Creating Generational Wealth: The Case for Students to Begin Building It Now
African Americans have significantly contributed to the American economy throughout history, from the labor of enslaved people to post-emancipation work. Notable leaders like A. Philip Randolph and Dr. Martin Luther King, Jr. fought for economic opportunities and workers’ rights. Without question, much has changed since Frederick Taylor stated in his 1911 groundbreaking book, Principles of Scientific Management, that African American laborers were the “finest body of picked laborers” that the author had ever seen. The Bureau of Labor Statistics shows that higher education lifts people out of poverty by increasing employment participation and earnings, particularly for minority groups.
Prairie View A&M University’s 11th Annual Essay and Oratory Contest focuses on the theme of creating generational wealth, challenging students to think beyond mere labor force participation. Statistics show that HBCU graduates earn approximately $1 million more over their lifetime compared to those without a bachelor’s degree. Currently, African Americans represent 8% of U.S. millionaires, with 1 in 28 African Americans having a net worth exceeding $1 million.
The question arises: Should wealth building be limited to industrial barons, contemporary business leaders, entertainers, or athletes? Should college students wait to reach a certain professional level before developing wealth-building habits? The story of PVAMU alumnus Whitlowe R. Green demonstrates otherwise. Despite financial struggles during college, he learned the value of saving and investing early, eventually leaving a $2.1 million gift to his alma mater—the largest alumni donation in the university’s history.
As Dr. Reginald Bell, Professor of Business at PVAMU, emphasizes, “Your time is precious. What you do with the time is critical to the quality of life you live… compounding interest is one of the greatest inventions of human beings.” Dr. Bell will conduct a workshop on “How to Become a Net Worth Millionaire in Twenty Years,” teaching fundamental principles of saving, investing, and building generational wealth through patient and mindful strategies. Writers should watch social media and KPVU FM announcements of the upcoming workshop. It will encourage students to think beyond immediate career goals and consider how they can build lasting wealth that benefits future generations through various assets, including cash, real estate, stocks, bonds, precious metals, businesses, inventions, creative productions, et cetera.