Business, Economics & Politics

George T. Downing (December 30, 1819 – July 21, 1903)
Family Wealth, History

George T. Downing (December 30, 1819 – July 21, 1903)

George T. Downing (December 30, 1819 – July 21, 1903) was born in New York City. His father Thomas was born in 1791 in Chincoteague, Virginia, to parents who had been freed from slavery when their master, John Downing, a prominent planter, converted to Methodism. The couple took his surname and were also Methodists.⠀⠀⠀⠀⠀⠀⠀⠀⠀The local Methodist congregation named their meeting house in Oak Hill after Downing because of his acts. Downing hired Thomas' parents to serve as caretakers at the meeting house, and provided a tutor for Thomas. Thomas grew up learning about refined tastes from guests hosted by John Downing at his own house, near the land his parents were given,⠀⠀⠀⠀⠀⠀⠀⠀⠀George Downing was an abolitionist and activist for African-American civil rights while building a successful...
A.G. Gaston – First Black Millionaire of Alabama Tribute
Business

A.G. Gaston – First Black Millionaire of Alabama Tribute

By Black Enterprise Magazine 1992: Celebrated Birmingham, Alabama, entrepreneur Arthur G. Gaston, founder and chairman of BE 100s financial institutions Citizens Federal Savings Bank and Booker T. Washington Life Insurance Co., among nearly a dozen other businesses, is named BE’s Entrepreneur of the Century. Born the grandson of a slave in a log cabin on July 4, 1892, Arthur George Gaston Sr. prevailed over the barriers of the Jim Crow South to emerge as one of America’s most multifaceted and dynamic black businessmen. His example of strategic brilliance and unyielding tenacity served as a model of inspiration for generations of African American entrepreneurs—from John H. Johnson, the media giant who founded Ebony and Jet magazines, among other enterpris...
Booker T Washington on Wealth Redistribution
Business, Wealthy Thinking

Booker T Washington on Wealth Redistribution

The youth are regularly being led astray by their teachers, the education system, ideological organization, political parties and social media about the evils of the wealthy. They would have the children believe that socialism would be a better fit for America. As a parent, you may be confronted with socialist banter from your children and it is important to first analyse our own thoughts about wealth and the wealthy and then share counter arguments to our children who are being led astray. Wealth matters, it employs people, it allows for innovation, it constructs the life around us. Simply because we, ourselves, may not be wealthy doesn't mean that wealth itself is evil and we want our children to have a healthy relationship with money and wealth. As many a great minds have...
Billionaire Investor Robert Smith pays off Morehouse Class of 2019 School Loans
Business, Economics & Politics

Billionaire Investor Robert Smith pays off Morehouse Class of 2019 School Loans

Article found at NPR Billionaire investor and philanthropist Robert Smith said Sunday he is eliminating student debt for the entire 2019 graduating class at Morehouse College. Smith, an entrepreneur and founder of the investment firm Vista Equity Partners, made the surprise announcement in front of about 400 students while delivering the college's commencement address. Morehouse is an all-male historically black college located in Atlanta. "On behalf of the eight generations of my family that have been in this country, we're going to put a little fuel in your bus. This is my class, 2019. And my family is making a grant to eliminate their student loans," Smith said. "I know my class will make sure they pay this forward ... and let's make sure every class has the same opportunity...
How To Turn Your Family Into Old Money
Family Wealth

How To Turn Your Family Into Old Money

By Jill Krasny Sep 7, 2012, 10:47 AM Some families are born into wealth. Others create it.  Will and Bill Bonner wrote Family Fortunes: How to Build Family Wealth and Hold on to It for 100 Years to teach people the latter.  "Family wealth is money that no individual is going to spend," Will told Business Insider. "It's capital that is used to advance the collective goals of the family, and help the individual members be successful and find their calling in life."  And anyone can have it.  "Every family started somewhere, and you start with what you've got," said Bonner. "People who aren't wealthy yet could implement a lot of these systems. But they need some breakout wealth creation."  Excerpted with permission of the publisher John Wiley ...
Marriage as the Greatest Weapon Against Child Poverty
Business, Economics & Politics

Marriage as the Greatest Weapon Against Child Poverty

LeahLoveOnline.com note: I believe and agree that pro-marriage messages should be disseminated throughout society through various means such as media and social media. However, where I diverge from this article is that the article's author relies on the government as the solution and the prime source of pro-marriage education. I believe that it is, firstly, the family that should be the primary source. Granted, if marriage is not advocated for inside the family, there would need to be an outside source. But I would like to stress the importance of family. By Robert Rector Abstract: Child poverty is an ongoing national concern, but few are aware that its principal cause is the absence of married fathers in the home. Marriage remains America’s strongest anti-poverty weapon, yet...
A 5 Point Strategy for Creating And Building Family Wealth
Family Wealth

A 5 Point Strategy for Creating And Building Family Wealth

Article by Linda Davis Taylor, author of The Business of Family: How to Stay Rich for Generations When you think of your family, mission statement and strategy are probably not the first terms that come to mind. But, as I explain in my new book, The Business of Family: How to Stay Rich for Generations, when families are organized with a business mindset, parents set up their kids for future success. I’ve found that families who truly understand wealth tend to invest in their families with as much discipline as they do with their business. Here are five strategies for your family to use to create and keep prosperity: 1. Come up with a family mission statement. Business leaders know that if they don't deliver on their promises, they'll lo...
Minimum Wage discriminates against those who it’s designed to help
Economics

Minimum Wage discriminates against those who it’s designed to help

Here, Walter Williams beautifully describes how progressive policies and ideologies have been detrimental to those they are supposedly designed to help. As an advocate for #walkaway from the Democratic party, as well as an advocate for the focus on rebuilding and solidifying the family, I believe that those of liberal leanings must gain a better understanding of basic economic principles. It's vitally important because economics and poverty are two issues which illicit high levels of emotionalism and therefore are a great tool for politicians to use to grab voter attention, endear themselves to voters promising a better life. Without a fundamental understanding of economics, voters are easily fooled because most people want to align themselves with what they think is in their best in...
A Refection on the Art and Practice of Ritual Within a Family Governance System
Family Wealth

A Refection on the Art and Practice of Ritual Within a Family Governance System

By James E. Hughes, Jr. I have noted in my work with families that those families, who recognize the important passage in their families’ members’ lives with ritual, seem to do better in their pursuit to overcome the “shirt sleeves” proverb. Perhaps this should not be surprising since the creation and practice of rituals designed to recognize the important developmental steps in the life of a human being, and of the family and the tribe of which he is a part, are at the core of what anthropology teaches us is successful to tribal life. Tribes, as I will explain below, are the extended generations of an original family. Anthropology further teaches that tribes are the result of a family in its second and third generations forming clans and then those clans in the fourth and fifth gene...
Having the family ‘wealth talk’: Four tips to remember
Family Life, Family Wealth

Having the family ‘wealth talk’: Four tips to remember

Article By Thane Stenner Let me ask you: How much have you spoken to your kids about wealth? I'm not talking about teaching them savings habits or giving them the occasional investment tip. I'm thinking about a family wealth discussion: how wealthy the family is, how much the kids will inherit, and on what terms. If you answered, "We haven't," you're not alone. In fact, a recent survey from U.S.-based SEI Private Wealth Management reveals a shocking knowledge gap about family wealth, even among some of the wealthiest families in the world. Its findings: More than 80 per cent of United States, ultrahigh-net-worth parents (average net worth: more than $18-million) haven't let their children know how much inheritance they will receive. And only 20 per cent of them had given their ...