Building wealth is a challenging journey, and first-generation Black wealth builders face unique challenges. Despite historic discrimination and limited access to wealth-building opportunities, many Black professionals are now the first generation with higher incomes. However, they must overcome several hurdles on their journey to financial success.

1. Lack of access to financial professionals Many Black people did not have access to financial professionals due to discriminatory policies, slavery, and other factors. This creates a sense of self-reliance that has continued for many generations. As a result, first-generation Black wealth builders may lack the proper planning and resources to enhance their wealth. Without the proper knowledge and resources, they may miss out on many opportunities to grow their wealth.

2. Isolation from peers with different economic statuses Success can create distance between first-generation Black wealth builders and family members or friends with different economic statuses. This may lead to feelings of isolation and the need to find a community of individuals who are of a similar status. Balancing personal finances can also be difficult, as it may lead to paying for expensive activities or financially supporting others, hindering their own wealth-building capabilities.

3. Negative associations with money due to upbringing First-generation Black wealth builders may come from families that did not have significant wealth, leading to a scarcity mindset about money. This creates a significant barrier to building wealth and may cause them to sit on cash and fear the stock market.

4. Pressure to support others before securing their own financial future First-generation Black wealth builders may feel pressure and guilt to financially support family members or friends that cared for them during their journey to success. While it’s important to take care of family, it’s crucial to create a solid financial budget that supports their own financial goals first, such as building an emergency fund, automating savings for retirement, and purchasing life insurance.

In conclusion, first-generation Black wealth builders face unique challenges on their journey to financial success. Despite facing historic discrimination and limited access to wealth-building opportunities, many Black professionals are now the first generation with higher incomes. It’s important for them to overcome these challenges by seeking access to financial professionals, finding a community of individuals of similar status, overcoming negative associations with money, and balancing personal finances with supporting loved ones. By doing so, they can continue to build generational wealth and empower their families for years to come.