What is wealth, and why is talking about it so difficult? Our second episode covers the difference between wealth and riches, barriers to building wealth, and some ways to save and invest in light of these obstacles. This episode ran a little long, because wealth and the systems on which it is built is a vast topic that brings up a lot of issues about money that we don’t often talk about in polite or mainstream conversation. Also, we could talk about the social aspects of money at great length when given the chance.
As mentioned at the end of the show, we want to hear from you: (how) are you working on building wealth? What has worked? What hasn’t? Do you have any wealth-building questions? If so, ask us on Twitter (@HeywardCPA) or Facebook (facebook.com/heywardcpa).
Coming up on our next episode: more wealth talk, this time about wealth-building for small business owners. Show notes for episode 2 are located below the cut.
Mentioned on the show
- A recent study finds that the median wealth of Black (and more slowly, Latinx) people in the US is trending toward zero *^
*Note: on the show, we said that, with a median wealth of zero, 50% of Black or Latinx people would have 0 wealth and %50 would be in debt. Correction: 50% of Black or Latinx people would be in debt or have zero wealth, and the other 50% would have $1.00 or more in wealth.
^This article lacks information about the relative wealth of Asian Americans, Native Americans, or other groups. While useful for visualizing systemic economic inequality, the picture it paints does not describe all of the specific effects of systemic inequality because it does not contain data on all of those affected.
- 4 Steps to Help You Build Wealth Right Now
- The CFP Board of Standards has articles/resources on wealth building topics: www.letsmakeaplan.org/learning-center