UNDERSTANDING FINANCIAL WEALTH DEVELOPMENT
We all have different perspectives on poverty.
Some of us are always looking for ways to save more money while others use money as a tool to achieve their goals, such as living life to the fullest and keeping up with the latest trends.
Regardless of your level of financial capability or where you are on the belief spectrum, understanding how financial wealth accumulates can help you make a meaningful contribution to ending the cycle of poverty that plagues our communities.
To break the cycle of poverty by creating financial wealth, it is crucial to make use of the various assets, skills, and institutional supports that help vulnerable families thrive and move up the economic ladder.
Reforming the financial, educational, legal, health, and tax systems that affect family financial security are also necessary.
The future of families, communities and the economic health of the country are all threatened by the widespread financial instability among households today. Two out of three homes of color and almost half of all American households do not have enough savings to last three months without an income. A third of Latinos and African Americans are completely assetless.
Families can only escape poverty and attain economic security if they have the means to earn money and amass assets. Assets may be both material and immaterial resources, such as bank accounts, college degrees, homes, stocks, and bonds. Families without assets may be able to get by day to day, but they won't be able to handle a financial emergency, save money for their kids, or make investments for a brighter future.
The bigger, more intricate organizations and processes that permeate our lives can either help or hinder a family's efforts to strengthen their financial stability. The most vulnerable families and communities are robbed of assets and riches by certain aspects of various systems, which worsens their financial instability and poverty.
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