Holiday dinners, a time when we come together, can be a great time to discuss why #BlackMoneyMatters. Spend a healthy serving of financial planning while delving into social issues and splashing into political debate!
It’s time to break the taboo and reveal the ingredients behind what can keep us #FinanciallyLit! So, take your spices; financial education, money tips and strategies to build family wealth. Maybe focus on OneTransaction that will close the racial wealth gap for your family!
So what are the key ingredients for stellar financial planning?
It’s one part knowledge and one part action! This is where the multigenerational conversation becomes the foundation of your family recipe.
Where better to understand the complex roller coaster of money lessons than with those who have experienced the most on their journey?
Start with a discussion about what generational wealth looks like for you and your family.
- Grandparents can share their approach to build generational wealth, victories and moments when they wish they had been better prepared during their travels. Involve everyone in discussing what the key family goals are.
- Take advantage of the course of our Financial Education Center Preparing for retirement to assess if your family members can be prepared for your upcoming transition.
- A top priority issue should also focus on different components of your estate planning, such as wills and life insurance. These two steps help your loved ones cover expenses when an elderly person passes away.
With these conversations, the observation and framing of the future become teachers for the younger generations.
As guardians, your conversations with your children will frame your perception and relationship with money. Lean on the grandparents at the table for extra support here!
Now you can expand the conversation about why business start-ups and money management are important in financial planning.
- Focusing on the growth potential of African American businesses is one way to close the racial wealth gap and increase the net worth of our community.
- Parents and grandparents should share their participation in Black-Owned Businesses and link it to your increased business knowledge and better financial management skills.
- Go a step further and discuss the importance of loans and how we can understand how credit can affect our ability to access them.
- We have powerful tools like lender that helps with small business loans and short-term personal loans up to $1,000 with CashPlease
- Our OneTransaction virtual financial conference conversation on how rebuild credit is another fantastic resource to help expand the dialogue.
Then use our suite of tools to communicate why money management is paramount.
- If you miss out on all these rewards, don’t worry, we won’t tell anyone! It’s the season, so share with your family tips on how to reward yourself with OneUnited Rewards Pack
- tools like ours Money Management It can help you communicate how family members can think about tracking and prioritizing spending and saving, while establishing a solid budget.
This group has the most to gain by starting now: savings, investments, budgets, and more!
Now you can conclude with some of the main things to consider as you enter adulthood.
- Here is your main action item! Have your children establish a savings goal for next year, something challenging but achievable like savings of $200. This practice will require sacrifice and a progressive outlook. This will teach them the importance of seeing money as a tool to invest rather than spend.
- Younger generations may have already started entrepreneurial endeavors without really knowing how to manage them financially. Connect them with resources that can help them monetize your work!
Our top money advice blogs for the younger generation include:
The legacy begins! Lead the conversation with authenticity and transparency, then work to build trust and accountability so you can reach and exceed your goals as a family.
Take advantage of every learning moment! Gratitude, charity, and celebrating victories are some of the most fun ways to center your family in the community spirit of the season.
Holiday Dining: A Season of Eating and Financial Planning first appeared on OneUnited Bank.
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