Ethnicity & Opportunity. Closing the Affluence Gap.

Ethnicity and opportunity seem to go hand in hand here in the USA.  Certain opportunities are less available to certain ethnic groups, however, the mindset and thinking of our family of origin may also play a huge role in how prepared the next generation is for life ahead.

Young family thinking about providing for their child and their future

An October 2017 report by the Washington Post suggests that ethnicity and wealth go hand in hand. According to this report, the wealth of whites versus families of other ethnicities may have a lot to do with the fact that white families set their kids up to have an economic advantage. They encourage their kids to pursue an education and they tend to leave an inheritance for their children.

Statistically, Blacks and Hispanics are way behind in comparatively.

This is an EXCERPT from The Washington Post. Click HERE to read the whole article. 

Quoting from the FedNotes document:

“The results from the 2014 Survey of Household Economics and Decision making provides evidence that one’s starting point matters in determining economic outcome on a wide range of measures, including educational attainment, institution attended, and income as a young adult.”

The Feds think that Education is a good indicator of future economic welfare. In the graph below it shows that more whites attend college than other ethnicities (reasons vary and not discussed here). Combine that with the following graph that indicates that financial wellbeing of the next generation is correlated to the education level of their parents, we see that whites are helping to set their children up with the resources to help improve their chance at having an economic advantage.


ethnicity, opportunity, education,

If education helps the next generation be better off, somewhat better off or at least the same as the current economic condition of the parents, then clearly whites will again have the advantage here.

Before you get your underwear all bunched up and point fingers in blame, set out to ensure your family is equipped to have every economic advantage going forward. Which parent does not want to see their kids have a real chance at success in life?

I am not one of those parents who believe education is limited to University campuses. Life offers many learning opportunities including internships, apprenticeship, vocational training and so on.  The point is, we must grow our minds to grow our income potential.

As for leaving an inheritance…
The recession of 2006-2010 put a dent in many financial and retirement accounts. Many of you reading this took all the right steps to put a legacy in place for your kids and the recession took a huge chunk out of that leaving you with fewer life years to replenish that stash.  I get it. I am one of those who watched our family investments disappear like vapor. We have been aggressively rebuilding but those lost years can never be recouped.

No matter your ethnicity, never fear, AN INSURANCE POLICY CAN FIX THIS!

My son-in-law bought a $27/month policy that will pay out $200K in the event of his death. It would take approximately 617 years of saving $27/month (not including interest) to save $200K.

An HIV client who never bothered to try to find a policy, assuming he would never qualify, pays $99/month for $25K. Assuming he had the discipline to save $99 every month, it would still take him 21 years to save that money. I hope he will live for more than 21 years of course, but tomorrow is not promised for any of us, much less those of us with known health complications.

Your children deserve every chance you can offer them and children are expensive to raise. Why should your ethnicity be a statistical issue?  If a parent dies, and income or contribution to lifestyle is impacted – what then? Should your partner look for a new boyfriend/girlfriend who is willing and able to finance your kids in your absence? Should they stand in line for government handouts? Should they move to the hood and take their chances at survival?Failure to think about this is to force them to figure it out on their own, when they are already grieving.

If you are a US family without protection in place, OR you have policies that may now be irrelevant based on your current needs (a new baby added, your income has changed for example), now may be the time to have one of our Agents help you review your needs and ensure you have adequate, affordable protection in place for those you love (including charities). Connect with me for a Needs Analysis/Local Agent help.

The number of families are exploding at a much faster rate than there are qualified Agents able to help them get their finances in place. If you live in the USA and want a flexible income opportunity, this might be a good fit for you.  Connect with me for more information.

ethnicity, opportunity, insurance sales,

Facebook Comments

One thought on “Ethnicity & Opportunity. Closing the Affluence Gap.

  1. Pingback: You Can't Take it With You - but Why Should Uncle Sam Get it?

error: Content is protected !!