Build wealth today. Empower generations tomorrow.

As of Q3 2024, Black Americans held $5.39 trillion in wealth—just 3.4% of the country’s total. In contrast, white Americans controlled $134.58 trillion (84.2%).

This wide gap is the result of decades of systemic barriers that have limited access to wealth-building opportunities for Black individuals.

Fortunately, a growing number of Black finance experts are stepping up to change this reality. They’re equipping families with practical knowledge & advice on how to build and sustain generational wealth.

7 Strategies for Generational Wealth Building in the Black Community

Here are some actionable strategies by top personal finance experts on creating lasting financial legacies:

1. Shift Your Mindset

Tiffany “The Budgetnista” Aliche, an award-winning financial educator, stresses that building wealth starts with resetting how you think about money. Many people carry shame from past financial mistakes, and this eventually holds them back. 

She states that talking to someone you trust, releasing the shame, and forgiving yourself is the first step to real financial growth.

2. Boost Your Income

Millennial money expert Tonya Rapley points out that budgeting alone isn’t enough—you also need to grow your income.

Whether it’s through a side hustle, freelance work, or a small business, that extra income creates a surplus you can use to invest and build long-term wealth.

3. Start a Home-Based Business

Lynn Richardson, a leading financial coach, recommends home-based businesses as a practical wealth-building strategy.

Since the IRS allows over 475 tax-deductible expenses for home businesses, starting one can help you reduce taxable income and save more.

Common tax-deductible expenses include:

• Business supplies and materials
• Mortgage insurance and interest
• Utilities like electricity, heat, and phone.

4. Invest in Financial Education & Mentorship

Personal finance expert Anthony O’Neal emphasizes that learning about money—how to earn, save, and invest it—is key to building lasting wealth. He encourages reading financial literacy books, joining webinars, or taking online courses to boost knowledge.

Anthony also highlights the importance of learning from mentors, as their real-world experience can help you avoid mistakes.

5. Create a Legacy Through Homeownership

Financial advisor Andre Jean Pierre says homeownership can set your family up for success.

A paid-off home passed to your children means lower living costs and more freedom to invest early. When paired with smart financial habits, it can break the cycle of poverty and build lasting stability.

6. Disconnect from Toxic Money Relationships

Lynn Richardson also advises individuals to distance themselves from friends or family members who take advantage of them financially.

According to her, one of the ways to achieve financial stability and wellness is to set firm boundaries around lending or giving money.

7. Have a Plan for Transferring Wealth

Map out the lifetime of your wealth.

Tonya Rapley states that having a plan for passing down the wealth you’ve accumulated is crucial. By setting up a will, trust, or testament, you can ensure that your assets (money, property, or investments) reach the right people. 

Without these documents, your hard-earned wealth could be tied up in legal disputes or lost to conflict.