When it comes to the racial wealth gap in the United States, The Balance reports Black wealth is about nine percent of our non-Black counterparts. Although there is no debate on the wide gap, there is a debate on the best solutions we should take in an attempt to close it.
According to Black Enterprise, a Florida father’s approach to creating generational wealth was to give his four children an ATM business. William Moxey, surprised his children with QuickBuxNow, an ATM processing and management business. Moxey hopes that by giving his children a business it will teach them the ins and outs of being an entrepreneur plus financial literacy.
Moxey had dreams of being an entrepreneur since he was 12-years-old and started small businesses early on.
“I started off by doing what every other little kid was doing, selling CDs, and that gradually grew into selling T-shirts, sneakers, and stuff like that, but I was kind of born into the whole entrepreneur-type lifestyle because I was raised by a single mother — she’s been an entrepreneur since I was born,” Moxey told Atlanta Black Star.
Moxey comes from a line of entrepreneurs like his mother who owns three hair salons in Florida.
“She’s owned her own salon since I was born, and kind of watching her it kind of grew me into wanting my own,” Moxey said.
Moxey believes that gifting his children an ATM business will put them in a position to generate passive income freeing up their time to do the things they love.
“The ATM was the best idea for it because it’s passive income, it teaches them financial literacy, and, you know, they can work,” he said. “Not to say doing hard labor is not something I don’t want my kids doing, but they can make money doing what they love.”
We commend William Moxey for inspiring and educating others on ways to build generational wealth and close the gap.