Black Girl Magic is in full effect in the world of entrepreneurship. More women, particularly black women entrepreneurs, are taking the path to ownership, fully investing in themselves and future generations. If you’ve ever thought about being an entrepreneur, you’ll have the support of a sisterhood of women who are doing the same thing.

According to The 2017 State of Women-Owned Businesses Report commissioned by American Express, women’s entrepreneurship is growing at a fast pace. Women-owned businesses account for over one-third of all U.S. firms, resulting in an estimated 11.6 million firms in the United States as of January 2017. Leading the way in the entrepreneurship space are African American women. Women now own 30% of all businesses in the U.S., accounting for some 9.4 million firms. Additionally, African American women control 14% of these companies, or an estimated 1.3 million businesses.

“This is our time,” says Venus Opal Reese, CEO of Defy Impossible, Inc. and creator of the Black Woman Millionaire Tour. “Everything our ancestors have prayed for is at our fingertips. The social structures that have kept us in bondage have lessened.”

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Originally published by BlackEnterprise.com

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What you know about wealth will determine where you go and what you are able to accomplish in your lifetime. Knowing about wealth isn’t just an advantage for you. You’ll see the dividends of your efforts when your bloodline isn’t left to start over from the bottom.

A New Look at Wealth

You’ve probably been taught to believe that, “money isn’t everything”.

That’s true.

Money isn’t everything but wealth is a tool that can be used to transform the lives of everyone around you. If you want to help change the mentality of a generation, give them something that was once used to oppress them. Have them take a new look at an old tool.

First, you need to realize what wealth is.

Wealth is a collection of assets accompanied by happiness, which is the foundation of a legacy

Wealth is a New Concept for Most Women 

For generations, women have struggled with obtaining pure financial freedom and income independence.

The issue can be summarized in the understanding of what wealth is and isn’t. Start by differentiating what it means to be rich vs. wealth.

Let’s look at some of these differences.

• Rich women pay heavy taxes on earned income; wealthy women only pay taxes on “reported” income
• Rich women can lose their entire worth in one wild market swing; wealthy women are secured by accumulated assets
• Rich women depend on a salary, which can be taken away; wealthy women generate income from smart investments

Rich women’s hard earned money is taxed into oblivion, but wealthy women use various loopholes to keep most of their smart earned money. To position yourself mentally, you have to walk down the road of success.

The Journey Begins

How a wealthy woman thinks and acts is key.

The road to riches and wealth starts with 3 things: consistency, security, and understanding.

Consistency is feeling safe; you’re actively executing your plan and not being a sitting duck (easy economic prey). This will ensure you don’t lose it all during the next financial crisis.

Security is another word for confidence. It’s about knowing that you are prepared to obtain wealth. Understanding is about knowing how to adapt and apply certain skills.

One Way to Build Wealth

As the saying goes “never put all your eggs in one basket”. Diversified accumulation, or buying different assets, is one way to build wealth.  If you only have $50-100k in a retirement account (pension, 401k), you’re missing out.

Making investments instead of purchasing liabilities is how you win the game. A well-balanced portfolio is a difference between a rich person and a wealthy person.

From Rich to Wealthy

Rich is the first level of getting wealthy. There’s a dire need to understand wealth or fall by the waist side.

Here’s what you should know: concentration is how you build wealth, diversification is how you preserve wealth, and management is how to carry it on for generations.

If more women knew what true wealth was, they would reallocate their money and time to attract what they desire.

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