Your Legacy

Don’t Give Up Your Legacy

In this country, there are many, diverse races and ethnicities. Leaving a legacy for one’s children
and grandchildren is considered to be a badge of honor. To work and live your life in a manner
in which you can have something of value to ensure that your children and grandchildren have
a foundation on which to build. For people of color sometimes this is somewhat difficult. We
often start out with little and most often nothing. The forces that propel advancement are
usually unavailable to us. Because of this, it is imperative that as a people we make sound
financial decisions. We must not give in to the predatory forces that plague our communities.
There are those that offer us cash for our homes. If we take the cash that looks good at the
time, where do we move to where we can get something comparable? Then for a lot of older
people, there is the thought of living comfortably for the rest of your life with a reverse
mortgage. You still have to pay taxes and insurance. In the event of death family members
have to purchase the home at market value. Another legacy item scooped up by those looking
to make money off of your naivety. Then there is the title pawn. You give the lenders your
car/truck title and they loan you money at a high-interest rate. If you have a decent vehicle
their hope is that you will miss a payment and your vehicle will belong to them. Another legacy
stealer is the furniture rental business. You pay a small amount of money to rent furniture but
ultimately you pay twice, even three times as much money as the items are worth. In the end,
because the furniture quality is not that good, if you happen to pay it off it’s not in good shape.
Your money just goes up in smoke. Look at the alternatives to all of the above. Get financial
counseling, wait and save money before purchasing a home, vehicle, or furniture. Try not to
trade a car or truck in before paying it off. Don’t fall into the trap of immediate gratification. In
other words, wanting what you want when you want it. Wait, plan, and strategize as to how you
can get what you want without the payments being a burden on you. That big, pretty, shiny car
or truck rides the same as a sensible vehicle. Think about your future, your children’s, and your
grandchildren’s future. Leave something behind for them so that they won’t have to struggle as
much as you did. Teach them about money management and making solid financial decisions.
When you do this, it is the first step in creating generational wealth.

Marvin Dixon/Founder
Vmgreview.com