As part of its national campaign to bridge the wealth gap, The 10K Project, a community of individuals supporting Black entrepreneurs and investors, announced the launching of its first-ever Black Family Wealth Challenge.
With families of all sizes beginning to gather virtually and in person in the months ahead, Cheree Warrick, co-founder and CEO of the 10K Project, said the Black Family Wealth Challenge is a fun, interactive way for families to end the year on a note of family solidarity and lay the groundwork for an upbeat 2021.
The initiative comes at a time when a recent Brookings Institute study shows that a white family’s net wealth at $171,000 is 10 times higher than most Black families. The study shows that many Black families are not likely to inherit or benefit from intergenerational wealth passed down.
That’s why Warrick believes now is the time for the Black Family Wealth Challenge.
“We’ve all been through a lot this year,” Warrick said, “This Challenge is our way of saying that it’s time for us to control our own destiny.
If we’ve learned anything over the past seven months, it’s that there’s so much uncertainty in the world around us. Now is our chance to shape our future. We do not have to rely on anyone else to build our own generational wealth.”
At the end of the challenge, the goal is for families to create a family investment club, also known as a “family bank.”
Participants will be given tools and resources to help them create generational wealth plans, reduce family taxes, discuss estate planning with elders, and buy assets to grow wealth. Between November 2 and 16, Black families can begin participating by signing up on the10kproject.com/
The Black Family Wealth Challenge was fueled by a webinar by Robert Cook who shared his success story of having family members contribute $25 per month per person to now having seven figures in assets.
As part of the 10K Black Family Wealth Challenge, you will receive:
- An introductory video from 10K Project CEO
- Access to the Robert Cook Family Bank webinar (which will be held in the 10K Knowledge Center)
- Robert Cook’s Original Partnership Agreement
- Access to Tawana Rivers Investment Club webinar where she discusses her journey of creating a family investment club (which will be recorded November 2020; future challenges will have access to the recording)
- A Family Bank checklist–items people need to successfully set up their family bank
- A sample letter template to invite family members to participate and a suggested agenda for the first Family Bank meeting
- A list of legal resources for individuals including lawyers that can help set up entities, estate planning attorneys, and financial planners.
Additionally, members of the Black Family Challenge will receive invitations to the Family Wealth Book Club Zoom sessions, automatically receive a 10K Project membership including access to our full Knowledge Center and members only Facebook group.
Another one of the benefits of participating is a chance to win one month of Calvin Williams’ Flow Package for your family.
“What’s exciting about this is that families can use this opportunity to work together to map out their short- and long-term financial goals,” Warrick said. “Our time is now.” Follow us on social on Facebook, Instagram, and YouTube, using the #familywealthchallenge. If you have questions about the challenge, email firstname.lastname@example.org.