Financial News

How To Build Wealth Without Letting Your Family Situation Destroy It

How To Build Wealth Without Letting Your Family Situation Destroy It

By April Taylor

Helping out friends and family financially can be a sticky and often misunderstood situation.  As Lynette Holloway writes for The Root, it is important to set boundaries and be aware of pitfalls when helping out those closest to you.  The blog is part of a series focused on building black wealth.  In it she highlights the story of Marlon D. Cousin’s whose nephew did not receive thousands of dollars in financial aid that had been awarded.  As the managing partner at an Atlanta-based recruiting firm, Cousin had set up an emergency fund to be used for families in situations much like his nephew.

Cousin encourages black families to have such a fund set up to be able to help their families out.  The fact that the economy is still not recovered and that jobs are few and far between adds to the urgency of needing such a fund.  Cousins says it is important to have guidelines in place for what the money will be used for and also how much is available.  This is meant to avoid overspending and also avoid family and friends making requests for money for things that are not true emergencies or are situations that could have been avoided had they taken more personal responsibility.

Cousin has also set up a college fund to help children in his family pay for college expenses.  Cousin is hoping that while helping family through college, the fund will also be an example of why it is important to take financial planning seriously and to save and invest the money they make once they earn their degree.  The fund is self funding and is funded through dividend paying stocks.  Learning to share wealth wisely and also teaching others how to create their own wealth goes a long way in helping black families create better financial security not just now but also in the future.

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    Lawrence Watkins is the founder of Great Black Speakers, FlexPads, and co-founder of Watkins Media Group. He writes because he feels like it makes him a more productive entrepreneur and hopes that others can learn from his journey. Lawrence has a B.S. in Electrical Engineering from the University of Louisville and an MBA from Cornell University. He is also a member of Management Leadership for Tomorrow and The Young Entrepreneur Council.

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