The Financial Ladder Framework
Our mission is to empower the Black community to ascend from the constraints of survival to a place of lasting significance. To illustrate this transformative journey, we've developed the Financial Ladder Framework.
This framework outlines the crucial stages of economic development – from foundational stability to self-determined success and impactful legacy. Understanding these distinct levels is key to grasping how Self-Built Legacy Foundations strategically deploys its four pillars to provide targeted support and resources at each step of this vital climb.
Discover the stages of the Financial Ladder below to see how we are building pathways for individuals and the community as a whole to achieve their full economic potential and build a self-determined future.
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5. Generational Wealth (Significance)
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4. Wealth Expansion (Success)
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3. Asset Accumulation (Success)
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2. Financial Stability (Stability)
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1. Poverty/Financial Crisis (Survival)
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Explanation of Each Step:
* 1. Poverty/Financial Crisis (Survival):
* At the bottom of the ladder.
* Characterized by a lack of basic necessities, high debt, no savings, and limited access to financial resources. The primary focus is on day-to-day survival.
* 2. Financial Stability (Stability):
* The first step upwards.
* Focus is on establishing a secure foundation.
* Achieved through stable employment with a living wage, budgeting, debt management, building an emergency fund, and accessing affordable healthcare and housing.
* 3. Asset Accumulation (Success):
* Moving towards building wealth.
* Focus is on acquiring assets that generate long-term value.
* Involves investing in homeownership, building a diversified investment portfolio, investing in education and skills, and potentially starting or investing in small businesses.
* 4. Wealth Expansion (Success):
* Further growth and leveraging of accumulated assets.
* Focus is on maximizing wealth through strategic business investments, real estate development, advanced investment strategies, and proactive financial planning.
* 5. Generational Wealth (Significance):
* The top of the ladder, representing long-term financial security and legacy.
* Characterized by significant assets passed down through generations, financial security for descendants, philanthropic endeavors, and the ability to fund community projects. This stage often involves using wealth to create broader impact and significance.