Written by: Renea Jones-Hudson, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
In observance of Women's History Month, spotlighting the unprecedented financial revolution on the horizon: the greatest wealth transfer in history, with an estimated $30 trillion set to change hands in the United States over the next 30 to 40 years. This seismic shift places women, particularly Black and Brown women, at the vanguard of a transformation that will redefine wealth ownership, management, and philanthropy. Recognizing the monumental shift predicted as $30 trillion changes hands in the United States over the next few decades and positions women—especially Black and Brown women—at the forefront of this transformation. Inspired by insights from the "Black2053" article, this article offers an action-oriented narrative for women to empower themselves financially and contribute to generational wealth building.
The scale of the wealth transfer
The "Black2053" article paints a dramatic picture of this monumental transfer in its scale and potential to fundamentally alter the landscape of wealth. Due to their longer life spans and increasingly pivotal roles in wealth creation and management, women are poised to inherit a significant portion of this wealth, setting the stage for a revolutionary shift in financial dynamics.
Women at the forefront: A critical shift is underway: women are moving from silent partners to primary decision-makers in wealth management. This evolution, fueled by increased workforce participation, entrepreneurial endeavors, and educational achievements, places women, especially Black and Brown women, in unprecedented influence over investment strategies, philanthropy, and wealth preservation.
Acknowledging the shift: As we acknowledge the monumental shift predicted with $30 trillion changing hands, it's crucial to recognize the unique position of women—particularly Black and Brown women—in this transformation. Their emerging roles signify an opportunity for personal and familial financial growth and a responsibility to address and rectify the systemic barriers that have historically limited their economic empowerment.
Challenges and opportunities: The transition comes with its challenges, prominently for Black and Brown women, who face a significant wealth gap due to systemic barriers and historical inequalities. Yet, this dire projection for wealth in 2053 can be altered with the right strategies. Educational advancements and entrepreneurial spirit among Black and Brown women are key factors that could significantly shift these projections toward positive growth.
Empowering through knowledge and action: The first step in this transformative journey is education. Knowledge is power, particularly when it comes to financial literacy. Understanding the basics of personal finance, investment strategies, and estate planning empowers women to make informed decisions that can alter the course of their financial future and that of their families. Educational empowerment goes beyond personal finance to understanding the systemic barriers perpetuating wealth gaps. This knowledge forms the foundation for effective advocacy and change.
Leveraging entrepreneurship for economic independence: Entrepreneurship is a critical pathway for wealth creation among Black and Brown women. By fostering business ownership, women create wealth and contribute to their communities' economic vitality. Supportive ecosystems, access to capital, and business education are essential components that can help women overcome the hurdles traditionally faced by minority entrepreneurs. Celebrating and supporting female entrepreneurs during Women's History Month underscores the role of women in driving economic innovation and independence.
Advocacy and policy change for equity: The wealth transfer presents an opportune moment to advocate for policy changes that address the root causes of economic inequality. Advocacy efforts must focus on creating a more inclusive economy where Black and Brown women have equal opportunities to build and sustain wealth. This includes advocating for fair wage laws, access to affordable education and healthcare, and policies that support work-life balance, such as parental leave and childcare support.
Philanthropy as a force for social change: Philanthropy offers a powerful avenue for women to shape societal values and priorities. Women can effect lasting change by directing wealth towards causes that promote social justice, education, health, and economic empowerment. This philanthropic vision aligns with a broader view of legacy that encompasses not just wealth accumulation but also the impact on society.
Building networks for collective empowerment: The journey towards bridging the wealth gap must be undertaken with others. Building networks of support, mentorship, and collaboration is crucial. These networks can offer guidance, resources, and encouragement, making the path less daunting. Women's History Month serves as a reminder of the power of collective action and the importance of fostering communities that uplift and support one another.
Putting it all together. In the spirit of Women's History Month, here are five actionable steps for women to bridge the gap towards the great wealth transfer:
Empower through education: Engage in personal and financial education to navigate the complexities of wealth building and management.
Advocate for policy change: Support policies that address economic disparities, such as pay equity, quality education, and healthcare.
Embrace entrepreneurship: Explore and invest in entrepreneurial ventures to create new opportunities for wealth creation.
Plan for philanthropy: Use wealth to drive positive social change, reflecting a broader view of legacy that includes societal impact.
Build networks: Seek out mentorship, join financial literacy programs, and engage with supportive communities to navigate the wealth transfer landscape.
As we reflect on the information provided by "Black2053" and celebrate Women's History Month, it's apparent that the great wealth transfer offers both a challenge and an opportunity. Women are not just passive recipients of this wealth but active architects of a future where wealth is equitably distributed and used as a force for good. This historic moment calls for action—educational empowerment, entrepreneurship, advocacy for policy change, philanthropy, and network building are the tools at our disposal.
Let this Women's History Month be a catalyst for change, inspiring women to take up the mantle of financial empowerment and work towards a future where wealth transfer bridges gaps rather than worsens them. Our actions today will shape the legacy of wealth for our children's children, making "Bridging the Gap: A Woman's Role in the Great Wealth Transfer" not just an aspiration but a reality.
Renea Jones-Hudson, Executive Contributor Brainz Magazine
Renea embodies resilience and leadership and inspires transitioning military women with her two-decade military journey. As a certified Health and Life Coach and international bestselling author, she empowers others to reach their full potential. Her dedication to mentoring young girls and pursuing doctoral studies highlights her commitment to lifelong learning and growth. Renea's journey is a testament to transforming challenges into opportunities for success. Renea's mission is to ignite a path of growth, wellness, and unstoppable success for women poised for their next great adventure.
References:
Chetty, R., Hendren, N., Jones, M. R., & Porter, S. R. (2018, March 26). Race and Economic
Opportunity in the United States: An intergenerational perspective. NBER. https://www.nber.org/papers/w24441
