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NAAHP Blog

Financial Literacy and Inter-Generational Wealth Acquisition in the Haitian Community

1.25.2019

Haitian Diaspora, Culture, Haiti

Article By: Daniela Gilet

Want to build inter-generational wealth? Ever wondered how and why many other families of other races seem to have it all together when it comes to their finances? For many of us who were either born and raised in Haiti or born and raised in Haiti for a transient period of time we realized (later in life of course) that money, wealth management and wealth acquisition was never a topic of discussion at the dinner table, (well at least for me it wasn’t). Financial health was-and-is to some degree synonymous with the undisclosed mental health phenomena that also isn’t-and-wasn’t addressed in most homes.

Let us ruminate on how significant our financial footing would be( in the amount sense) if our parents learned about the differential ways to garner wealth and collaborated with other families to create self-sufficient communities. A few examples of how powerful and liberating it can be to have a self-functioning community is the Black Wall Street, in Greenwood, OK or Jackson Ward, in Richmond, VA. Each family in a community plays a vital role in patching the community tapestry that represents the economic standing and wholeness of that community. Now, I admittedly am not a financial expert, but I have engrossed myself into financial planning books; and have held conversations with individuals who have reached some kind of success; so I am a bit apt on providing suggestions on how to build a legacy that you have dreamed of.

Do research on “Choose (Financial Independence) F.I.” communities:

I came across this group a year ago via the choose FI podcast on iTunes. This community focuses on helping committed individuals in finding financial freedom and independence. The different topics they’ve covered included, and I’m paraphrasing “How to pay down debt using the snowball method”, “Travel Hacking”, “How to save money” and many more. There are different “chapters” throughout the world and more information can be found on their website (quick google search).

Find a financial advisor:

There is a distinction between a financial advisor and financial planner. A financial advisor is an overarching broad term for a professional who helps you manage your money. A financial planner is one type of a financial advisor; they can assist with creating long-term financial goals. The Garrett Planning Network is a good place to start. This website offers a map of the US where users can click on specific states to find a listing financial advisor

Check out The National Association of Personal Financial Advisors. This website allows you to find a financial advisor near you.

Invest into real estate:

Real Estate Investment is a lucrative space, when done strategically this can amass wealth. Check out this book for details on how to get started.

The Book on Rental Property Investing: How to Create Wealth and Passive Income Through Smart Buy & Hold Real Estate Investing by Brandon Turner

Save! Save! Save! And don’t forget to pay yourself first!

The Richest Man in Babylon is a good book that teaches us about financial management and building wealth.

Budget! and stick to it!

I cannot stress how important it is to have a solid budget that outlines your monthly expenses. The first part of garnering wealth is knowing where your money is going; many of us are guilty of being oblivious to our finances and are flabbergasted when we see our bank statements each month. Be conscious of what you’re spending the most money on and if you can save money by eating in then by all means prepare your meals at home and limit your external spending.

So we’ve reached the end of this blog and I want to sum up my main points by saying that “wealth is a mindset that inevitably presents itself in the physical form”. Your thoughts about money must be clear and concise, money is a resource that when used effectively and strategically can change the compass of your life and generations to come. We’ve all heard this adage that what you do today affects your tomorrow, so are you going to start changing your mindset about money? If your answer is yes, air five, if your answer is no, I recommend you re-read this blog and decide whether you want to change the financial course and narrative for your current generation and subsequent ones to follow.

Daniela Gilet
Daniela Gilet

Blogger, Analyst, Podcaster, and owner of LV HEALTHY JUICING LLC

Daniela Gilet is a professional data analyst by day and adept happiness maven by evening. She currently is the owner of LV HEALTHY JUICING LLC, a natural juicing line that is focused on empowering and transforming individual health. She is also the founder of The Lotus Circle Podcast (geared towards millennials and progressive individuals), and Cocoa Conversations, a blog for careerist women. Originally raised in Saint Louis, Missouri, South Florida became her permanent home in 2011. Daniela is zealous about empowering and uplifting the community, and one day hopes to create a platform where aspiring entrepreneurs can access free resources to aid in amassing and creating intergenerational wealth.

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