Unfortunately, generational wealth isn’t readily available to Black Americans, but this founder is on a mission to change that.
A. Donahue Baker is the co-founder and CEO of Money Avenue and is on a mission to help people create generational wealth through real estate acquisitions and entrepreneurial investment opportunities. When he isn’t leading change through his company, he is teaching entrepreneurship at Morehouse College or serving the community as a Certified Public Accountant.
He defines generational wealth and highlights a key misconception most have when identifying wealth in that light during the latest episode of Black Tech Green Money with host Will Lucas.
“One of the misconceptions is that generational wealth is simply making sacrifices in your own personal life that it will benefit the next generation,” said Baker.
He also uses his own personal experience to highlight how generational wealth goes beyond just making those sacrifices.
“I have a three-year-old son, his name is Legacy and when he was two-years-old, through a trust, I was able to purchase a 6-unit apartment building in north New Jersey. The building is fully paid for and it’s going to do two big things for him,” he continued. “Number one, it’s going to pay for his college education in full by the time he reaches the age to attend college. Number two, let’s say he doesn’t decide to go to college, he will then have a monthly income which he can use to subsidize his living expenses or pursue whatever his God-given talents call for.”
He further explains how one determines that they’ve achieved generational wealth during the episode.
“It’s really a system that can be passed on,” Baker told Lucas.
Catch Baker fully explain how generational wealth can be passed from generation to generation, how one can know they’ve achieved it plus more on the latest episode of Black Tech Green Money below:
