African Americans in 1921 had a multimillionaire business corridor that housed a bank, law firms, barbershops, car dealerships, doctors offices, schools, beauty salons, meat shops, a movie theater, and more! If you were black you didn’t have to leave your community for anything. Today that concept is totally reversed.
Black Wall Street was growing at such a rapid pace that the world wanted to do business with them. As a black community we still, no doubt have that potential, but today we worry about the name tag in our clothes instead of the the name of that company stock we could be investing in.
They say that success leaves clues. Black Wall Street has left us such a blue print on how to build true generational wealth, that’s it’s no way we should ignore it.
Black History Facts 365, http://blackhistorymonth2014.com/1218/black-wall-street-the-blue-print-to-wealth/
How To Create Wealth Again in African American Communities
Creative Approaches to Personal Wealth was the topic of last weeks’, There’s Money Out There, Lets Help You Get It broadcast on WURD 900 AM.
Our guests, Dr. Pamela Jolly Founder and CEO of Torch Enterprises and Reggie Kyle CEO of E-bitda & Pay Yourself First shared their insights on wealth creation & legacy wealth in the African American community.
The show was jammed packed with essential information on how to build legacy wealth. In case you missed it, here are the most significant pointers.
Host Calvin Tucker, sharing 7 pointers to help you in your wealth creation journey:
- Save first, spend last.
- Plan a budget. Whether it is daily, weekly, monthly, or yearly, the most important aspect is sticking with it.
- Learn how to live well below your means.
- Stay out of debt.
- Set shopping limits.
- Set goals.
- Talk to professionals. Whether it is on a formal basis such as setting appointments with professionals or talking informally to members of your community with financial knowledge.
Legacy Wealth Creation
Dr. Pamela Jolly lead our discussion by defining legacy wealth and the steps needed to expand yours’ today.
First, Dr. Jolly highlighted the extent of the lack of wealth in the African American community. She described how 95 percent of the African-American community must borrow for a $1,000 emergency. The latter emphasizes the need within the African American community to create legacy wealth in which generations can build upon wealth creation from ancestors which then can be passed on to help build inter-generational wealth.
Legacy wealth is built upon five types of capital
Dr. Jolly defines wealth as a “journey” built upon a “series of decisions” that” extend across generations”. Legacy wealth is built upon five types of capital: social, cultural, intellectual, spiritual, and financial.
Dr. Jolly noted that the first step toward growing legacy wealth is based upon family financial decisions. Every day families make decisions to either grow, expand, or lose money. The first key to wealth creation is consistency in income.
Wealth creation is a culture and set of consistent practices. These practices revolve around the implementation of a plan. Wealth creation is a group process which should leverage other family members and community members in order to build insights and support.
One of the largest obstacles in wealth creation in the African American community is the lack of organization. Organization is key to education, partnerships building, and community consensus. Dr. Jolly wrote the strategic assessment to rebuild New Orleans post-Katrina. In this experience, she discovered that a lack of money was not the fundamental problem in economically rebuilding neighborhoods, but a lack of community organization, it was being in order, working together and being consistent. Our guests described the importance of forging partnerships to create synergy, fill in informational gaps and collect resources.
Currently, the African-American community represents a $ 1.1 trillion buying power but only earns $984 billion. This phenomenon highlights a common practice in which many folks leverage tomorrow to live today.
Legacy wealth takes three generations to build and one generation to lose.
In the words of Dr. Jolly, “Build, grow, expand the legacy you inherited”.
Gabriella is passionate about the ability of entrepreneurship to spark community development. While receiving her Masters in Development Management from The London School of Economics and Political Science, she created a social business based in Morocco that reinvests its profits in entrepreneurial classes for migrant women. She is an experienced global consultant and is excited to bring her experience back to her native Philadelphia to help communities thrive.
Deprecated: Creation of dynamic property Yoast\WP\SEO\Presentations\Indexable_Post_Type_Presentation::$open_graph_description is deprecated in /home/wpfsi1/public_html/wp-content/plugins/wordpress-seo/src/presentations/abstract-presentation.php on line 64
Deprecated: Creation of dynamic property Yoast\WP\SEO\Presentations\Indexable_Post_Type_Presentation::$open_graph_url is deprecated in /home/wpfsi1/public_html/wp-content/plugins/wordpress-seo/src/presentations/abstract-presentation.php on line 64
Deprecated: Creation of dynamic property Yoast\WP\SEO\Context\Meta_Tags_Context::$wordpress_site_name is deprecated in /home/wpfsi1/public_html/wp-content/plugins/wordpress-seo/src/presentations/abstract-presentation.php on line 64
Deprecated: Creation of dynamic property Yoast\WP\SEO\Presentations\Indexable_Post_Type_Presentation::$open_graph_site_name is deprecated in /home/wpfsi1/public_html/wp-content/plugins/wordpress-seo/src/presentations/abstract-presentation.php on line 64
Deprecated: Creation of dynamic property Yoast\WP\SEO\Context\Meta_Tags_Context::$company_name is deprecated in /home/wpfsi1/public_html/wp-content/plugins/wordpress-seo/src/presentations/abstract-presentation.php on line 64
Deprecated: Creation of dynamic property Yoast\WP\SEO\Context\Meta_Tags_Context::$company_logo_id is deprecated in /home/wpfsi1/public_html/wp-content/plugins/wordpress-seo/src/presentations/abstract-presentation.php on line 64
Deprecated: Creation of dynamic property Yoast\WP\SEO\Context\Meta_Tags_Context::$site_represents is deprecated in /home/wpfsi1/public_html/wp-content/plugins/wordpress-seo/src/presentations/abstract-presentation.php on line 64
Deprecated: Creation of dynamic property Yoast\WP\SEO\Context\Meta_Tags_Context::$open_graph_publisher is deprecated in /home/wpfsi1/public_html/wp-content/plugins/wordpress-seo/src/presentations/abstract-presentation.php on line 64
Deprecated: Creation of dynamic property Yoast\WP\SEO\Presentations\Indexable_Post_Type_Presentation::$open_graph_article_publisher is deprecated in /home/wpfsi1/public_html/wp-content/plugins/wordpress-seo/src/presentations/abstract-presentation.php on line 64
Deprecated: Creation of dynamic property Yoast\WP\SEO\Presentations\Indexable_Post_Type_Presentation::$open_graph_article_author is deprecated in /home/wpfsi1/public_html/wp-content/plugins/wordpress-seo/src/presentations/abstract-presentation.php on line 64
Deprecated: Creation of dynamic property Yoast\WP\SEO\Presentations\Indexable_Post_Type_Presentation::$open_graph_article_published_time is deprecated in /home/wpfsi1/public_html/wp-content/plugins/wordpress-seo/src/presentations/abstract-presentation.php on line 64
Deprecated: Creation of dynamic property Yoast\WP\SEO\Presentations\Indexable_Post_Type_Presentation::$open_graph_article_modified_time is deprecated in /home/wpfsi1/public_html/wp-content/plugins/wordpress-seo/src/presentations/abstract-presentation.php on line 64
Deprecated: Creation of dynamic property Yoast\WP\SEO\Context\Meta_Tags_Context::$open_graph_enabled is deprecated in /home/wpfsi1/public_html/wp-content/plugins/wordpress-seo/src/presentations/abstract-presentation.php on line 64
Deprecated: Automatic conversion of false to array is deprecated in /home/wpfsi1/public_html/wp-content/plugins/wordpress-seo/inc/class-wpseo-image-utils.php on line 190
Deprecated: Creation of dynamic property Yoast\WP\SEO\Presentations\Indexable_Post_Type_Presentation::$open_graph_images is deprecated in /home/wpfsi1/public_html/wp-content/plugins/wordpress-seo/src/presentations/abstract-presentation.php on line 64
Deprecated: Creation of dynamic property Yoast\WP\SEO\Context\Meta_Tags_Context::$twitter_card is deprecated in /home/wpfsi1/public_html/wp-content/plugins/wordpress-seo/src/presentations/abstract-presentation.php on line 64
Deprecated: Creation of dynamic property Yoast\WP\SEO\Presentations\Indexable_Post_Type_Presentation::$twitter_card is deprecated in /home/wpfsi1/public_html/wp-content/plugins/wordpress-seo/src/presentations/abstract-presentation.php on line 64
Deprecated: Creation of dynamic property Yoast\WP\SEO\Presentations\Indexable_Post_Type_Presentation::$twitter_title is deprecated in /home/wpfsi1/public_html/wp-content/plugins/wordpress-seo/src/presentations/abstract-presentation.php on line 64
Deprecated: Creation of dynamic property Yoast\WP\SEO\Presentations\Indexable_Post_Type_Presentation::$twitter_description is deprecated in /home/wpfsi1/public_html/wp-content/plugins/wordpress-seo/src/presentations/abstract-presentation.php on line 64
Deprecated: Creation of dynamic property Yoast\WP\SEO\Presentations\Indexable_Post_Type_Presentation::$twitter_image is deprecated in /home/wpfsi1/public_html/wp-content/plugins/wordpress-seo/src/presentations/abstract-presentation.php on line 64
Deprecated: Creation of dynamic property Yoast\WP\SEO\Presentations\Indexable_Post_Type_Presentation::$twitter_creator is deprecated in /home/wpfsi1/public_html/wp-content/plugins/wordpress-seo/src/presentations/abstract-presentation.php on line 64
Deprecated: Creation of dynamic property Yoast\WP\SEO\Presentations\Indexable_Post_Type_Presentation::$twitter_site is deprecated in /home/wpfsi1/public_html/wp-content/plugins/wordpress-seo/src/presentations/abstract-presentation.php on line 64
Deprecated: Creation of dynamic property Yoast\WP\SEO\Presentations\Indexable_Post_Type_Presentation::$estimated_reading_time_minutes is deprecated in /home/wpfsi1/public_html/wp-content/plugins/wordpress-seo/src/presentations/abstract-presentation.php on line 64
Deprecated: Creation of dynamic property Yoast\WP\SEO\Context\Meta_Tags_Context::$canonical is deprecated in /home/wpfsi1/public_html/wp-content/plugins/wordpress-seo/src/presentations/abstract-presentation.php on line 64
Deprecated: Creation of dynamic property Yoast\WP\SEO\Context\Meta_Tags_Context::$main_schema_id is deprecated in /home/wpfsi1/public_html/wp-content/plugins/wordpress-seo/src/presentations/abstract-presentation.php on line 64
WordPress database error: [Table 'wpfsibackup001.yoast_wp_seo_models_indexable' doesn't exist]
SELECT * FROM `yoast_wp_seo_models_indexable` WHERE `object_type` = 'home-page' LIMIT 1WordPress database error: [Table 'wpfsibackup001.yoast_wp_seo_models_indexable' doesn't exist]
SELECT * FROM `yoast_wp_seo_models_indexable` WHERE `object_type` = 'home-page' LIMIT 1
Deprecated: strlen(): Passing null to parameter #1 ($string) of type string is deprecated in /home/wpfsi1/public_html/wp-content/plugins/wordpress-seo/src/models/indexable.php on line 164
WordPress database error: [Table 'wpfsibackup001.yoast_wp_seo_models_indexable' doesn't exist]
INSERT INTO `yoast_wp_seo_models_indexable` (`object_type`, `title`, `breadcrumb_title`, `permalink`, `blog_id`, `description`, `is_robots_noindex`, `open_graph_title`, `open_graph_image`, `open_graph_image_id`, `open_graph_description`, `permalink_hash`, `created_at`, `updated_at`) VALUES ('home-page', '%%sitename%% %%page%% %%sep%% %%sitedesc%%', 'Home', 'https://wpfsi.com/', '1', 'More Than Just A Lender', '0', '', '', '', '', '18:793d8e100eb96ac6b8643a7fa5abfdc0', '2026-06-24 15:45:46', '2026-06-24 15:45:46')
Deprecated: Creation of dynamic property Yoast\WP\SEO\Context\Meta_Tags_Context::$site_url is deprecated in /home/wpfsi1/public_html/wp-content/plugins/wordpress-seo/src/presentations/abstract-presentation.php on line 64
Deprecated: Creation of dynamic property Yoast\WP\SEO\Context\Meta_Tags_Context::$breadcrumbs_enabled is deprecated in /home/wpfsi1/public_html/wp-content/plugins/wordpress-seo/src/presentations/abstract-presentation.php on line 64
Deprecated: Creation of dynamic property Yoast\WP\SEO\Context\Meta_Tags_Context::$schema_article_type is deprecated in /home/wpfsi1/public_html/wp-content/plugins/wordpress-seo/src/presentations/abstract-presentation.php on line 64
Deprecated: Creation of dynamic property Yoast\WP\SEO\Context\Meta_Tags_Context::$site_name is deprecated in /home/wpfsi1/public_html/wp-content/plugins/wordpress-seo/src/presentations/abstract-presentation.php on line 64
Deprecated: Creation of dynamic property Yoast\WP\SEO\Context\Meta_Tags_Context::$site_represents_reference is deprecated in /home/wpfsi1/public_html/wp-content/plugins/wordpress-seo/src/presentations/abstract-presentation.php on line 64
Deprecated: Creation of dynamic property Yoast\WP\SEO\Context\Meta_Tags_Context::$id is deprecated in /home/wpfsi1/public_html/wp-content/plugins/wordpress-seo/src/presentations/abstract-presentation.php on line 64
Deprecated: Creation of dynamic property Yoast\WP\SEO\Context\Meta_Tags_Context::$schema_page_type is deprecated in /home/wpfsi1/public_html/wp-content/plugins/wordpress-seo/src/presentations/abstract-presentation.php on line 64
Deprecated: Creation of dynamic property Yoast\WP\SEO\Context\Meta_Tags_Context::$title is deprecated in /home/wpfsi1/public_html/wp-content/plugins/wordpress-seo/src/presentations/abstract-presentation.php on line 64
Deprecated: Creation of dynamic property Yoast\WP\SEO\Context\Meta_Tags_Context::$description is deprecated in /home/wpfsi1/public_html/wp-content/plugins/wordpress-seo/src/presentations/abstract-presentation.php on line 64
Deprecated: strtolower(): Passing null to parameter #1 ($string) of type string is deprecated in /home/wpfsi1/public_html/wp-content/plugins/wordpress-seo/src/generators/schema-generator.php on line 181
Deprecated: Creation of dynamic property Yoast\WP\SEO\Presentations\Indexable_Post_Type_Presentation::$schema is deprecated in /home/wpfsi1/public_html/wp-content/plugins/wordpress-seo/src/presentations/abstract-presentation.php on line 64
Deprecated: Creation of dynamic property WP_Rocket\Optimization\Cache_Dynamic_Resource::$extension is deprecated in /home/wpfsi1/public_html/wp-content/plugins/wp-rocket/inc/classes/optimization/class-cache-dynamic-resource.php on line 201
Deprecated: Creation of dynamic property WP_Rocket\Optimization\Cache_Dynamic_Resource::$minify_key is deprecated in /home/wpfsi1/public_html/wp-content/plugins/wp-rocket/inc/classes/optimization/class-cache-dynamic-resource.php on line 202
Skip to contentLegacy Wealth Creation In Black Communities
Deprecated: Creation of dynamic property FusionSC_Column::$is_nested is deprecated in /home/wpfsi1/public_html/wp-content/plugins/fusion-builder/inc/class-fusion-column-element.php on line 511
About the Author: Gabriella Nolan
This site uses Akismet to reduce spam. Learn how your comment data is processed.
Dr. Pamela Jolly lead our discussion by defining legacy wealth and the steps needed to expand yours’ today.
Leave A Comment