First-generation African-American wealth builders often feel an understandable sense of responsibility to their families and the wider black community but they should ensure their own financial health and stability before helping others.
Despite gains in income and wealth for black families in America, white families often have a net worth up to 10 times higher.
As a certified financial planner, it's my job to help my clients who are first-generation wealth builders. While there isn't anything wrong with this, of course, it can at times cause financial tension if the person allows the giving back to community to override smart personal financial decisions they need to make for themselves and their own family.
This means that before you can financially support that loving community, you have to make sure you're taking care of your own financial needs. Whether you have a mountain of student loan debt you're paying down, or savings goals you're trying to reach, put a plan in place to address those needs in your own life before trying to financially support others.
The best way I've found to simultaneously put your own oxygen mask first while still making room to support your community financially is to plan ahead — and to automate the process.
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