Legacy Building for Black Women: How to Pass Down Wisdom, Knowledge, and Financial Security

We’re living through one of the largest wealth transfers in modern history as the Baby Boomer generation begins to pass down their assets. According to NBC News, an estimated $84 trillion will change hands over the next few decades. But who’s actually inheriting? About 35% of white Americans are expected to receive an inheritance, compared to just 13% of Black Americans. And the amounts? Significantly less. As highlighted in this Federal Reserve report, the racial wealth gap is not just persistent, it is systemic.

We suspect Canadian numbers mirror this reality. Many Black families here are newcomers, still in the early stages of wealth building, while white families often benefit from generations of accumulated capital. The question isn’t just about who’s inheriting. It’s about whoever had the chance to build in the first place.

Legacy is not just the material things we leave behind, it’s about the values, wisdom, and impact we impart to the generations that follow. Building a legacy is uniquely powerful. It encompasses the preservation of cultural heritage, the transmission of invaluable knowledge, and the cultivation of financial security. In a world that often marginalizes Black communities, intentionally crafting a legacy ensures that our stories, experiences, and resources continue to empower and uplift future generations.

1. Preserving Wisdom: The Power of Storytelling

For generations, Black Women have been the heart of their communities, the keepers of cultural knowledge, and the storytellers who pass down the history of struggles, triumphs, and lessons learned. Storytelling is a powerful tool that ensures our wisdom is not lost, but cherished and continued by those who come after us.

Whether shared verbally or through written words, storytelling allows us to pass down life lessons, cultural practices, and personal experiences. It serves as a way to keep our families and communities connected, even across generations.

Ways to preserve and pass down wisdom:

Record Family Histories: One of the most effective ways to preserve your legacy is by documenting family histories. You can do this by recording interviews with your elders or creating written stories and journals that detail important life moments and lessons learned. Digital platforms like podcasts or YouTube can also be great mediums for capturing these stories.
Create a Personal Journal or Memoir: Writing down your own experiences and reflections not only helps you process your journey but also provides future generations with a glimpse into your life. This can serve as a source of strength and guidance for them when they face their own challenges.
Teach Cultural Practices: From family recipes to spiritual rituals, passing down cultural practices helps maintain a sense of identity. Consider creating family recipe books, organizing cultural events, or even teaching younger generations the dances, songs, or prayers that have been passed down in your family.
Document Your Wisdom Through Blogs or Social Media: Digital platforms allow for easy sharing of life lessons and wisdom. You can use blogs, podcasts, or social media platforms to share your story and lessons with a wider audience, ensuring that your wisdom reaches beyond just your immediate family.

2. Knowledge Transfer: Mentorship and Education

One of the most profound ways to build a legacy is through knowledge transfer. For Black Women, mentorship can be life-changing, offering guidance and insight that empowers others to reach their full potential.

The knowledge you acquire throughout your life, whether through education, career experience, or personal growth, is an invaluable resource that can create opportunities for others. By sharing this knowledge, you contribute not only to the growth of individuals but to the broader success of your community.

Ways to transfer knowledge and mentor others:

Mentorship and Professional Development: Seek out opportunities to mentor young Black Women or girls. Whether it’s through formal programs or informal guidance, mentorship allows you to share insights about career development, overcoming challenges, and making informed decisions. By lifting others as you rise, you create a ripple effect of success.

Establish Scholarships and Grants: One way to give back and support the education of future generations is by establishing scholarships or funding educational programs. Consider supporting Black students pursuing careers in fields where they are underrepresented. Your financial contribution could be the key that unlocks new doors of opportunity for someone who wouldn’t otherwise have access.

Host Workshops or Online Courses: With the advent of digital platforms, teaching is no longer confined to the classroom. Create online workshops or courses that share your professional expertise, life skills, or cultural knowledge. Platforms like Skillshare, Teachable, or even YouTube allow you to share your knowledge with a wider audience, helping people build the skills they need to succeed in their own lives.
Create Knowledge-Sharing Platforms: Consider creating a blog, podcast, or YouTube channel where you can share your experiences, expertise, and advice. This serves not only as a form of mentorship but also as a means of reaching people across the globe, offering guidance and support to those who may need it most.

3. Building Financial Security: Generational Wealth & Investment

Let’s not forget the power of financial inheritance. One of the most powerful ways to ensure a lasting legacy is through financial security. However, building generational wealth requires intentional planning, financial literacy, and the willingness to make long-term investments. Historically, Black families have faced barriers to accumulating wealth, but by changing our financial mindsets and educating ourselves, we can break these cycles and ensure future generations are financially secure.

Steps to build and pass down financial security:

Estate Planning: One of the most important aspects of wealth-building is creating a plan for your assets. By setting up a will, trust, or estate plan, you ensure that your wealth is distributed according to your wishes. This protects your family and provides them with a strong financial foundation.

Invest in Real Estate and Other Assets: Real estate is one of the most effective ways to build and pass down wealth. If possible, consider investing in property that can appreciate over time, creating long-term value for your family. Additionally, building a portfolio of stocks, bonds, or other financial assets can provide a solid financial foundation for the next generation.

Teach Financial Literacy: Financial literacy is a critical component of building generational wealth. It’s important to teach younger generations about budgeting, saving, investing, and the power of compound interest. By equipping them with financial knowledge, you empower them to make informed decisions that will benefit their financial future.
Support Black-Owned Businesses: Investing in Black-owned businesses is not only a way to grow wealth but also a way to reinvest in the community. By supporting and growing these businesses, you contribute to the economic empowerment of Black people, ensuring that wealth remains within the community for future generations.

4. Giving Back to the Community: Empowerment Through Collective Action

Building a legacy isn’t just about individual success; it’s about contributing to the collective well-being of your community. Black Women have always been at the forefront of social justice, faith communities, and charitable work. Giving back through volunteering, organizing events, or supporting local initiatives is an essential way to ensure your legacy creates lasting change, and it role models the importance of service to younger folks.

Ways to give back and empower your community:

Volunteer and Advocate for Change: Whether it’s through local activism, advocating for policy change, or supporting charities, contributing to the betterment of your community is an essential part of legacy-building.

Invest in Community Programs: Partner with local organizations that are working to uplift marginalized communities. Your support can help create lasting change and provide future generations with the resources they need to succeed.
Create an Endowment or Foundation: If you have the resources, consider creating a foundation that supports causes close to your heart. This can be a lasting legacy that empowers the community for years to come.

Conclusion: The Responsibility & Reward of Legacy-Building

As Black Women, we face unique challenges, but we also have an incredible opportunity to shape the future for ourselves and the generations to come. Legacy-building is about more than wealth; it’s about ensuring that our stories, our knowledge, and our financial resources continue to empower our communities long after we are gone.

By intentionally preserving our wisdom, passing down knowledge, and building financial security, we lay the foundation for a legacy that will inspire, uplift, and empower generations of Black Women to come. What legacy do you want to leave behind? The time to start building it is now.

Love and power,

Velma Carter Centre