Monday, April 24, 2023
First Generation Wealth Builders Tax
This is the “Know Better, Do Better” series born from the countless conversations two CERTIFIED FINANCIAL PLANNER™ professionals, Lauryn Williams and Chloé Moore, have about the trendy narratives and clickbaity articles that make it hard for them to help their clients. They want to help you gain financial confidence and clarity to control your destiny.
In this episode of the series, Lauryn and Chloé talk about the first-generation wealth builders tax, sometimes referred to as the “black tax.” When you’re the first person to achieve financial stability and build wealth within your circle of family and friends, there’s a good chance there are people in your life that will want financial help from you.
Statistics show the racial wealth gap already makes it harder for POC to achieve financial success, which means supporting friends and family only adds to the problem. This is where the term “black tax” comes from. However, the lessons shared by Lauryn and Chloe can help any first-generation wealth builder.
In this episode, Lauryn and Chloé talk about:
- The importance of establishing priorities to help you get on track before helping everyone else
- Why you need both short-term and long-term financial goals
- A few strategies you can use to create priorities and systems for who you decide to help and how much you’re able to help them with (and the importance of having these in place for yourself before you need to use them)
- How to better understand your cash flow
- Why you need to look back to see how you’ve helped people in the past (Hint Hint - Those little amounts can really add up)
- Things you can do to help friends and family learn to help themselves
- Why you need to avoid making “loans” to family and friends
- How to prepare for the future financial obligations of caring for aging parents
- Why you need to prioritize yourself first in order to have a greater impact long-term
If you want to further connect with Lauryn Williams:
Instagram: @worthwinning
Twitter: @worth_winning
Facebook: @worthwinningfp
LinkedIn: @lauryn-williams
If you want to connect further with Chloé Moore:
Instagram: @financialstaples
Twitter: @finstaples
Facebook: @finstaples
LinkedIn: @chloemoore
Shared quote:
“If you want to have enough to give others, you will need to take care of yourself first. A tree that refuses water and sunlight for itself can’t bear fruit for others.” ― Emily Maroutian
RESOURCES MENTIONED:
Lauryn is hosting two Welcome to Wealth financial retreats this summer for young professional women. Want to go on an adventure and create a financial plan for your life? Learn more at the links below.
• Medellin, Colombia July 2023
• Bali, Indonesia August 2023
How are you feeling financially?
Get a FREE financial checkup!
Lets asses your symptoms to see if you need a "Wellness Exam", a "Sick Visit", or if you should head to the "Emergency Room". Have fun, but the more honest your answers are the more accurate your diagnosis will be.
Hi, I'm Lauryn
Certified Financial Planner
Welcome to the Worth Listening podcast, where we focus on having positive and productive conversations about money.
Interested in being a guest on our show? Email us today at podcast@worth-winning.com! We'd love to hear from you.