September 24, 2025 • 37 mins
This episode pulls no punches. We’re talking about the realities of first-generation wealth building, the systemic oppression that keeps people stuck, and the truth about how legacy gaps can transform into generational growth.
I sit down with Dr. LaTanya White—researcher, entrepreneur, and unapologetic truth-teller—to dissect why traditional wealth advice doesn’t work for everyone. We break down the weight of starting from scratch, the emotional toll of being the first in your family to build wealth, and why community is the key to not burning out along the way.
We cover the myths the media pushes—like “everyone has the same opportunity” or “just invest and wait”—and we shred them with real research and lived experience. From the collapse of the Freedman’s Bank to the unseen wealth of America’s richest families, we connect the dots on why so many are left behind and how to fight back with knowledge and resilience.
Most importantly, Dr. White shares actionable steps: what to read, how to build a vision for wealth, and how to start documenting your family’s story today. Because wealth isn’t just about money—it’s about knowledge, forgiveness, and community.
If you’re tired of the same recycled advice that ignores your lived reality, this episode will hit you hard. Watch the full video here: https://youtu.be/KeVp7aHgAnk
As always we ask you to comment, DM, whatever it takes to have a conversation to help you take the next step in your journey, reach out on any platform!
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DISCLOSURE: Awards and rankings by third parties are not indicative of future performance or client investment success. Past performance does not guarantee future results. All investment strategies carry profit/loss potential and cannot eliminate investment risks. Information discussed may not reflect current positions/recommendations. While believed accurate, Black Mammoth does not guarantee information accuracy. This broadcast is not a solicitation for securities transactions or personalized investment advice. Tax/estate planning information is general - consult professionals for specific situations. Full disclosures at www.blackmammoth.com.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Black Mammoth (00:22):
Well then it's time.
Stoy (00:29):
We got a doctor in the house.
Um, Dr.
White, a amazing person.
One two, gets us this deepresearch about our community
that no one else can, and that'swhy she's on.
And so today we're talking aboutlegacy gaps to generational
growth.
I also am one of those firsttime generation wealth builders,
(00:49):
if you will, and it's importantto talk about this one now.
Everyone knows the state of oureconomy, the state of our
country, and who's gettingattacked.
Okay, we, we can put it outthere.
It is what it is.
Politics aside, that's what'shappening.
That's what's been going on.
And so since we're in thatmoment, but we're also in the
moment that everyone's feelingoverwhelmed.
Right.
Student loans now are comingback into play.
(01:11):
People are late on thosemortgages.
Late Buying a home is moreexpensive than renting, right?
We also just have always had thegenerational wealth inequality a
lot since the Tulsa bombing.
So where the hell do we start?
And this question is what I getasked all the time by first Gen
wealth builders, and that is,where do I even start?
If I wasn't given the foundationof both education and money.
(01:34):
And so today that's what we'regonna talk about, the truth.
We're gonna dive into it withDr.
White.
So appreciate you and uh,welcome to your first episode.
Uh, but also welcome to theepisode that we're diving into
more research based as well.
Yes,
Dr. LaTanya (01:47):
thank you.
Thank you so much for having me.
That means so much, especially.
Because in my doctoral journey,you know, I went back and forth
like, do I wanna unpack this?
Is this what I really wannaspend the next bit of my life
talking about?
And the more I share about thehistory of the wealth gap and
the history of wealthdistribution in America, the
(02:10):
more I see that more of us needto be talking about it.
So this is so meaningful to me.
Absolutely.
And let's
Stoy (02:16):
give, you know, everyone check out the blog.
We've got it up on the website.
Obviously we have all the linksand how you can get ahold of her
and learn more about her.
Yeah.
But give us a quick overview ofthe doctoral and why you got
into that space and why that'snow obviously your life long
mission.
Dr. LaTanya (02:33):
Thank you.
So I was teachingentrepreneurship at an HBCU down
in Florida.
So go Rattlers for any of myHBCU grads in the, in the
audience.
Um, but.
In the class that I wasteaching, there was capacity for
literally about 40 students.
And I think over the course of11 years, the highest enrollment
(02:54):
I had in that class was like 15students.
And I was trying, this wasbefore the, the, the phrase was
the math.
A math.
And so I was trying to figureout, well, where are all the
students?
Like why aren't they here?
Why aren't they enrolling inthis.
Class and getting this, thisfree business coaching.
Um, and so I did some duediligence and learned that there
(03:16):
was this prerequisite.
There was a, like you had totake this marketing class before
you could enroll in theentrepreneurship class.
And even the marketing class wasonly for business students or
communication students.
So as an entrepreneur, you know,our job is to create solutions
for the problems that we see inthe market.
(03:37):
And the solution I likesuggested to the administrators
was, let's just remove theprerequisite.
It's that simple, but it's neverthat simple in higher ed.
And so as we were kind of goingback and forth heatedly on
email.
I recognized that I just was notspeaking the same language.
I didn't know why I wasadvocating for entrepreneurship
(04:00):
education as much as I was, but.
I realized that I needed tolearn how to speak from a
research informed perspective.
I needed the evidence to reallysay, this is why
entrepreneurship education needsto be more accessible.
And so that's how I got to gradschool.
But of course, along the way,the research like emerged on the
(04:22):
racial wealth gap and thehistory of wealth.
Distribution and financialtrauma and systemic oppression,
and so that's where I landed.
It wasn't so much that weweren't creating opportunities
for education for more black andbrown founders.
It was, we weren't teachingfounders how to protect the
(04:45):
assets that they were buildingthrough their businesses.
And then of course, translatingthat to career professionals as
well.
So that's how I got here.
And I still kind of go back tothose old administrators like,
well.
I tried to tell you, but herenow we have this whole
dissertation to prove my point.
Right, right.
I,
Stoy (05:03):
I tried to help you get ahead of this, but hey, hey,
hey.
Here we are.
Here we are.
Dr. LaTanya (05:06):
Exactly.
Exactly.
Stoy (05:08):
More on the topic.
So again, we're talking about,you know, first gen,
generational wealth, systemicoppression, those types of
things.
But the reality of starting fromscratch for somebody, right?
Mm-hmm.
I would say the majority who Iknow are in this bucket of
starting from scratch, and Idon't necessarily mean that
they're.
Immigrants coming in, startingand learning our language.
(05:29):
That's a whole deep other levelthing that I don't think I have
the ability to do.
However, what I'm saying isthere's a lot of us that have
families that have been aroundfor a very long time, but
there's nothing to be said about'em.
The only thing they have istheir name.
They have no assets, they haveno legacy.
Legacy in terms of like names onbuildings and, and things like
that.
(05:49):
For me, the realities ofstarting from scratch are a
very, very heavy lift.
One, you have to learn more thananyone else has ever done in
your family.
You have to take more risks onmore than everyone in your
family.
Third, you then have to ensurethat you're protecting
everything that you're doing allat the same time.
And for me, that comes withstress.
(06:12):
That comes with, it costs moremoney.
Um, and it comes with actuallygetting rid of some of your
family relationships.
And that's where I'm like,that's the reality of.
A lot of people out there talkabout, well, you can do it, go
to school, you know, do thetraditional path, go to school,
get a good job, build, protect,et cetera.
Mm-hmm.
Mm-hmm.
But they don't understand whenyou come from these families in
(06:32):
the scenarios with from scratchis they're also trying to get
what you got.
Try to pull you down and say,well, I raised you in those
things, and it comes into aspiral.
So what do you have to say aboutthe realities of starting from
scratch?
Dr. LaTanya (06:46):
That's so rich.
That's so rich because, and Iwas, I was on a client
consultation earlier today andliterally the client was saying,
well, nobody else in my familylike wants to be a part of this.
And one of the things I sharewith him was that what we want
to make sure that we don't do,like first we gotta give
(07:07):
everyone.
Everyone, grace, right?
Because we all have differentlived experience.
We experiences differentexperiences and relationships
with money, so we have to holdspace for that, but we also have
to do our own work.
So there's um.
When I work with families andwork with clients, we start with
healing first.
Like, let's make sure that youcan reconcile your own money
(07:31):
narratives, your own moneystories, and then that could
give you the space to be alittle bit more graceful, right?
With everyone else because.
It is gonna be very emotionallytaxing.
So in this particular clientcall and said, well, you have
(07:51):
the ability to either be kind ofstuck in the present, right?
With family members who aren'tthere yet, like not everybody's
there.
Or you have the opportunity toreally have this foresight and
be.
More be the ancestor thatsomeone's gonna have down the
line.
So it might start with you.
(08:13):
You might be the one startingfrom scratch, but you're doing
this for future generations sothat nobody else has to look
back and say, why am I startingfrom scratch?
This is the time to take on.
And you know, surround yourselfwith community, especially the
no B as wealth community andother folks so that you know
(08:34):
that you aren't alone.
So you might be starting fromscratch within your family unit,
but you're not the only onedoing it.
And I think community is soimportant to just have that
sticktuitiveness to reinforcethe resilience that's needed to
like keep going on the journey.
Stoy (08:53):
And let's piggyback that a little bit then.
Why doesn't the traditionalwealth building advice that
everyone hears out there, whydoesn't it fit then for, for
this demographic?
Dr. LaTanya (09:02):
Yeah.
Um, I think a lot of that comesdown to, so let me preface my
response with, I am aphenomenologist, something like
a phenomenon, but you know,phenomenology is the research
method that looks at the studyof the lived experiences of
people.
And so while I've always workedin the entrepreneurship and
(09:24):
business context, I'm alwayslooking at it through the lived
experiences of people.
And so to your question, why thetraditional forms or traditional
methods or.
The traditional norms andnarrative because that, that's
also a thing.
There are some parts of thenarrative that have been very
(09:45):
controlled, being very closelyheld, and so for communities who
have been historically excluded,those systems don't work because
they don't account for the livedexperience.
They don't work because theydon't account for that financial
trauma.
Like some of us still haveuncles and aunts.
Grandparents who are stillputting money under the
(10:05):
mattress, we don't know why.
Sometimes they don't know why.
There's just this feeling thatnow what we are able to do now
is name that feeling and that'sa lack of psychological safety.
But nobody always knows why.
I don't feel safe walking into afinancial institution.
And so that's where theresearch.
(10:26):
Comes in.
That's where we get to talkingabout the failure of the
Freeman's bank in like 1874.
I think the year it was when$3million of black wealth 150
years ago,$3 million is a lot ofmoney today,$3 million of 150
years ago, like 10 years removedfrom slavery.
(10:47):
That's the, the, the way thatyou compute that in today's
dollars is almost unimaginable,but that money literally
disappeared.
They were.
Deposited into these banks thatdissolved almost overnight and
nobody had any recourse.
So while it wasn't my personalexperience to have lost money
(11:09):
from a financial institution,there's something about the way
I feel.
I just don't feel safe.
I don't think you have my bestinterest in mind or at heart.
So of course, your traditionalmodel or financial services does
not connect with my livedexperience.
Stoy (11:26):
Not at all.
And I, I truly believe we're inthis shift of, well, I guess
we're partway through this shiftalready'cause I've been doing it
for years.
Mm-hmm.
Of, we're focusing more on you,your emotions, your trauma, what
you've lived through.
Yeah.
Because at the end of the day,in our current society, there's
only so many financial tools outthere.
(11:47):
Like, everyone has'em, everyonecan do'em.
For the most part, everyone cando'em, right?
Mm-hmm.
And they are what they are.
But how you use them, how youget to them and how you feel
about them matters more fortheir success later.
Right?
You always get stuck with, welljust put it in in, I'll get to
what the social media and mediaare saying, but ultimately it's
like, Hey, just put it in thisand it'll be fine.
(12:08):
Well, that's not how that worksbecause of what you had just
said or.
I guess in our blood drama andthings that we are been driven
to dictate all of those things.
So, um, definitely appreciatethat.
So the next segment we get intois really fun'cause it's us
getting questions and seeingwhat's been said out there in
the media, whether true orfalse, right?
(12:29):
Mm-hmm.
Mm-hmm.
And I get to ask you them.
There's four of them today.
I could ask you them and see ifthey're a myth or not.
Myth.
Okay.
Okay.
From your research and yourexperience, so let's go with the
first one.
Nice little softball.
It's gonna be a nice little tossup for you.
Okay, here we go.
Everyone has the sameopportunity.
Dr. LaTanya (12:50):
It's a complete myth.
It's a complete myth because ifeveryone had the same
opportunity, how is it that theRockefeller family, right?
So you know this, probably themost Celebritized family when
we're talking about generationalwealth or wealth transfer.
That family has not had a corebusiness, not like the Waltons
(13:13):
or the Hines, or you know,whomever.
They hadn't had a core businesssince 1911 with the result of
the antitrust lawsuit that theUS brought against John d
Rockefeller.
But yet they remain amongAmerica's 25 wealthiest
families.
Some almost.
200 years later if everyone hadthe same opportunity, why then
(13:37):
doesn't the Vanderbilt family,why aren't they still like as.
As wealthy as, because thatwealth kind of started around
the same time.
So when we're talking aboutopportunity, I think we can, we
can kind of shape that withaccess to opportunity because
everyone have the same access toopportunity and that the answer
(13:58):
is absolutely not.
Because when we look at wealthtransfer, most.
The, the traditional likefinancial services narrative is
just make more money, right?
Go to school, get a good job,make more money, pass it down.
Except the Rockefeller familiesand these other families who
have maintained control of theirwealth for 3, 5, 7 generations,
(14:22):
they're passing down more thanjust money.
Except no one else reallyunderstands these qualitative
forms of capital.
That's not the narrative.
And so that's where I try toreally fill that gap is let's
talk about these other forms ofwealth that have been kept from
us.
Stoy (14:41):
Absolutely.
And so, you know, selfless plug,shameless, I don't give a shit.
Damn.
Um, that's what we do at BlackMammoth, right?
We're a modern family officeteaching the ways of what these
families are doing, right?
That traditional sense.
Rockefeller is Vanderbilt, youname, there's millions of them
really, um, that are doing itthis way because they're not
passing down wealth per se interms of money.
(15:05):
They're passing down education,the resources and assets to
continue building.
That's a whole differentopportunity than others.
And little, little ca little.
I guess I'm gonna throw this outthere for everyone too.
We don't see the true wealth ofthe wealthiest families in the
world.
We see what is told and shown.
There are trillionaires in thisworld that run majority of the
(15:28):
world in themselves, and thoseare like the top five families.
And yes, the Rockefellers are inthere, but the public knowledge
of what they have from us.
A wealth number is way lowcompared to what they truly
have.
So that's something I want to doresearch on, and I'm sure we can
throw a topic and go down thewealthiest families.
That'd be really cool for us todo.
But I want everyone to know thatlike when you see wealthiest
(15:49):
people, you're just seeing likean Elon Musk or something like
that.
There are another step that'sall private that is not public
information.
So.
Fun factor.
Alright, well, mm-hmm.
Even easier, right?
You just need to invest inweight.
Dr. LaTanya (16:07):
I think it, oh gosh, Doy, these are, these are
so good.
All right.
I still think it's a mythbecause like we were just
talking about the differentforms of wealth.
So maybe you can invest infinancial wealth or one vehicle
because that's also notaddressing.
The cash value life insurance isnot addressing all these other
(16:29):
vehicles, so you can maybeinvest in weight on the
financial wealth, but we don'thave time to wait on spiritual.
We do not have time to wait forrecording the wealth of
knowledge because.
Everyone's life has anexpiration date on it.
And we need to transfer thatwisdom from our elders in our
(16:49):
family to these, these newergenerations.
We don't have time to wait oninvesting in intellectual wealth
for other family members to selfactualize and become the best
versions of themselves.
And when it comes to relationalwealth, there's absolutely no,
there's no time to wait on theseother forms of wealth because.
(17:09):
Nothing is guaranteed.
Right.
And because the family is sointegral to wealth transfer, and
again, we all have thisexpiration.
We don't know the date.
And so that is why I'm like, no,we, how much of it can we get
done today?
How much can we get done nextweek in the next 12 weeks?
(17:31):
Right?
Because I think that's acomplete like no bs, right?
I think that's bs.
That all you have to do isinvest in weight.
There's so much more to to itthan that.
Stoy (17:42):
The thing I love the most about your answer is the fact
that you went through thefinancial, but you went through
all of the relationship,emotional, all of that, because
people forget that that's whatyou need to invest into.
Black Mammoth (17:52):
Yeah.
Stoy (17:52):
It's not just a stock market or businesses or real
estate.
You do need to hit upon all ofthose other things, so love that
answer.
Next one is wealth is just amindset shift.
Black Mammoth (18:04):
Hmm.
Stoy (18:06):
See, that was my, my, I read it too.
Just like,
Dr. LaTanya (18:09):
Hmm.
Right.
I think I'd be inclined to agreewith that one, only because if
we shift what we think of wealthas.
Right.
Then it can open the door tothese other things.
But if we're so focused, ifit's, if we only have a fixed
mindset, this is the only finitedefinition of wealth that it has
(18:31):
to be financial, that it has tobe quantifiable, then I think we
lose the opportunity.
But if we shift that, right, ifwe're open to this, these other
forms of wealth, I think wecould change, really create
change in our families andcommunities.
Stoy (18:48):
A absolutely last one in, in this section is stop blaming
systems and start saving,
Dr. LaTanya (19:01):
okay vs.
I call vs.
I call Vs.
On that one.
Um.
Dorothy, a Brown's book, theWhiteness of Wealth, and I read
this as I was getting towardsthe end of my doctoral journey.
I felt like Paul on the road toDamascus, like just the scales
just fell from my eyes becausewhat she talks about, so she's a
(19:24):
tax policy professor, sheteaches at Emory University and
the book.
Really looks at how racism isbuilt into the American tax
system, and she breaks down, youknow, all these pathways to
wealth from K 12 education tohigher education, which of
course has some impact on yourcareer position and career
(19:44):
opportunities, which open thedoor to home ownership and
retirement.
Like she connected it all sofluidly that there is.
The only way you could not blamethe system is if you're blind to
the system.
Stoy (20:03):
I mean, yeah, yeah.
It's there.
Like don't put it out there and,and say it's not, when it, it
facts or facts at the end of theday.
Yes.
Our next section is called Yourpoint of view, and what it does
is it takes us into your brain,how you operate with your
clients, how you would respondin all of your research.
I know we just went throughmyths that had some of that, but
this one is actually morerelated to your day and day
(20:25):
work.
So yeah, first topic a littlebit.
Again, all of these we can goway deeper on and I'm sure we
will.
But let's give everyone a taste.
So first one isintergenerational gaps and
historical trauma.
When you're dealing with yourclients and your research and
all of that, when you hearthose, what comes to mind
(20:46):
immediately?
Dr. LaTanya (20:48):
So I'm an empath, right?
So I, when I hear that, my heartlike almost breaks because just
knowing the effect that traumagenerational or
intergenerational trauma thatgoes unresolved, the effects of
that are lasting.
(21:10):
You know, we talk a lot aboutgenerational curses.
We hear a lot about thatgenerational trauma in, in
social media.
We don't talk a lot about theimpact of those things,
especially when they go unnamedand unresolved.
So my heart breaks a little bitbecause I also am aware of the
solution, right?
It, it does require an openheart.
(21:32):
It requires a mindset shift, andit requires the ability to
forgive.
Like sometimes we have to beable to forgive ourselves and
our elders and our ancestors,like I remember.
I used to have so much likebitterness towards my mom.
I, especially in my infinitewisdom of being a teenager, I
(21:54):
always thought that she chosework like that she would choose
to go to work instead ofspending time with me.
And it wasn't until I got to mydoctoral journey and started
really understanding the wealthgap, like she didn't have a
choice because there had been notransfer of wealth.
So.
When I say that, humbled me.
And so now I'm able to lead morewith this open heart.
(22:17):
Like where's the space forforgiveness of yourself?
And then to extend thatforgiveness and that grace to
others so that we can heal.
That's, that's really the firstplace that, that I start when
I'm working with clients whenI'm doing presentations, is
hope, holding the door open forforgiveness.
Stoy (22:37):
Now I'm gonna go off top, off my list,'cause now I'm okay.
Now you got mean treat.
Okay.
So right now we want to focus onforgiveness of yourself, your
loved ones and everything,right?
This, this is gonna be aprocess, it's not done
overnight.
Dr. LaTanya (22:51):
Absolutely.
Stoy (22:52):
How our generations and how many are basically living
right now and are going throughthis shift.
What's a, like, what's a true, Iguess if you could put in a a
mm-hmm.
Amount of years that it's gonnatake us as a society to go from
all of this to at least step oneof forgiving and recognizing the
(23:13):
both historical trauma and ourown traumas and interracial
stuff.
Dr. LaTanya (23:18):
I.
I think if we are honest withourselves that forgiveness and
healing is only gonna happen inthe communities where we've,
where we've experienced thetrauma.
If you are on the privilegedside of things, you may not feel
like there's any work for you todo, right?
Because you also don't thinkthere are any systems to be
(23:39):
blamed.
So within our families and ourcommunities, it could happen in
literally a generationliterally.
In a generation, right?
Because it sometimes is onlygonna take one person.
I was the person in my familylike doing this by myself.
And now over the course of Iwould say three and a half
(24:01):
years, four generations of us,16 adults, we were able to
really create some headway likewe got from.
We don't even talk about moneyto.
We're redlining this boilerplateestate plan document that we got
from an estate planning attorneyin three and a half years now.
(24:24):
I had done a lot of theemotional heavy lifting like we
talked about earlier.
I got burned out, I crashed, Ihit a wall because I was doing
it by myself.
And so what I recognized.
Excuse me.
What I recognize is that inorder for this work to be
sustainable, more members of thefamily have to be involved in
(24:45):
the process.
And so that's why we all have todo that healing, to come, you
know, to reconcile ourrelationships with money, to
energy, with money, our own,like even with our own
households, what have been thoseexperiences?
But now because we've done that,my daughter, so now this next
generation.
She's involved withunderstanding the different
(25:08):
forms of wealth and personalfinance and wealth literacy.
So I think it really can be donein a single generation as long
as we've started with thatholding space for shifting the
mindset.
Stoy (25:24):
I'd agree.
I absolutely would agree.
If we could put it, you know, ifwe got all those people in the
same room by same room, I meansame giant auditorium, the size
of who knows what.
If we could all start, I, Itruly do believe that.
My concern is we'll have pocketsdoing it.
Yeah.
And that leader, you, me andothers Yeah.
(25:44):
Will eventually either burn outor if we're gone, maybe we
didn't have as much foundationalsupport as we thought.
Yep.
Like that's my, my big concernwith it.
But we'll see.
Right.
I mean, ultimately a coupledecades away from actually
seeing if any of this workactually comes to fruit and you
know, again, not to bring asmany politics into it, but if we
(26:05):
keep going backwards as acountry, we're not gonna be able
to, to see that change in thenext 10, 20 years.
Dr. LaTanya (26:12):
Yeah.
Completely true.
Alright,
Stoy (26:14):
so we kind of went off and, and took time there, so I'm
good with that.
But the last part of ourconversation is always going to
bring.
Actionable steps to ourlisteners that are listening
right now that are like, yeah,I'm on board.
I see what you're talking about.
That hit me hard, but like, whatcan I do physically?
Like what can I do from Right.
This po moment on?
(26:34):
So let's, I got a couplequestions.
Let's hit upon what action stepspeople can do with those.
Okay.
What if you were to create aroadmap for first gen wealth
builders?
Mm-hmm.
What would be maybe threethings, maybe three to five
things that that roadmap wouldinclude, and if you could, what
order would those come in?
Dr. LaTanya (26:56):
I would say, so to me, I think the basis of any
transformation is education.
So first step would be if youhave not already read or
listened to the audio book forthe Whiteness of wealth.
That's literally the first step.
For me.
From there, I would recommend avision for wealth.
So there was this article storythat I read in my doctoral
(27:21):
journey and the title of it,like was so Off-Putting the
title was Freedom from Wealth.
And I'm looking at this likenever have I ever imagined that
someone needed to have freedomfrom wealth, right?
But there were some reallysalient, like hard.
Core questions in there.
(27:41):
And the first one that reallystood out was essentially the
question boiled down to what arewe working so hard for anyway,
right.
And as I was reading throughthis and kind of working with my
family, I created this wealthpersonality quiz to just kind of
help people see like where youare on the journey.
And one of the questions was,what's your vision for wealth?
(28:03):
Out of the like 25 or so peoplethat, um, responded to the quiz
about.
33% of them had no vision.
So my question was, what are wedoing this for?
Why are we working so hard?
Why are we getting up so earlyand running all these errands
and signing up for all thesethings if we don't have a vision
(28:23):
for what's gonna come from this,you know, at the end of our
lives?
So the, the whiteness of wealthestablished the vision for
wealth because, and I'll kind ofget back to why there needs to
be freedom from wealth, right?
And then identify within thefamily or come to grips for
(28:45):
yourself, like, are you gonna bethe only one or is there someone
who can lock arms with you?
Possibly from a differentgeneration in the family to
start to create change.
And the two of you, two or threeof you now, you be the ones,
you're sharing the resources,you're sharing the information
(29:05):
amongst each other, and you arecreating the plan.
So I had, um, as I kind of tooka look at all of the things, the
surveys and the tools and allthe stuff that I put together
for my family, I, I organized itall and created like this
checklist.
So that's one of the, the tools,that's one of the, the things
(29:26):
and resources that I highlyrecommend.
So it's, it takes the idea ofthe 12 week year.
So we are looking at what can weget done in 12 weeks, right?
How, who can we assign to be thefamily historian?
Who can we assign to do researchon index universal life policies
or.
You know, other portfolio andinvestment opportunities.
(29:49):
So those are the three thingsthat I would say in that order.
Read the whiteness of wealth,establish the vision for wealth
in the family, and then getgoing on the checklist as you
lock arms with someone else inthe family that could help
support you.
'cause otherwise you will burnout from doing this by yourself.
Stoy (30:09):
Absolutely.
I do it for a living.
You do it for a living.
Like let alone our families likewe, I do.
This is what I do.
This is what you do.
We help people.
And to see the burnout.
I'm meant to heavy lift for USfamilies.
You're gonna burn out'cause it'snot your expertise.
It's not what you have spenthundreds of hours, thousands of
hours studying and researchingand learning experience.
So it will happen.
(30:30):
I, I promise you that will,that'll happen.
Alright.
What is one area that's beenkind of overlooked when someone
is starting to build theirassets, even when they have
little to no capital?
Dr. LaTanya (30:44):
Um, especially when they have little to no capital.
Most people don't think there'sanything worth protecting,
right.
So I think the short answer toyour question, one thing that's
been overlooked is, so one ofthe pillars of dynastic wealth
is the wealth of knowledge, andthat's where I mentioned we
don't have much time to record,right?
We've gotta be recording thewealth of knowledge, and that
(31:07):
includes whose names are on.
The D to the family home, likehow many names are on the D so
that we don't lose it to airproperty anymore.
What about those family recipes?
Because we know that a lot ofthe products that we shop for in
the stores, Kellogg's and Hansand Campbell's, those are family
(31:29):
recipes or families that stolerecipes from other families, you
know?
Right.
So I think one thing that's beenoverlooked is recording.
The richness of what's in yourfamily?
Like, what's the story of yourfamily?
Why are so many?
I, I had to wonder.
I grew up in Miami, Florida, butso much of my family was in
(31:50):
Tallahassee and I never knewwhy.
So we need to capture thosestories and then we can start to
trace, well, there's property inTallahassee and whose names are
on the deeds to the property.
So as we're talking aboutprotecting wealth, we need to
know the story.
Of the wealth that lives in ourfamily and in our history.
Stoy (32:13):
So start with your story.
Write it down.
Yep.
Hit to writing.
Yeah.
As much as you know.
And then probably keep going.
Ask family members.
Yeah.
From there.
That's a great idea.
I love that last one.
How, how can people leveragetheir community and their
education from their communityto move forward faster on their
wealth journeys?
Dr. LaTanya (32:33):
So honestly, I mean.
Oh, bullshit aside, not all ofus are in the right community,
right?
We're not all in the rightcommunity either geographically,
physically, emotionally,spiritually.
So sometimes we gotta say.
Am I in the right community?
Do I need to find a differentcommunity?
(32:56):
Like your family's gonna be yourfamily.
Even if you disown them, they'regonna be your family.
But that's not to say that youcan't find other family, right?
There's the.
Black mammoth community.
There's the dynastic wealthcommunity.
That's what, there's thecommunity that we're building
together.
So it might be that we need toshift our community so that we
can be exposed to otheropportunities, we can learn
(33:20):
other things and then start to.
Excuse me, implement otherthings within our, maybe it's
just in our household for rightnow, then might, it might spread
out to our nuclear family.
And then we get to really createchange and transformation among
the family altogether.
Stoy (33:38):
And let's be very transparent and no bullshit with
this.
The ultra wealthy have acommunity.
And they only support eachother.
Yes, they keep supporting eachother and keep supporting each
other, whether good or bad, whatthey're doing.
They're protecting each otherand they're giving each other
opportunities to grow more.
That's what's happening.
(33:58):
And if you're in a situationwhere you don't have that
community.
Or don't know where to find thatcommunity.
We are very lucky that, that thepandemic happened in the regards
of this.
Everything is now more virtual.
It is welcoming.
We're able to do these thingsand build a community throughout
the the world now where youdon't physically have to be
there.
And I think that is so powerful.
(34:20):
Um, so those listening, like,yeah, we've got the community
we're building here.
We each have our own individualcommunities, but ultimately you
are not going to get where youwant to go.
At the pace of which you hope togo without some sort of
community.
Sure.
And that is where the more powercomes, is in that community of
(34:41):
space, so.
Mm-hmm.
Well, hey, I appreciate you.
This topic is, is deep.
I hope it hit people right whereit should hit'em again.
We're, we're gonna go off ofdifferent tangents with this.
Yeah.
You have questions or want to godeeper.
Obviously you can reach out tous individually personally, you
can reach out to no BS wealth.
You can reach out to ourbusinesses.
Ultimately, just let us know.
What you wanna know.
(35:01):
We can't help you if you don'tspeak up, right?
Some of our content is just whatwe hear around the grapevines.
Some of it is people asking usquestions, but the only way
you're gonna be able to learn isif you ask that question.
So engage with us, um, and, youknow, do that, like, share,
subscribe, crap, all that stuff.
But if you engage with us, we'regonna answer and we're gonna
give you that information thatis needed.
(35:22):
So, appreciate everything thatyou're doing, keep doing you.
Um, and we'll see you guys nexttime.
All
Black Mammoth (35:29):
right.
The proceeding program wassponsored by Black Mammoth.
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(35:50):
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No award ranking or recognitionshould be construed as a current
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Information regarding specificawards, rankings, or
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(36:13):
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Investment strategies such asasset allocation,
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(36:34):
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(36:54):
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(37:16):
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Well then it's time.
Stoy (00:29):
We got a doctor in the house.
Um, Dr.
White, a amazing person.
One two, gets us this deepresearch about our community
that no one else can, and that'swhy she's on.
And so today we're talking aboutlegacy gaps to generational
growth.
I also am one of those firsttime generation wealth builders,
(00:49):
if you will, and it's importantto talk about this one now.
Everyone knows the state of oureconomy, the state of our
country, and who's gettingattacked.
Okay, we, we can put it outthere.
It is what it is.
Politics aside, that's what'shappening.
That's what's been going on.
And so since we're in thatmoment, but we're also in the
moment that everyone's feelingoverwhelmed.
Right.
Student loans now are comingback into play.
(01:11):
People are late on thosemortgages.
Late Buying a home is moreexpensive than renting, right?
We also just have always had thegenerational wealth inequality a
lot since the Tulsa bombing.
So where the hell do we start?
And this question is what I getasked all the time by first Gen
wealth builders, and that is,where do I even start?
If I wasn't given the foundationof both education and money.
(01:34):
And so today that's what we'regonna talk about, the truth.
We're gonna dive into it withDr.
White.
So appreciate you and uh,welcome to your first episode.
Uh, but also welcome to theepisode that we're diving into
more research based as well.
Yes,
Dr. LaTanya (01:47):
thank you.
Thank you so much for having me.
That means so much, especially.
Because in my doctoral journey,you know, I went back and forth
like, do I wanna unpack this?
Is this what I really wannaspend the next bit of my life
talking about?
And the more I share about thehistory of the wealth gap and
the history of wealthdistribution in America, the
(02:10):
more I see that more of us needto be talking about it.
So this is so meaningful to me.
Absolutely.
And let's
Stoy (02:16):
give, you know, everyone check out the blog.
We've got it up on the website.
Obviously we have all the linksand how you can get ahold of her
and learn more about her.
Yeah.
But give us a quick overview ofthe doctoral and why you got
into that space and why that'snow obviously your life long
mission.
Dr. LaTanya (02:33):
Thank you.
So I was teachingentrepreneurship at an HBCU down
in Florida.
So go Rattlers for any of myHBCU grads in the, in the
audience.
Um, but.
In the class that I wasteaching, there was capacity for
literally about 40 students.
And I think over the course of11 years, the highest enrollment
(02:54):
I had in that class was like 15students.
And I was trying, this wasbefore the, the, the phrase was
the math.
A math.
And so I was trying to figureout, well, where are all the
students?
Like why aren't they here?
Why aren't they enrolling inthis.
Class and getting this, thisfree business coaching.
Um, and so I did some duediligence and learned that there
(03:16):
was this prerequisite.
There was a, like you had totake this marketing class before
you could enroll in theentrepreneurship class.
And even the marketing class wasonly for business students or
communication students.
So as an entrepreneur, you know,our job is to create solutions
for the problems that we see inthe market.
(03:37):
And the solution I likesuggested to the administrators
was, let's just remove theprerequisite.
It's that simple, but it's neverthat simple in higher ed.
And so as we were kind of goingback and forth heatedly on
email.
I recognized that I just was notspeaking the same language.
I didn't know why I wasadvocating for entrepreneurship
(04:00):
education as much as I was, but.
I realized that I needed tolearn how to speak from a
research informed perspective.
I needed the evidence to reallysay, this is why
entrepreneurship education needsto be more accessible.
And so that's how I got to gradschool.
But of course, along the way,the research like emerged on the
(04:22):
racial wealth gap and thehistory of wealth.
Distribution and financialtrauma and systemic oppression,
and so that's where I landed.
It wasn't so much that weweren't creating opportunities
for education for more black andbrown founders.
It was, we weren't teachingfounders how to protect the
(04:45):
assets that they were buildingthrough their businesses.
And then of course, translatingthat to career professionals as
well.
So that's how I got here.
And I still kind of go back tothose old administrators like,
well.
I tried to tell you, but herenow we have this whole
dissertation to prove my point.
Right, right.
I,
Stoy (05:03):
I tried to help you get ahead of this, but hey, hey,
hey.
Here we are.
Here we are.
Dr. LaTanya (05:06):
Exactly.
Exactly.
Stoy (05:08):
More on the topic.
So again, we're talking about,you know, first gen,
generational wealth, systemicoppression, those types of
things.
But the reality of starting fromscratch for somebody, right?
Mm-hmm.
I would say the majority who Iknow are in this bucket of
starting from scratch, and Idon't necessarily mean that
they're.
Immigrants coming in, startingand learning our language.
(05:29):
That's a whole deep other levelthing that I don't think I have
the ability to do.
However, what I'm saying isthere's a lot of us that have
families that have been aroundfor a very long time, but
there's nothing to be said about'em.
The only thing they have istheir name.
They have no assets, they haveno legacy.
Legacy in terms of like names onbuildings and, and things like
that.
(05:49):
For me, the realities ofstarting from scratch are a
very, very heavy lift.
One, you have to learn more thananyone else has ever done in
your family.
You have to take more risks onmore than everyone in your
family.
Third, you then have to ensurethat you're protecting
everything that you're doing allat the same time.
And for me, that comes withstress.
(06:12):
That comes with, it costs moremoney.
Um, and it comes with actuallygetting rid of some of your
family relationships.
And that's where I'm like,that's the reality of.
A lot of people out there talkabout, well, you can do it, go
to school, you know, do thetraditional path, go to school,
get a good job, build, protect,et cetera.
Mm-hmm.
Mm-hmm.
But they don't understand whenyou come from these families in
(06:32):
the scenarios with from scratchis they're also trying to get
what you got.
Try to pull you down and say,well, I raised you in those
things, and it comes into aspiral.
So what do you have to say aboutthe realities of starting from
scratch?
Dr. LaTanya (06:46):
That's so rich.
That's so rich because, and Iwas, I was on a client
consultation earlier today andliterally the client was saying,
well, nobody else in my familylike wants to be a part of this.
And one of the things I sharewith him was that what we want
to make sure that we don't do,like first we gotta give
(07:07):
everyone.
Everyone, grace, right?
Because we all have differentlived experience.
We experiences differentexperiences and relationships
with money, so we have to holdspace for that, but we also have
to do our own work.
So there's um.
When I work with families andwork with clients, we start with
healing first.
Like, let's make sure that youcan reconcile your own money
(07:31):
narratives, your own moneystories, and then that could
give you the space to be alittle bit more graceful, right?
With everyone else because.
It is gonna be very emotionallytaxing.
So in this particular clientcall and said, well, you have
(07:51):
the ability to either be kind ofstuck in the present, right?
With family members who aren'tthere yet, like not everybody's
there.
Or you have the opportunity toreally have this foresight and
be.
More be the ancestor thatsomeone's gonna have down the
line.
So it might start with you.
(08:13):
You might be the one startingfrom scratch, but you're doing
this for future generations sothat nobody else has to look
back and say, why am I startingfrom scratch?
This is the time to take on.
And you know, surround yourselfwith community, especially the
no B as wealth community andother folks so that you know
(08:34):
that you aren't alone.
So you might be starting fromscratch within your family unit,
but you're not the only onedoing it.
And I think community is soimportant to just have that
sticktuitiveness to reinforcethe resilience that's needed to
like keep going on the journey.
Stoy (08:53):
And let's piggyback that a little bit then.
Why doesn't the traditionalwealth building advice that
everyone hears out there, whydoesn't it fit then for, for
this demographic?
Dr. LaTanya (09:02):
Yeah.
Um, I think a lot of that comesdown to, so let me preface my
response with, I am aphenomenologist, something like
a phenomenon, but you know,phenomenology is the research
method that looks at the studyof the lived experiences of
people.
And so while I've always workedin the entrepreneurship and
(09:24):
business context, I'm alwayslooking at it through the lived
experiences of people.
And so to your question, why thetraditional forms or traditional
methods or.
The traditional norms andnarrative because that, that's
also a thing.
There are some parts of thenarrative that have been very
(09:45):
controlled, being very closelyheld, and so for communities who
have been historically excluded,those systems don't work because
they don't account for the livedexperience.
They don't work because theydon't account for that financial
trauma.
Like some of us still haveuncles and aunts.
Grandparents who are stillputting money under the
(10:05):
mattress, we don't know why.
Sometimes they don't know why.
There's just this feeling thatnow what we are able to do now
is name that feeling and that'sa lack of psychological safety.
But nobody always knows why.
I don't feel safe walking into afinancial institution.
And so that's where theresearch.
(10:26):
Comes in.
That's where we get to talkingabout the failure of the
Freeman's bank in like 1874.
I think the year it was when$3million of black wealth 150
years ago,$3 million is a lot ofmoney today,$3 million of 150
years ago, like 10 years removedfrom slavery.
(10:47):
That's the, the, the way thatyou compute that in today's
dollars is almost unimaginable,but that money literally
disappeared.
They were.
Deposited into these banks thatdissolved almost overnight and
nobody had any recourse.
So while it wasn't my personalexperience to have lost money
(11:09):
from a financial institution,there's something about the way
I feel.
I just don't feel safe.
I don't think you have my bestinterest in mind or at heart.
So of course, your traditionalmodel or financial services does
not connect with my livedexperience.
Stoy (11:26):
Not at all.
And I, I truly believe we're inthis shift of, well, I guess
we're partway through this shiftalready'cause I've been doing it
for years.
Mm-hmm.
Of, we're focusing more on you,your emotions, your trauma, what
you've lived through.
Yeah.
Because at the end of the day,in our current society, there's
only so many financial tools outthere.
(11:47):
Like, everyone has'em, everyonecan do'em.
For the most part, everyone cando'em, right?
Mm-hmm.
And they are what they are.
But how you use them, how youget to them and how you feel
about them matters more fortheir success later.
Right?
You always get stuck with, welljust put it in in, I'll get to
what the social media and mediaare saying, but ultimately it's
like, Hey, just put it in thisand it'll be fine.
(12:08):
Well, that's not how that worksbecause of what you had just
said or.
I guess in our blood drama andthings that we are been driven
to dictate all of those things.
So, um, definitely appreciatethat.
So the next segment we get intois really fun'cause it's us
getting questions and seeingwhat's been said out there in
the media, whether true orfalse, right?
(12:29):
Mm-hmm.
Mm-hmm.
And I get to ask you them.
There's four of them today.
I could ask you them and see ifthey're a myth or not.
Myth.
Okay.
Okay.
From your research and yourexperience, so let's go with the
first one.
Nice little softball.
It's gonna be a nice little tossup for you.
Okay, here we go.
Everyone has the sameopportunity.
Dr. LaTanya (12:50):
It's a complete myth.
It's a complete myth because ifeveryone had the same
opportunity, how is it that theRockefeller family, right?
So you know this, probably themost Celebritized family when
we're talking about generationalwealth or wealth transfer.
That family has not had a corebusiness, not like the Waltons
(13:13):
or the Hines, or you know,whomever.
They hadn't had a core businesssince 1911 with the result of
the antitrust lawsuit that theUS brought against John d
Rockefeller.
But yet they remain amongAmerica's 25 wealthiest
families.
Some almost.
200 years later if everyone hadthe same opportunity, why then
(13:37):
doesn't the Vanderbilt family,why aren't they still like as.
As wealthy as, because thatwealth kind of started around
the same time.
So when we're talking aboutopportunity, I think we can, we
can kind of shape that withaccess to opportunity because
everyone have the same access toopportunity and that the answer
(13:58):
is absolutely not.
Because when we look at wealthtransfer, most.
The, the traditional likefinancial services narrative is
just make more money, right?
Go to school, get a good job,make more money, pass it down.
Except the Rockefeller familiesand these other families who
have maintained control of theirwealth for 3, 5, 7 generations,
(14:22):
they're passing down more thanjust money.
Except no one else reallyunderstands these qualitative
forms of capital.
That's not the narrative.
And so that's where I try toreally fill that gap is let's
talk about these other forms ofwealth that have been kept from
us.
Stoy (14:41):
Absolutely.
And so, you know, selfless plug,shameless, I don't give a shit.
Damn.
Um, that's what we do at BlackMammoth, right?
We're a modern family officeteaching the ways of what these
families are doing, right?
That traditional sense.
Rockefeller is Vanderbilt, youname, there's millions of them
really, um, that are doing itthis way because they're not
passing down wealth per se interms of money.
(15:05):
They're passing down education,the resources and assets to
continue building.
That's a whole differentopportunity than others.
And little, little ca little.
I guess I'm gonna throw this outthere for everyone too.
We don't see the true wealth ofthe wealthiest families in the
world.
We see what is told and shown.
There are trillionaires in thisworld that run majority of the
(15:28):
world in themselves, and thoseare like the top five families.
And yes, the Rockefellers are inthere, but the public knowledge
of what they have from us.
A wealth number is way lowcompared to what they truly
have.
So that's something I want to doresearch on, and I'm sure we can
throw a topic and go down thewealthiest families.
That'd be really cool for us todo.
But I want everyone to know thatlike when you see wealthiest
(15:49):
people, you're just seeing likean Elon Musk or something like
that.
There are another step that'sall private that is not public
information.
So.
Fun factor.
Alright, well, mm-hmm.
Even easier, right?
You just need to invest inweight.
Dr. LaTanya (16:07):
I think it, oh gosh, Doy, these are, these are
so good.
All right.
I still think it's a mythbecause like we were just
talking about the differentforms of wealth.
So maybe you can invest infinancial wealth or one vehicle
because that's also notaddressing.
The cash value life insurance isnot addressing all these other
(16:29):
vehicles, so you can maybeinvest in weight on the
financial wealth, but we don'thave time to wait on spiritual.
We do not have time to wait forrecording the wealth of
knowledge because.
Everyone's life has anexpiration date on it.
And we need to transfer thatwisdom from our elders in our
(16:49):
family to these, these newergenerations.
We don't have time to wait oninvesting in intellectual wealth
for other family members to selfactualize and become the best
versions of themselves.
And when it comes to relationalwealth, there's absolutely no,
there's no time to wait on theseother forms of wealth because.
(17:09):
Nothing is guaranteed.
Right.
And because the family is sointegral to wealth transfer, and
again, we all have thisexpiration.
We don't know the date.
And so that is why I'm like, no,we, how much of it can we get
done today?
How much can we get done nextweek in the next 12 weeks?
(17:31):
Right?
Because I think that's acomplete like no bs, right?
I think that's bs.
That all you have to do isinvest in weight.
There's so much more to to itthan that.
Stoy (17:42):
The thing I love the most about your answer is the fact
that you went through thefinancial, but you went through
all of the relationship,emotional, all of that, because
people forget that that's whatyou need to invest into.
Black Mammoth (17:52):
Yeah.
Stoy (17:52):
It's not just a stock market or businesses or real
estate.
You do need to hit upon all ofthose other things, so love that
answer.
Next one is wealth is just amindset shift.
Black Mammoth (18:04):
Hmm.
Stoy (18:06):
See, that was my, my, I read it too.
Just like,
Dr. LaTanya (18:09):
Hmm.
Right.
I think I'd be inclined to agreewith that one, only because if
we shift what we think of wealthas.
Right.
Then it can open the door tothese other things.
But if we're so focused, ifit's, if we only have a fixed
mindset, this is the only finitedefinition of wealth that it has
(18:31):
to be financial, that it has tobe quantifiable, then I think we
lose the opportunity.
But if we shift that, right, ifwe're open to this, these other
forms of wealth, I think wecould change, really create
change in our families andcommunities.
Stoy (18:48):
A absolutely last one in, in this section is stop blaming
systems and start saving,
Dr. LaTanya (19:01):
okay vs.
I call vs.
I call Vs.
On that one.
Um.
Dorothy, a Brown's book, theWhiteness of Wealth, and I read
this as I was getting towardsthe end of my doctoral journey.
I felt like Paul on the road toDamascus, like just the scales
just fell from my eyes becausewhat she talks about, so she's a
(19:24):
tax policy professor, sheteaches at Emory University and
the book.
Really looks at how racism isbuilt into the American tax
system, and she breaks down, youknow, all these pathways to
wealth from K 12 education tohigher education, which of
course has some impact on yourcareer position and career
(19:44):
opportunities, which open thedoor to home ownership and
retirement.
Like she connected it all sofluidly that there is.
The only way you could not blamethe system is if you're blind to
the system.
Stoy (20:03):
I mean, yeah, yeah.
It's there.
Like don't put it out there and,and say it's not, when it, it
facts or facts at the end of theday.
Yes.
Our next section is called Yourpoint of view, and what it does
is it takes us into your brain,how you operate with your
clients, how you would respondin all of your research.
I know we just went throughmyths that had some of that, but
this one is actually morerelated to your day and day
(20:25):
work.
So yeah, first topic a littlebit.
Again, all of these we can goway deeper on and I'm sure we
will.
But let's give everyone a taste.
So first one isintergenerational gaps and
historical trauma.
When you're dealing with yourclients and your research and
all of that, when you hearthose, what comes to mind
(20:46):
immediately?
Dr. LaTanya (20:48):
So I'm an empath, right?
So I, when I hear that, my heartlike almost breaks because just
knowing the effect that traumagenerational or
intergenerational trauma thatgoes unresolved, the effects of
that are lasting.
(21:10):
You know, we talk a lot aboutgenerational curses.
We hear a lot about thatgenerational trauma in, in
social media.
We don't talk a lot about theimpact of those things,
especially when they go unnamedand unresolved.
So my heart breaks a little bitbecause I also am aware of the
solution, right?
It, it does require an openheart.
(21:32):
It requires a mindset shift, andit requires the ability to
forgive.
Like sometimes we have to beable to forgive ourselves and
our elders and our ancestors,like I remember.
I used to have so much likebitterness towards my mom.
I, especially in my infinitewisdom of being a teenager, I
(21:54):
always thought that she chosework like that she would choose
to go to work instead ofspending time with me.
And it wasn't until I got to mydoctoral journey and started
really understanding the wealthgap, like she didn't have a
choice because there had been notransfer of wealth.
So.
When I say that, humbled me.
And so now I'm able to lead morewith this open heart.
(22:17):
Like where's the space forforgiveness of yourself?
And then to extend thatforgiveness and that grace to
others so that we can heal.
That's, that's really the firstplace that, that I start when
I'm working with clients whenI'm doing presentations, is
hope, holding the door open forforgiveness.
Stoy (22:37):
Now I'm gonna go off top, off my list,'cause now I'm okay.
Now you got mean treat.
Okay.
So right now we want to focus onforgiveness of yourself, your
loved ones and everything,right?
This, this is gonna be aprocess, it's not done
overnight.
Dr. LaTanya (22:51):
Absolutely.
Stoy (22:52):
How our generations and how many are basically living
right now and are going throughthis shift.
What's a, like, what's a true, Iguess if you could put in a a
mm-hmm.
Amount of years that it's gonnatake us as a society to go from
all of this to at least step oneof forgiving and recognizing the
(23:13):
both historical trauma and ourown traumas and interracial
stuff.
Dr. LaTanya (23:18):
I.
I think if we are honest withourselves that forgiveness and
healing is only gonna happen inthe communities where we've,
where we've experienced thetrauma.
If you are on the privilegedside of things, you may not feel
like there's any work for you todo, right?
Because you also don't thinkthere are any systems to be
(23:39):
blamed.
So within our families and ourcommunities, it could happen in
literally a generationliterally.
In a generation, right?
Because it sometimes is onlygonna take one person.
I was the person in my familylike doing this by myself.
And now over the course of Iwould say three and a half
(24:01):
years, four generations of us,16 adults, we were able to
really create some headway likewe got from.
We don't even talk about moneyto.
We're redlining this boilerplateestate plan document that we got
from an estate planning attorneyin three and a half years now.
(24:24):
I had done a lot of theemotional heavy lifting like we
talked about earlier.
I got burned out, I crashed, Ihit a wall because I was doing
it by myself.
And so what I recognized.
Excuse me.
What I recognize is that inorder for this work to be
sustainable, more members of thefamily have to be involved in
(24:45):
the process.
And so that's why we all have todo that healing, to come, you
know, to reconcile ourrelationships with money, to
energy, with money, our own,like even with our own
households, what have been thoseexperiences?
But now because we've done that,my daughter, so now this next
generation.
She's involved withunderstanding the different
(25:08):
forms of wealth and personalfinance and wealth literacy.
So I think it really can be donein a single generation as long
as we've started with thatholding space for shifting the
mindset.
Stoy (25:24):
I'd agree.
I absolutely would agree.
If we could put it, you know, ifwe got all those people in the
same room by same room, I meansame giant auditorium, the size
of who knows what.
If we could all start, I, Itruly do believe that.
My concern is we'll have pocketsdoing it.
Yeah.
And that leader, you, me andothers Yeah.
(25:44):
Will eventually either burn outor if we're gone, maybe we
didn't have as much foundationalsupport as we thought.
Yep.
Like that's my, my big concernwith it.
But we'll see.
Right.
I mean, ultimately a coupledecades away from actually
seeing if any of this workactually comes to fruit and you
know, again, not to bring asmany politics into it, but if we
(26:05):
keep going backwards as acountry, we're not gonna be able
to, to see that change in thenext 10, 20 years.
Dr. LaTanya (26:12):
Yeah.
Completely true.
Alright,
Stoy (26:14):
so we kind of went off and, and took time there, so I'm
good with that.
But the last part of ourconversation is always going to
bring.
Actionable steps to ourlisteners that are listening
right now that are like, yeah,I'm on board.
I see what you're talking about.
That hit me hard, but like, whatcan I do physically?
Like what can I do from Right.
This po moment on?
(26:34):
So let's, I got a couplequestions.
Let's hit upon what action stepspeople can do with those.
Okay.
What if you were to create aroadmap for first gen wealth
builders?
Mm-hmm.
What would be maybe threethings, maybe three to five
things that that roadmap wouldinclude, and if you could, what
order would those come in?
Dr. LaTanya (26:56):
I would say, so to me, I think the basis of any
transformation is education.
So first step would be if youhave not already read or
listened to the audio book forthe Whiteness of wealth.
That's literally the first step.
For me.
From there, I would recommend avision for wealth.
So there was this article storythat I read in my doctoral
(27:21):
journey and the title of it,like was so Off-Putting the
title was Freedom from Wealth.
And I'm looking at this likenever have I ever imagined that
someone needed to have freedomfrom wealth, right?
But there were some reallysalient, like hard.
Core questions in there.
(27:41):
And the first one that reallystood out was essentially the
question boiled down to what arewe working so hard for anyway,
right.
And as I was reading throughthis and kind of working with my
family, I created this wealthpersonality quiz to just kind of
help people see like where youare on the journey.
And one of the questions was,what's your vision for wealth?
(28:03):
Out of the like 25 or so peoplethat, um, responded to the quiz
about.
33% of them had no vision.
So my question was, what are wedoing this for?
Why are we working so hard?
Why are we getting up so earlyand running all these errands
and signing up for all thesethings if we don't have a vision
(28:23):
for what's gonna come from this,you know, at the end of our
lives?
So the, the whiteness of wealthestablished the vision for
wealth because, and I'll kind ofget back to why there needs to
be freedom from wealth, right?
And then identify within thefamily or come to grips for
(28:45):
yourself, like, are you gonna bethe only one or is there someone
who can lock arms with you?
Possibly from a differentgeneration in the family to
start to create change.
And the two of you, two or threeof you now, you be the ones,
you're sharing the resources,you're sharing the information
(29:05):
amongst each other, and you arecreating the plan.
So I had, um, as I kind of tooka look at all of the things, the
surveys and the tools and allthe stuff that I put together
for my family, I, I organized itall and created like this
checklist.
So that's one of the, the tools,that's one of the, the things
(29:26):
and resources that I highlyrecommend.
So it's, it takes the idea ofthe 12 week year.
So we are looking at what can weget done in 12 weeks, right?
How, who can we assign to be thefamily historian?
Who can we assign to do researchon index universal life policies
or.
You know, other portfolio andinvestment opportunities.
(29:49):
So those are the three thingsthat I would say in that order.
Read the whiteness of wealth,establish the vision for wealth
in the family, and then getgoing on the checklist as you
lock arms with someone else inthe family that could help
support you.
'cause otherwise you will burnout from doing this by yourself.
Stoy (30:09):
Absolutely.
I do it for a living.
You do it for a living.
Like let alone our families likewe, I do.
This is what I do.
This is what you do.
We help people.
And to see the burnout.
I'm meant to heavy lift for USfamilies.
You're gonna burn out'cause it'snot your expertise.
It's not what you have spenthundreds of hours, thousands of
hours studying and researchingand learning experience.
So it will happen.
(30:30):
I, I promise you that will,that'll happen.
Alright.
What is one area that's beenkind of overlooked when someone
is starting to build theirassets, even when they have
little to no capital?
Dr. LaTanya (30:44):
Um, especially when they have little to no capital.
Most people don't think there'sanything worth protecting,
right.
So I think the short answer toyour question, one thing that's
been overlooked is, so one ofthe pillars of dynastic wealth
is the wealth of knowledge, andthat's where I mentioned we
don't have much time to record,right?
We've gotta be recording thewealth of knowledge, and that
(31:07):
includes whose names are on.
The D to the family home, likehow many names are on the D so
that we don't lose it to airproperty anymore.
What about those family recipes?
Because we know that a lot ofthe products that we shop for in
the stores, Kellogg's and Hansand Campbell's, those are family
(31:29):
recipes or families that stolerecipes from other families, you
know?
Right.
So I think one thing that's beenoverlooked is recording.
The richness of what's in yourfamily?
Like, what's the story of yourfamily?
Why are so many?
I, I had to wonder.
I grew up in Miami, Florida, butso much of my family was in
(31:50):
Tallahassee and I never knewwhy.
So we need to capture thosestories and then we can start to
trace, well, there's property inTallahassee and whose names are
on the deeds to the property.
So as we're talking aboutprotecting wealth, we need to
know the story.
Of the wealth that lives in ourfamily and in our history.
Stoy (32:13):
So start with your story.
Write it down.
Yep.
Hit to writing.
Yeah.
As much as you know.
And then probably keep going.
Ask family members.
Yeah.
From there.
That's a great idea.
I love that last one.
How, how can people leveragetheir community and their
education from their communityto move forward faster on their
wealth journeys?
Dr. LaTanya (32:33):
So honestly, I mean.
Oh, bullshit aside, not all ofus are in the right community,
right?
We're not all in the rightcommunity either geographically,
physically, emotionally,spiritually.
So sometimes we gotta say.
Am I in the right community?
Do I need to find a differentcommunity?
(32:56):
Like your family's gonna be yourfamily.
Even if you disown them, they'regonna be your family.
But that's not to say that youcan't find other family, right?
There's the.
Black mammoth community.
There's the dynastic wealthcommunity.
That's what, there's thecommunity that we're building
together.
So it might be that we need toshift our community so that we
can be exposed to otheropportunities, we can learn
(33:20):
other things and then start to.
Excuse me, implement otherthings within our, maybe it's
just in our household for rightnow, then might, it might spread
out to our nuclear family.
And then we get to really createchange and transformation among
the family altogether.
Stoy (33:38):
And let's be very transparent and no bullshit with
this.
The ultra wealthy have acommunity.
And they only support eachother.
Yes, they keep supporting eachother and keep supporting each
other, whether good or bad, whatthey're doing.
They're protecting each otherand they're giving each other
opportunities to grow more.
That's what's happening.
(33:58):
And if you're in a situationwhere you don't have that
community.
Or don't know where to find thatcommunity.
We are very lucky that, that thepandemic happened in the regards
of this.
Everything is now more virtual.
It is welcoming.
We're able to do these thingsand build a community throughout
the the world now where youdon't physically have to be
there.
And I think that is so powerful.
(34:20):
Um, so those listening, like,yeah, we've got the community
we're building here.
We each have our own individualcommunities, but ultimately you
are not going to get where youwant to go.
At the pace of which you hope togo without some sort of
community.
Sure.
And that is where the more powercomes, is in that community of
(34:41):
space, so.
Mm-hmm.
Well, hey, I appreciate you.
This topic is, is deep.
I hope it hit people right whereit should hit'em again.
We're, we're gonna go off ofdifferent tangents with this.
Yeah.
You have questions or want to godeeper.
Obviously you can reach out tous individually personally, you
can reach out to no BS wealth.
You can reach out to ourbusinesses.
Ultimately, just let us know.
What you wanna know.
(35:01):
We can't help you if you don'tspeak up, right?
Some of our content is just whatwe hear around the grapevines.
Some of it is people asking usquestions, but the only way
you're gonna be able to learn isif you ask that question.
So engage with us, um, and, youknow, do that, like, share,
subscribe, crap, all that stuff.
But if you engage with us, we'regonna answer and we're gonna
give you that information thatis needed.
(35:22):
So, appreciate everything thatyou're doing, keep doing you.
Um, and we'll see you guys nexttime.
All
Black Mammoth (35:29):
right.
The proceeding program wassponsored by Black Mammoth.
Any awards, rankings, orrecognition by unaffiliated
(35:50):
third parties or publicationsare in no way indicative of the
advisors future performance orany individual client's
investment success.
No award ranking or recognitionshould be construed as a current
or past endorsement of blackmammoth.
Information regarding specificawards, rankings, or
recognitions is available on theBlack Mammoth website, www.black
(36:13):
mammoth.com.
All investment strategies havethe potential for profit or loss
Investment strategies such asasset allocation,
diversification, or rebalancingdo not assure or guarantee
better performance and cannoteliminate the risk of investment
losses.
There are no guarantees that aportfolio employing these or any
(36:34):
other strategy will outperform aportfolio that does not engage
in such strategies.
This broadcast should not beconstrued by any client or
prospective client as asolicitation to affect or
attempt to affect transactionsand securities or the rendering
of personalized investmentadvice due to various factors
including changing marketconditions.
(36:54):
The information discussed inthis broadcast may no longer be
reflective of current positionsor recommendations.
While information presented isbelieved to be factual and up to
date, black mammoth, do notguarantee its accuracy and it
should not be regarded as acomplete analysis of the
subjects discussed.
The tax and estate planninginformation discussed is general
(37:16):
in nature and is provided forinformational purposes only, and
should not be construed as legalor tax advice.
Listeners should consult anattorney or tax professional
regarding their specific legalor tax situation.
Past performance is notindicative of future results.
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