"Generational Wealth Is An Illusion"
...until we heal from financial trauma
This week the socials were on fire because of a post from popular money influencer Wall Street Trapper. This is also a Blackity-Black-Black post.
“How we really want Reparations, when the reality is, When we get Income tax, when you got PPP loans, We just bought a lot of designer & jewelry? The masses not ready for that, until we heal from FINANCIAL TRAUMA, Generational Wealth is an illusion!” -Wall Street Trapper
I noticed the post originally on Instagram and jumped on over to Twitter to see the real action. I went on to quote retweet it with the added commentary that “People in the quote tweets UPSETTTT because he is stating facts. #financialtrauma is absolutely a barrier to #blackwealth . It’s not shaming or guilting anyone to state that.” to which I started to experience my own backlash.
In reflecting on the feedback to both his tweet and mine, I thought it was appropriate to dedicate this weeks post to dissecting the statement (and the backlash) in relation to generational financial trauma.
“Reparations is OWED”
All throughout the comments I noticed this consistent response that reparations is owed and that the original tweet somehow creates a barrier between the paying out of reparations and the spending of that money. It appeared as though the statement “the masses not ready for that” is what created most of the backlash as some retorted that this was elitist and “pocket watching”.
But is it?
I responded that as leaders of (Black) people in financial education and wellness it’s a valid concern to have—"it” being the mental/emotional state and general lack of preparedness by way of exposure and education, to handle what could be a life changing sum of money—. If only for the reasons he's outlined and the stereotypes perpetuated across social media, where are the positive examples to point to in the navigation of large sums of capital suddenly in the possession of individuals who might otherwise be experiencing or have had previous experiences with poverty?
The statement isn’t a barrier or criteria that disputes the claims to reparations, but one that speaks to the systemic injustices and inequalities that have created conditions for us to be concerned about in the first place.
It’s Not All About Race
The concerns about how reparations would be spent should it be granted is not just around the influence of slavery, Jim Crow, and exclusionism; but the influence of capitalism, classism, and consumerism layered on top of it. You can’t go on the internet without being bombarded by advertisements and “deals” carefully tailored to your interests, search history, or link clicks. Suddenly everyone has the newest iPhone, headphones, watch, or home appliances because what was once considered luxury is now a consumer “need” and we justify that need through 5 star reviews that talk about convenience, time saved, ease of use, etc. The truth is, that many will find a way to spend the money outside of their current needs simply because they have it or, better phrased, because at one time they did not. It is that aspect of financial trauma that needs to be explored. Not from the position of some overseer pocket watching and judging your spending, but from the position of understanding consumer behavior regardless of race further complicated by the experience of Black Americans and the generational trauma that has impacted us not only financially, but spiritually, mentally, and even physically.
“We Exist On A Spectrum Just Like Any Other Ethnicity”
This is a direct quote rebuttal to the original poster’s tweet that speaks to the varied experiences of Black people. Some of us are educated and prepared in the way of handling money. Some of us did not grow up experiencing poverty. For some of us, it can be more difficult to pinpoint how financial trauma shows up in our lives because we make high incomes, own assets, or have good careers or businesses. And however difficult it might be to identify that trauma, there is still a good chance that trauma is still there, or will surface as a result of the issuance of reparations in the form of capital.
Generational Wealth Is An Illusion
The most triggering statement to me of everything shared is this line. “Generational Wealth” has become the buzz phrase of buzz phrases in the last 2-3 years. Used to sell products and services, the inspire purchases and other forms of taking action, it’s become a sort of mantra and war cry behind many uninformed decisions relating to money. If people think they can duplicate the success of the Rockefeller, Walton, Disney, or Rothchild families they’ll ignore their own common sense to go on wild goose chases into financial ruin. If some large sum in the form or reparations were to be paid out, that simply creates a greater opportunity to be taken advantage of eliminating your shot at generational wealth with a once in a lifetime opportunity.
I understood Wall Street Trapper’s intent with the statement. He’s had an ongoing theme around financial trauma like I have. He has a specific audience in mind when he creates content like I do. And I’m willing to bet he doesn’t always remember (or care) that those outside of his target audience are still part of his audience and therefore may be offended or misunderstand what he’s trying to accomplish by making statements like these. And when your experience, your story, your observations are your points of reference, then all you can ever be is you and all anyone should ever expect of you is just that.
I had a conversation with a good friend and brother in financial therapy where he pointed out that these conversations and worldviews related to financial psychology often occur on a micro level (as it relates to self) and on a macro level (as it relates to the world around us). Often times we try to exert control over the things we cannot directly influence when we should be turning our energies inward to the things we can. That’s not to say that systemic changes shouldn't be fought for (and won). It is to say however that we must be accountable to the inner work required to make the best decisions and maximize the opportunities we have financially or otherwise regardless of what’s going on in the world around us.
What are your thoughts on this? Feel free to leave a comment, share, or respond in the group chat.
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Thank you always,
Rahkim
Late comer.... and happy I found your content. Interesting read.
Interestingly enough, I have a similar philosophical approach to Technology as you do with Finance. As long as your engagement with Tech is that "they" prefer you as a consumer you're pointing to the North Star. I'm relentless in getting my community to engage beyond the facade.
The difficulty comes from the continual bombardment of advertising and the psychological warfare it descends upon your every consciousness........ and even subconsciousness. As the father of two boys less than 10, my biggest fear is educating them sufficiently to navigate these waters. To the extent where not only do they not repeat the obvious traumas I now manifest but to also minimise the development of any other current unknowns.
Keep up the good fight.