Written By Shatoyia Jones, FLP Founder, Wealth Building Educational Consultant; Business Development Specialist
You could waste time and money trying to build wealth on your own, but for those of you wanting to reach your goals in the smartest, fastest and most efficient way possible, here are the 5 stages to building generational wealth outlined by first and second generation wealth builder, award-winning entrepreneur, business development specialist, philanthropist, speaker and author, Shatoyia Jones with resources for getting started taught in her organization's signature program, 5 Stages to Generational Wealth Building based on her personal journey, over a decade of professional experience with clients and research on poverty and racial equity.
Stage 1: The Mindset and Vision Shift
If you are in Stage 1, you want to start a purpose-driven, successful online business and/or build generational wealth, but you don’t truly believe that you can or that it is possible for you.
If you are taking steps to build wealth, but you don't truly believe that you can, you will never reach your goal(s) because that doubt that you have of actually attaining it will keep you from making the necessary commitments and sacrifices, fostering the necessary discipline and carry more negative energy than positive on your journey.
As a result, you will not connect to the right people who will connect you to the right resources for you to reach your goals and even do more than you ever imagined you could. However, before you can start and be successful, you must--no if, ands or buts about it--change your mindset on money and wealth and create a vision for how you are going to reach your personal wealth building goals.
If you are in Stage 1, and you are seeking to change your mindset on money and what you can personally achieve, join First Ladies of Poverty Foundation and our partners (licensed and certified financial advisors, financial planners, financial coaches, business owners, investors and wealth builders) by registering for our upcoming financial planning and management / vision board masterclass.
Stage 2: Financial Planning and Management
Once your mindset is primed and prepped to start SUCCESSFULLY and SUSTAINABLY building wealth with a vision to match, it is now time for you to put your mind and vision into a plan of action. Yes, you must manifest in thought and action. Thus, if you are in Stage 2, you believe without a doubt that it is possible for you to become financially literate and build wealth, but you don't know where to or how to start.
So how do you start? You start by repairing and undoing any financial damage you have already done from debt to loans to credit, and then you go about creating a financial plan of action to begin managing and saving your money better, as well as prepare for retirement.
Where do you start? You can start by registering for one of our upcoming financial planning and management masterclasses and working with our financial advisors to start your journey. You will also have the opportunity to sign up for group and private coaching as well, and get matched to financial advisors to support you wherever you are in your journey.
Stage 3: Start, Build and Sustain an Online Business
Okay, so you have a system that you are implementing to undo financial damage, and you have a solid financial plan in motion for managing and saving your money and preparing for retirement. You have some savings, and your finances are on the up and up. What are your next steps? How do you move forward on your path to building wealth?
Though it is not 100% necessary to start a business, I highly recommend our community of first and second generation wealth builders to start an online business. An online business is great to start with little to no capital, there is more room for trial and error and your market is expansive--meaning there is more opportunity to reach the folks who want / need what you are offering. An online business also gives you the best opportunity to think about money in the way that you would truly need to not simply learn to manage and save money well but to expand your mindset even more so that you can learn how to make your money work for you. It will help you learn everything you need to take your financial plan to the next level by learning how to go from simply managing and saving money well to learn how to create, invest and own assets that brings in income on your behalf so that you can start building wealth.
So, where do you start?
There are so many options today as to the type of business you can start. That's a wonderful thing because you don't have to try and just learn to make do with only one type of business. You can choose from so many from so many industries. However, because there are so many options and information is being thrown at you daily with different types of businesses and programs, it is overwhelming to sort through all of the information to find the right business and program for you. Thus, you run the risk of wasting money, time and deciding not to do anything at all.
This is where First Ladies of Poverty Foundation comes in. We have curated a list of 20+ online business programs for you to choose from in partnership with award-winning business professionals and entrepreneurs around the world from a variety of industries--from essential services businesses to small business funding to credit repair to affiliate marketing to educational consulting and so much more. Not only will you learn a new skill and trade, but you will learn the business side of money and the fundamentals of building and sustaining wealth.
If you already have an online business idea or an online business that you will like to start, build and grow, we offer group and private coaching options to support you in reaching your personal and financial goals. We also have a FLP Fund program where we offer grants, loans and other funding opportunities to help you get the capital you need to start, build and grow your business.
Register for our upcoming masterclass to learn more.
Stage 4: Multiple Income Streams and Building Wealth
At this point, you have a solid financial foundation and plan for growth, as well as 2+ income streams.
Here is what this could look like:
Now, it is time to level up again in your financial habits and mindset. It's time to expand your investing portfolio to add additional income streams. This can be another business, a passive income stream or other dividends and capital gains.
Again, you have options, and that's a wonderful thing. You can choose what you want to do. And, yet again, without the proper mentor-ship and guidance, you risk wasting time, money and even missing out on important tax benefits. Most importantly, you run the risk of losing your motivation for building generational wealth.
If you are currently in Stage 4 and are looking to create your personal plan to grow, manage and sustain your financial health and build wealth, register for our upcoming multiple streams of income and building wealth masterclass.
Stage 5: Generational Wealth Succession Plan
Congratulations! You made it! *** happy dance ***
By the time you reached this stage, here is what you have accomplished so far:
What's left? It's time to pay it forward and teach your community and loved ones what you have learned.
At First Ladies of Poverty Foundation, we offer opportunities for you to get paid to teach our community and your local community financial planning and management, business and entrepreneurship, investing and wealth building. If you would like to learn more, register for our upcoming information session to learn more, and get started today.
Did you enjoy this article?
Which stage are you in? What have you done to reach your financial goals, and what do you currently need?
For more content...
>> Join Our Wealth Building Community
>> Sign Up for Generational Wealth Group or Private Coaching
>> The 5 Stages to Building Generational Wealth with Little to No Money
>> 6 of the Most Important Things to Consider When Building a Strong Financial Legacy and Building Generational Wealth
>> Access FREE Wealth Building resources
FLP First Generation