Why Black Families Struggle to Build Wealth in Your Home - Part One

Why Black Families Struggle to Build Wealth in Your Home - Part OneThomas Shapiro, the author of the Wealth Building Formula, discusses the reasons why black families struggle to build wealth in his sample essay. In a society that believes wealth is primarily derived from inheritance, it's not surprising that more than 50% of African American families end up with very little wealth to show for their efforts. Yet, this wealth may only be on paper. As Shapiro suggests, with his sample essay, you can learn why black families struggle to build wealth in your own home.Shapiro takes an expansive and broad subject and presents a brief overview of it. The key message is that wealth is not an amount of money or material possessions, but rather, the accumulation of one's own positive qualities and personal skills. In other words, a family's wealth does not result from the size of its bank account, but rather, from the difference between its hard work and positive contribution to society.The ba sic takeaway is that the first two reasons why black families struggle to build wealth in your home are grounded in cultural beliefs. This understanding will prove invaluable when you begin thinking about how you can change them. To be sure, those who wish to change these beliefs need to take it upon themselves to educate themselves about their origins. This includes understanding that racism doesn't just happen on the surface; it can often be hidden, and that not all of us are aware of how our own cultures may be perpetuating negative stereotypes.The second reason why black families struggle to build wealth in your home is grounded in a lack of self-confidence. Shapiro discusses how some African Americans believe that they don't deserve to be part of the elite group, and that members of their own racial group will always hold the status quo against them. Some also believe that to become successful, they must inherit money from someone else. Others believe that success comes from fi nancial success only. Neither of these views is accurate.The third reason why black families struggle to build wealth in your home is rooted in misconceptions about who deserves success. Shapiro suggests that most people mistakenly believe that high-achieving members of the group are there by the lucky 'handing down' of wealth, not through their own contributions. In fact, though, he points out that success often comes through overcoming obstacles and reaching a specific goal. Those who achieve this goal will likely be those with the most self-confidence and with the most positive expectations for themselves.The fourth reason why black families struggle to build wealth in your home is based on the belief that they must depend on others for the same wealth that has been built. Of course, success comes from our efforts and not from others' generosity. And, when we receive the funds we need, we then begin to manage our own financial affairs. Some people may even choose to sell their ho me, providing the extra income necessary to pay off their mortgage. By taking ownership of one's financial goals, and having the faith that they will be met, you can begin to break free from the pattern that helps make black families struggle to build wealth in your home.The final reason why black families struggle to build wealth in your home is rooted in the fear of failure. Individuals often assume that failure is the only way to succeed. Even if they attempt something that fails, they believe that if they fail again, they'll be viewed as a failure. What if they fail again?It's true that it is often more difficult to make it into the middle class than it is to rise into the ranks of the wealthy. But once you've achieved your success, there's nothing that can stop you from achieving even greater heights. So, if you're looking for the 'why' behind your own struggles, Shapiro provides the 'how.' You might be surprised at what you learn...