FAMILY, FOOD, FUN AND FINANCES

By Carlos C. Johnson III, President/CEO GoldCorp Financial Group

Wait one minute.  What was that last part?  Did I say finances?  Yes, you heard me right, I said finances.  It seems a new trend may be taking place in urban America.  It seems that family reunions may be more than just food, family, and fun.  We are seeing an increase in family reunions having fun and at the same time, discussing funds.  Mutual funds that is.  Some black families feel that in order to build up their empire, they have to come together and discuss money, investing, saving plans, and budgeting.

In these economic times, it may be wise to look to your own family and discuss forming a family partnership.  Investment clubs have been all the rage in suburbia, but not so much in the urban neighborhoods.  First and foremost, we must become educated in the areas of investing.  We can keep talking about our forty acres and a mule, but that is not solving anything.  Let’s take our current resources and slowly build up our investment portfolios.  There are plenty of resources out there to assist you in your quest to become the next Sheila Johnson (black billionairess) or Robert Johnson (black billionaire).

This concept was recently brought to my attention and I thought it was a great idea, that’s why I decided to write about it.  I would like to bring to light all the advantages of forming a family investment club.  First of all, it can bring families closer together by sharing a common goal.  It can teach your children about business and money management.  Children are very interested in money.  If you show them how to make it grow then you are setting them up for a lifetime of saving and investing habits that they will carry on to the next generation.  And ladies and gentlemen, that’s how generational wealth is created.  White families have been using this concept for generations.

To get started, just look up National Association of Investors.  You will find all the information you need to start an investment club.  In this current economic climate, family wealth can still become a reality for those who care to do their due diligence.  Don’t misunderstand me, you will have to do some research and be willing to take some risk, but the risk can be mitigated if you take care to choose long-term investments and learn a few investment strategies.  If you would like to learn about the different types of investments out there, you can go to www.GoldCorpFinancialGroup.com.

Building family wealth can be fun and exciting.  So at your next family reunion or family get-together, start talking about forming a partnership with other family members.  If you start to pool your resources, I think you will be surprised by what you can accomplish.  Choosing investments is a fun past time.  All the members of the family can participate and learn about different companies and investments.  I believe if this concept catches on, we will be well on our way to closing the wealth gap in this country.

Carlos C. Johnson III, President/CEO, GoldCorp Financial Group
Website: www.GoldCorpFinancialGroup.com
Contact: : 727-686-0287
Chairman, Economic Development Committee, NAACP