Generational Wealth
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Time
I grew up in the states and always felt that I could achieve what I set my mind to, but as I look back, I question the most common question children are asked as a child, “What do you want to be when you grow up?” But the truth is that our career choice depends on socioeconomic status. I’m not saying, don’t follow your dreams. I believe that life in the states is full of opportunities, but I think it’s important to highlight that some opportunities have a more straightforward path when you come from generational wealth.
I’m a first-generation Latina. My mother grew up in El Salvador’s countryside and migrated to the States, fleeing the civil war in her country. She became a successful businesswoman but faced language, cultural, and financial barriers. If she had come from a wealthy background, I know that many of those mistakes would have never occurred because resources would have been available. The distribution of resources is unleveled in the states, but a lot stems from the fact that time is on the side of White families who have generations of families rooted in the States. The federal reserve published a consumer survey in September 2020 showing how disproportionate the wealth gap is between whites and people of color.
“One reason wealth-holding is relatively high among White families is they are considerably more likely to have received an inheritance or gift.”
For those of us who are first-generation, there is a significant challenge in acquiring wealth because we are the train leaders. We are responsible for learning, and we will be the first to make mistakes and pave the path for future generations.
I want to be clear that this isn’t a rant on what I didn’t have growing up. This is a reflection, a moment of awareness, and a time to help others who are struggling to create wealth. When I refer to wealth, it’s not just monetary value; it includes knowledge. Experience creates wealth. NBC recently published an inspiring article on a mother who is building generational wealth for her son. It highlights an essential factor that acknowledges systematic barriers for people of color when acquiring wealth.
So let’s go back to that question we are asked when we are children, “What do you want to be when you grow up?” I’m a first-generation child and my classmate, Lucy, is six generations in; Lucy’s family had time to acquire wealth and acquire knowledge. They started a college fund for her before she was born; she may even have a trust gifted to her by her grandparents. Now let’s look at a first-generation child who is already very aware of her family’s financial situation because they have a government card that allows them to buy food. She has to translate for her parents and help them fill out forms she barely understands. She may also have to miss school on days to stay home and care for her younger siblings if one is sick and her parents have to work. When college application time comes, Lucy knows exactly where to apply and is taken on a trip to visit her choice school. She most likely had help from her parents who attended college, from parents who are native English speakers, from parents who had support from their parents.
For some of us, that question of, “What do you want to be when you grow up?” is actually “How am I going to grow up?” The only way to move this train is to lead and improve together. It is difficult, and there are struggles, but let’s improve together, share resources, and accumulate wealth.
Let’s get time on our side.
