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5 minute read
Navigating the Hidden Challenge: Unveiling the Generational Income Gap and the Path to Multigenerational Wealth
By Sibyl Slade, CRPC
With that being said, building wealth and maintaining it is not easy for Gen Xers or any of these generations for that matter We face many challenges and barriers, such as lack of financial literacy, limited access to capital, discrimination, and cultural differences We also have to overcome the mindset of scarcity and survival and adopt the mindset of abundance and prosperity
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That is why building multigenerational wealth is so important. By building wealth, we can:
Provide financial stability and security for ourselves and our loved ones. We can afford to live comfortably, pay off our debts, save for emergencies, and invest for the future We can also support our family members in their education, health, and career aspirations.
Create opportunities and choices for ourselves and our family. We can pursue our passions and interests, explore new horizons, and expand our network We can also give our children and grandchildren a head start in life and help them achieve their full potential
Make a positive impact on our community and society We can contribute to the causes and issues that matter to us and inspire others to do the same. We can also create jobs, mentor others, and share our knowledge and skills We can be a role model and a leader for the next generation of wealth builders ost people are well aware of the gender income gap and the race income gap. But what most people are not aware of is the generation income gap According to the St Louis Federal Reserve Bank, Millennials and Gen Zers owned 70 cents for every dollar of wealth owned by Gen Xers at the same age Millennials and Gen Zers owned 74 cents for every dollar of wealth owned by baby boomers at the same age. Gen X ers has the highest mean of disposable income by household and the highest numbers of borrowers with the highest student loan debt balances.
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· Younger Americans (millennials and Gen Zers) owned 70 cents for every $1 of wealth owned by Gen Xers at the same age
· Younger Americans (millennials and Gen Zers) owned 74 cents for every $1 of wealth owned by baby boomers at the same age
No surprises here, for decades it has been projected that Gen Xers are the last generation that will do better economically than our parents’ generation. The reality is because we are the first generation of high wage earners, we are also the generation that bear the financial burden of balancing debt (including student loans) to maintain our elevated lifestyle, provide for our children education, and provide financial support for our parents as they age.
Building generational wealth is not about a destination, it’s a journey It’s also about community. We have to be intentional about building a community of wealth builders to close the myriad of income gaps that exist and especially for those of us who are at the intersection of each of these demographics
Sibyl Slade is the Founder and President of IntegriVest Wealth Advisors, LLC located in Atlanta, GA
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Disclosure for Article:
Securities offered through Securities America, Inc., member FINRA, SIPC. Advisory services offered through Securities America Advisors, Inc. IntegriVest Wealth Advisors, LLC and Securities America are separate entities.
Candace Holyfield Parker
SIX FIGURE SPA CHICK Candace Holyfield-Parker is a millennial business mogul and spa extraordinaire who currently owns Six Figure Spa Chick, a marketing firm for spa/beauty professionals Can-dace strives to exemplify excellence while educating, empowering, and uplifting spa professionals across the globe The purpose of Six Figure Spa Chick is to help over 2000 spa professionals build, grow, and launch their own successful businesses Her achievements as a CEO of her personal Spa Boss Tribe, author of the first Black Spa Magazine, creator of the first Black Spa Expo Awards, and motivational speaker, has inspired other business owners to strive for more success Candace has secured a clientele base of 15,000 spa professionals since she began her spa services in 2011 called, I Love Candy Spa Parties” Her spa services include: massages, facials, lash extensions, body waxing, teeth whitening, and v-steams Learn more at https://candaceholyfield com
Sherry DeVouse-Dennard
SHERRY DEVOUSE DENNARD STATE FARM AGENCY
Welcome to the Sherry Devouse-Dennard State Farm office in McDonough, GA! We provide free Auto Insurance and Homeowners Insurance quotes throughout the state of Georgia and primarily in Henry, Clayton, and Newton Counties. Licensed in Georgia Property & Casualty Insurance/ Life Insurance & Health Insurance and forever dedicated to learning to keep up with current events and trends
They help people insure their cars as well as their home by assisting with Condo Insurance, Homeowners Insurance, or Renters Insurance Located at 422 Highway 155 S , McDonough GA Viisit them at https://sddinsurance com Follow them on all social media channels
Lashondra Swanson
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PAMPER ME TOTAL BEAUTY SPA
Lashondra Swanson of Pamper Me Total Beauty Spa to Southern Crescent Women In Business Inc
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Pamper Me Total Beauty Spa, a full service spa offering facials, body polish, massages, hair care, and even teeth whitening! Located at 763 North Ave Jonesboro, GA 30236
Welcome Lashondra to SCWIB! Follow pampermetotalbeauty on all social media platforms Learn, book or gift services at www pampermetotalbeauty net ICE, INC
Kimberly Underdue, LCSW of Underdue Social Service, Inc to Southern Crescent Women In Business!
Underdue Social Services is a Mental Health Counseling Agency located at 165 Burke Street Suite 109, Stockbridge GA 30281 Owner and Exec Director, Kimberly Underdue is a Licensed Clinical Social Worker Underdue Social Services, Inc staff has combined 100+ years of experience in the service delivery of at-risk youth and their families Their services include Community Support Individual (CSI), Crisis intervention (CI), Group Training/Counseling, Family Training/Counseling, Diagnostic Assessment and more! Underdue Social Services also maintains Letter of Agreements with a License Psychologist and Psychiatrist
Welcome Kimberly! To Learn more and if you need any of their services, visit http://underduesocialservices com/wp
Kimberly Corbin, CMP, CDS, COVID- CO, PCA is Co-Founder, Owner & Managing Principal at Meeting Shields, LLC, Pandemic Compliance Advisor (PCA), Covid-19 Compliance Officer (COVID CO)
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Meeting Shields, LLC is a 100% minority & woman-owned, fullservice, Protection Management Firm, that has a focus on providing solutions to the hospitality, entertainment, educational, corporate office environments, healthcare and transportation sector
Learn more at www meetingshields com
THE SAVVY ID
Lets welcome back Katherine Jordan, the owner of the Interior Design company The SAVVY ID---and who selflessly answered the call when we extended our initial donation to SC Habitat for Humanity---where she went above and beyond and decorated and provided furniture for the home of a deserving mother and family!! We absolutely love when our women in business also serve their local community- and we applaud Katherine!
THE SAVVY ID is a full-service interior design firm, whos ultimate goal is to create spaces that improve your everyday life Katherine says "I’m a Georgia peach, wife, mother of three, and Gods favorite daughter so don’t mess with me because I will tell my father on you (Lol)"
Learn more about Katherine and The Savvy ID at www thesavvyid com
Lets welcome back Melissa Ellis of Life Beyond Water Global Outreach to Southern Crescent Women In Business!
Life Beyond Water Global Outreachs mission is to assist in providing clean water to areas that lack access, educating about water careers, delivering medical missions and more
Follow Life Beyond Waters on all social media outlets and learn more at www lifebeyondwater org
Lets welcome Angilee LeConte of Photo Glam 360 to Southern Crescent Women In Business! The Photo Glam 360 Difference provides Unique upscale presentation, Glamour and WOW effect, Cutting-edge photo booth equipment and Unlimited hi-resolution commercial prints perfect for any event
Angilee says she definitely believes in supporting her fellow women in business! Learn more at www photoglam360 com and follow them on all social media platforms!
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