber of Commerce to find local businesses that might need investors. Searching trade publications for them, even joining some online investor sites.
There are never a shortage of people looking to increase the cash flow of their company. As the investor, you may e able to invest and receive cash back or a percentage of ownership and stake in future earnings.
Vending Machines
Can you imagine how much a person can make from strategically placed vending machines in several different areas. Yes, a lot!
Vending machines are one of the original forms of passive income in today’s age. Unfortunately, the barriers to entry include the costs of re-stocking, the cost of the machines themselves, and getting the proper permissions and locations for the machines.
It doesn’t help to have 100 ending machines if they are all located in low-traffic areas.
So do your research! Find out what places would do well with vending machines, see if there is competition in the area, get the permissions, and restock regularly.
Laundry Mats
Lucrative, but expensive. That is what you can say about all physical location businesses. It’s not like selling a digital product online.
With a laundry mat, you can make quite a bit of money if you live in the right neighborhood. But the downside is the amount of maintenance and startup costs you will incur.
Car Washes
As with Laundry Mats, you can make a pretty penny with car washes. The barriers to entry are similar, large startup costs, fair amount of maintenance. Additionally, location plays a similarly key role in success for car washes.
Storage
Finally, if you have the funds, a storage unit might be what you need to create passive income. Monthly rental fees, and the ability to branch out into other related fields (moving companies, etc), make renting storage units an ideal way to generate passive income.
Take the Step
Whether you chose a no capital or high cost option…passive income is the way to go to create passive income and generational wealth.
Closing the Gap: Uniting for Equitable Black Generational Wealth
Let’s stand up for fairness, rewrite the rules, and create a world where everyone has a real shot at success.
Bridging the Wealth Gap: Efforts Towards Equitable Solutions
Introduction: Bridging the Divide – Understanding the Wealth Gap A Persistent Disparity in Wealth: Unveiling the Divide The landscape of the United States is characterized
The 4 Essential Tools You NEED for Audiobook Narration
It doesn’t have to be expensive. No need for fancy bells and whistles! It only needs to work.