Wealth

Profit maximization and wealth maximization are two distinctive objectives when it comes to financial management. However, there are several arguments against and favor of these objectives.

There are different opinions about the two objectives and while some people advocate that goal of the financial management should be profit maximization, many people are of the opinion that the goal of the financial management should be maximization of wealth management.

The limitations of profit maximization objectives are as detailed below:

1. It relates to the problem of uncertainty as the future profits cannot be well known to express now. Thus it is not possible to maximize what cannot be known.
2. Most decisions involve a balancing between expected return and risk. The investment projects having higher expected yields are associated with a greater risk and also requires a higher capitalization rate. The combinations of expected returns with risk variants and related capitalization rate are ignored in the concept of profit maximization.
3. The decision maker may not have enough confidence in the estimates of prospective earnings and he does not attempt further to maximize.
4. The objective of profit maximization is too narrow because it fails to take into consideration the interests of government workers and other persons in the enterprise.

As a solution to the limitations of profit maximization, according to Prof. Solomon it is useful to distinguish between the profits and profitability. The maximization of profits by accruing maximum wealth to shareholders is clearly an unreal motive. On the other hand, profit maximizing results in using of all resources to generate economic values than the joint values of inputs is a useful goal.

The goal of the profitability achieves in terms of greater output than input involves a different set of considerations. Further the proper goal of financial management is wealth maximization. When it comes to the operations of the firm in regard to wealth maximization, the other motives of the firm namely; maximization of sales or size, maximizing growth or market share do not necessarily conflict. Thus Prof Solomon concludes that maximization of wealth provides a useful and meaningful objective as the basic guidelines for evaluating the financial decisions.

The developers of financial management and its various planning and control tools over the past twenty years have equipped well the financial manager than any other officer to provide adequate information to the chief corporate executive. In addition to raising funds, the financial management is directly concerned with production, marketing and other functions within an enterprise whenever decisions are made about the purchase of assets.

In the modern enterprise the basic finance functions are to decide about the expenditure decisions (investment decisions) and to determine the demand for capital for these expenditures. In other words, the financial manager is concerned with the efficient allocation of funds. Thus the role of finance manager shifts from the traditional role of raising of funds to the new role of efficient and effective use of funds.

SQUANDERMANIA MENTALITY: THE ROOT CAUSE OF SOCIAL EVIL UDEKE CHARLES NDUBUISI POPE JOHNPAUL 11 MAJOR SEMINARY

It is no longer news even to the blind that things are not the way they should be in our society. Nigeria problem is hydra-headed. Many scholars have viewed it from the different perspective as corruption, problem of leadership, indiscipline, greediness, consumerism, et cetera. Squander mania mentality is not out of the list. The rate at which people spread dollars at occasions is quite embarrassing.

The history of Nigerians is that of a people in search of naira and the ostentatious show of wealth. Some people construe squandeermaniarism as a means of ascertaining themselves in the society. So, the more ostentatious you are, the more you are socially recognized and canonized. The root cause of social evil in our society is nothing but consumer consciousness. In bid to have more in order to spend extravagantly people often indulge in all kinds of ills like: kidnapping, bribery, drug addict, money laundry, stealing, armed robbery, gangsterism, corruption and embezzlement.

Squandermania consciousness has turned some of our leaders into caterpillars’ of common wealth. In fact the evil malice in us has been exalted to the point of genius in some of us. Moreover, in January 1987, the Anambra State government under the governorship of Captain Emeka Omeruah organized a crusade against squandermania. They so accurately deciphered the basis of indiscipline and underdevelopment in our nation as squandermania mentality. In this work we shall be looking at squandermania mentality as the root cause of our social evil and the possible remedy.

In order to better appreciate this topic, let us explicate the basic concept. CONCEPTUALIZATION OF TERMS. Squandermania mentality literally means conscious wasteful or useless spending on daily basis. According to Okolo (1994:9) it is that disposition in a people by which they conceive and judge things by their consumable value. On the whole the society becomes one dominated largely by acquisitive rather than productive instincts. ’ Thus, for him it is materialistic consumable outlook on things. Then, Prof. P.

N. Ejiofor (1986:3) viewed the term conspicuous consumption as ‘living above one’s resources and for the overall standard of living of the society for one’s inordinate self aggrandizement. ’ For him, it is spending unnecessarily. Here, squandermania mentality may be used interchangeably with consumer consciousness or conspicuous consumption. Based on this based backdrop, let us know to what extent squandermania mentality is the root cause of our social evil.

SQUANDERMANIA MENTALITY IN NIGERIA: THE STORY SO FAR.

Today, in our towns and villages, people both rich and poor, indulge in consumer consciousness such as charging astronomically high bride prices, engaging in costly wedding ceremonies, pompous burial ceremonies, expensive chieftaincy title-taking, excessive feasting, excessive eating and drinking, and useless spending in luxurious cars and colossal village mansions. Prof. Ejiofor (1984:90) attempted to paint a picture of an aspect of conspicuous consumption as it pertains to our burial ceremonies. “First the corpse may be embalmed, and left in the mortuary for a period ranging from three days to two or three months.

During this time, a new building is set up, if the dead did not build one in his life time, but if he did, the house and the walls are renovated. ” In the same vein, pomp and pageantry go with weddings, birthday celebrations, title taking, chieftaincy installations, graduations, ordinations, and house warming ceremonies, etc. In fact, Nigerians are drunk with life of ostentation. We place undue emphasis in material social values as a way of life of a people. Thus material success and possession are highly valued in the social and cultural lives of our people.

Peace Pilgrim (1981:12) articulates it in the following terms, “in this materialistic age we have such a false criterion by which to measure success. We measure it in terms of material things. But happiness and inner peace do not lie in that direction. ” Nigeria is the paradigm example of classical consumer society. Okolo(1994:10) viewed squandermania as the foundation of all our problems. “It is the problem behind our problems. To ignore it in our attack of societal ills would be to pursue a phantom, attacking the disease with a proper diagnosis of its cause. ” We can talk of Nigeria problem without mentioning squandermania mentality.

That Nigeria is a consumer society is never an exaggeration, for it is manifested in all their activities. Our society is characterized by unproductive spending, wealth exhibitionism and social importance. Hence, prestige and power are mainly construed in terms of material wealth and possessions. As a consumer nation, it exhibit one sided apprehension of labour. That is in terms of immediate gain, instant wealth and material success. Sweat, hard work and personal sacrifice have been sacrificed at the altar of laziness, cheap labour, instant gain and consumerism.

Okolo(1994:11) posited that “people of consumer society generally manifest low enthusiasm or appreciation for high values such as patriotism, love of truth, honesty… To labour or sacrifice for these spiritual goods or think of them important is hardly worthwhile for them. ” In the educational sector, a lot of people read in order to obtain mere certificate, what is referred to as ‘certificate education. ’ They construe education in terms of its material relevance. Knowledge in the strict sense, for broadening ones horizon, understanding and conquering ones environment is not for them.

They seek for certificate education in order to gain affluence and wealth through influence and high positions in the society. They struggle in order to manifest supremacy in wealth and what it can buy. Success and social progress are defined by them in terms of material prosperity and acquisition. Russell (1975:38) in his own part described the situation thus, “but what typical modern man desires to get with it is more money, with a view to ostentation, splendour and the outshining of those who have hitherto been his equals. It is clear that the quest for instant wealth and material acquisition is the root cause of the societal ills. All that matters for Nigerian is naira accumulation, the means not withstanding. Consequently, it is no longer news that there is so much robbery, kidnapping, prostitution, human trafficking, embezzlement and all sorts of fraudulent practices in the nation. The hardship in the country notwithstanding, the syndrome for quick money and over night success is a pointer to squandermania mentality. The search for immediate wealth makes the Nigerian to hold tenaciously to power and authority.

Conspicuous consumption will lead us to nothing but a consumer nation. Whereby, we spend more than we produce, consequently leading to many inefficiency or disequilibrium in the economy. CONS OF CONSUMER CONSCIOUSNESS The cumulative effect of it will lead to enlargement of his tastes, a change in his life style, in his social values and outlook in life. The person will define his social importance in terms of wealth acquisition and display, then, the type of home he lives in, property acquired and social entertainment held.

So, the attitude of wasteful or unproductive spending and wealth exhibitionism will be high in the individual. Conspicuous consumption is one of the root causes of bribery and corruption, armed robbery, prostitution, smuggling, and drug trafficking. Faced by the huge financial demands which they can not meet by honest living, they land themselves in the aforementioned ills. Consumer consciousness channels all our resources from working to leisure and from investment to unnecessary consumption. Many a time offices and markets are closed to give the dead a so-called befitting burial.

The time we spent in long wake keeping ceremonies, marriage ceremonies, housing warning ceremonies, etc, is spent by the Whiteman in his library or laboratory researching on how to develop the machinery he will export later. The money we spend on those occasions is spent by him in taking a balanced diet and investing in meaningful businesses. It has destroyed the value system of our society. The people’s outlook on things is mainly from viewpoint of the consumable value and the material worth. In the developed countries, the most noble and masters are the researchers, the inventors, the statesmen, great philanthropists.

In our society the statusquo are mostly the number of cars, the type buildings, the rowdiness of parties, etc. It is not surprise today that many young people indulge in different foul game in order to make money quick. Squandermania mentality makes us to be more dependent on the industrialized nations. It discourages patronage of our native goods. It is not shocking that most of the drugs, food stuffs, scientific equipments and all sorts of manufactured and consumer good are not produced locally. This has stultifying effects on the creative and imaginative powers of the individual. By being dependent on other nations we enslave ourselves.

It makes Nigerian to be imitators instead of competitors with other nations. Since we end up in imitating and reproducing, we lack originality, self transcendence, creativity and self reliance. More so, it vitiates the development of education, science and technology. Today, young people construe education in terms of material gain. Whereby, they end up in ‘certificate education. ’ People are not concerned with the qualitative functional education, which will help them conquer and transform their environment. Instead are interested in certificate education which guarantees them position of influence in the society.

In fact, conspicuous consumption has adverse effect on moral, economic, developmental and political facets of the society. It reinforces wrong values, leads to exportation of wealth, encourages social vices, hampers productivity, and slows down the rate of economic development. We devote too much time in consuming than in producing. Since we have seen that the gestalt of our problem is squandermania in outlook, then, what shall we do! PANACEA What Nigerian need is a new awareness of self, a novel sense of dignity and altogether new life and value system. This new ideology should make value to be more qualitatively rather than to have more.

That is to live more qualitative life instead of quantitative life. Education is vital instrument through which these values can be inculcated. Nigeria needs to imbibe the value of self-discipline. He must be ready to restrain his ungodly desires, goals and ambitious which he generally views in materialist terms. In quest to have more, display more, enjoy more, the Nigerian has lost sense of self discipline in quest for naira and what it can purchase. Thus, it through self discipline, the nation can manage her resources judiciously. Our society should cultivate the spirit of working for the universal good.

For no society of human beings is possible without what binds them together, what they strive after together. Thus, common good is the good of the members of the society. If, we think of those things which make up the society as a whole, squandermanianism will be a forgotten issue. Management of our resources, time and talents well is a necessary condition. Foolish people waste their money, whilst wise people invest their money and are called investors. In order to shun squandermania mentality the Nigerian must cultivate pragmatic spirit. This imbues him with the mind to discover or invent and to be creative.

This is attitude of sacrifice, self-dedication and labour. For consumer mentality radically weakens the will and people to put pleasure before business, sweet before sweat. More so, let us spend less time and money in celebrations, so as to have more money for the investment and time for working. It is by patronizing our locally made goods, can we encourage our local industries. CONCLUSION It is high time we admit that there is more to life than money, therefore, should focus not just on money wasting, but on general well-being.

Studies have shown that those who are high in materialistic orientations are lower in levels of life satisfaction. Squandermania is a public enemy that should be stamped out of our society. It fails to satisfy men whose nature clamours for higher, more lasting values. We should aim at minimizing the traditional pursuit of wealth, conspicuous consumption and the acquisition of possessions and the attainment of status. Let us aspire to be more rather than to possess more. May all hands be on deck in order to bring to an end the inflicted wound of wasteful living.

Throughout history, every organized society had some form of government. In free societies, the goals of government have been to protect individual freedoms and to promote the well-being of society as a whole. To achieve those goals and meet the expanses all governments need some revenue, and that revenue is raised mostly through taxes. In USA, governments levy several different types of taxes on individuals and businesses. The Federal Government relies mainly on income taxes for its revenue. State governments depend on both income and sales taxes. Most county and city governments use property taxes to raise their revenue.

Nearly all tax structures contain two basic parts: the tax base and the tax rate. The tax base is the amount to which the tax rate is applied to determine the tax due. The tax rate is basically a percentage rate applied to the tax base, and it can be progressive, regressive, or proportional. Progressive taxation refers to a tax that takes a larger percentage from the income of high-income people than it does from low-income people. And this is a basic principle underlying the income tax laws of the United States – people should be taxed according to their “ability to pay. For example, a person making $200,000 in a year might pay 30% of his income in taxes ($60,000), while someone with an income of $30,000 might pay only a 10% tax rate ($3,000 in taxes). Most income taxes in US are considered progressive. What can be disadvantage of progressive tax? Well, some individuals may think that progressive tax is discouraging the success. Why to work hard, and try to increase income and wealth, when half of that will be “taken away” in taxes!? It is simply unfair! Because the taxes are then redistributed to poorer individuals through government aid programs, some see this as socialism.

But despite opposition most economists believe that progressive taxes are the best form of taxation, because the lower class individuals, who are already socially and economically disadvantaged, are shielded from large tax burdens. A tax system may also be regressive or proportional. A proportional tax system, called sometimes flat tax, is one where the rate of tax is the same for all taxpayers, regardless of the level of their tax base. Example of proportional taxes may be state and local sales taxes, real estate taxes, personal property taxes, custom duties etc.

Advantages of flat tax can be its simplicity and predictability. Opponents declare that proportional tax is in reality a regressive tax, as both the lowly – paid and highly – paid individuals consume products. No matter if they want to or not, they have to spend a certain amount on necessities like food, clothing, or pay property taxes, and flat tax takes up a higher percentage of an individual’s budget that has a low income, than it does for an individual with a higher income. A regressive tax system is one where a tax rate decreases with an increase in the income.

The example of regressive tax is Social Security (FICA), because the maximum amount of wages subject to the Social Security tax for 2009 is $106,800. After an individual reaches $106,800, no more FICA tax is withheld. No matter what structure the tax system has – progressive, regressive or proportional, most people don’t enjoy paying at all. Unfortunately taxes are inevitable, and refusing to pay them does not make sense. Thanks to them we can drive on the paved streets, seek the justice in court system, send children to public schools and be able to wake up every morning feeling safe.

In this paper we will discuss the different phases of retirement and how those phases would effect a nurse’s detriment plan. It is critical for to start preparing for retirement early, this will maximize retirement income and at what age they will be able to retire. Currently seniors are cautious about their retirement, but due to economics and poor planning some seniors will not be financially thriving and lack financial security. By scrubs 961 Like many professionals nurses us the traditional gradual steps to plan for their retirement.

There are five phases that related to retirement and the plan a nurse puts into place could be altered based on how long they live and economic factors, such as inflation. Phase one is the accumulation phase in which the individual is saving for retirement needs, they person may use one or more types of savings to be able to achieve their goals. Using kick, Aria’s and even Annuities are some of the options available. The “new normal” requires retirement savings rates for most Americans to exceed 10 percent (Crooks, 2011). The next phase is called pre-retirement and this process begins around the age of 50.

It is during this time frame that the nurse would review monies already set aside and re-evaluating their retirement needs continuously. For individuals who worked or companies that have a benefit specialist who can offer assistance from transferring 401 k balances from another Job into a Roth AIR. It is also during this time that the nurse would review what benefits they will need to provide for their healthcare needs such as, health insurance a secondary plan for Medicare and long term care benefits. Phases 3 through 5 represent the day of retirement and later.

Early retirement is a good time to discuss with family and ensure that they are aware of your plan. Evaluating finances to ensure that the plan put in place is still meeting expectations. Phase 4 is mid-retirement and it during this time that the aging nurse would plan for a change in health, communicating with family and friends the plan for the “what if’s”. Phase 5 would begin with when the person develops a significant health problem requiring long-term care could wipe out any monies saved for retirement, potentially leaving the person relying on social security for monthly income.

Economic influences will have an effect on how and when a nurse will be able to retire. Like other professionals the nurse may need to work longer to meet their retirement goals. A nurse’s health and mental status will determine how much longer beyond the age of 65 they will be able to perform their nursing duties. As cost of living continues to increase in the United States so will the need to increase savings to meet that inflation rate. Redefining expectations of retirement might need to be redefined.

Alternatives to Traditional Retirement For nurses they have many alternatives to retire and many today are finding opportunities that allow them to skillfully control their financial future. This allows for them to be more adventurous, trying things they dreamed of doing and expanding their routine. Going the route of freelancers and independent contractors, nurses are able to set limits on hours worked and vary their Jobs to meet their personal and family needs (Alger, 2015).

Nurses have the endless possibilities for continuing to be in the workforce. There are many Jobs that can be done remotely from the nurse’s home, such as case management, telepathy and manning a phone line. For those who are interested in care teams providing care to other countries. Or they could stay with their old positions but decrease hours or it could be a combination of any of these opportunities. For the predicted health care provider shortage, nurses staying in the workforce longer in any format would benefits our country and our communities.

Younger Adults and Retirement Younger generations think they have plenty of time to plan and retirement seems too far in the distance future. But the earlier they begin saving for retirement, the more financially stable they will be at retirement age. Saving a little over a longer time accruing interest over the persons working years would develop into a nice retirement nest egg. Youth today will need to work harder at saving, in comparison o their grandparents and even their parents, due to economic factors and because social security and pensions lack reliability.

If an individual is lucky enough to find a position where the employer offers a pension plan, younger individuals change Jobs more frequently making it less likely that they will qualify for pension benefits. In fact, 70% of Generation Y employees left their first Job within only 2 years, not long enough to vest in many pension plans or even to get the employer’s 401 (k) match (Davidson, 2012). How Will Retirement Affect Career Selection of Younger Generations Career selection for the younger generation is important, making the right choice makes income available for retirement savings.

Careers in technology, healthcare, and public services such as fire fighter or police officer all offer the means for retirement savings. But it is may not be about the career, as much as the actually practice of saving in a 401 k or Roth AIR. But regardless of your occupation, it’s important to remember that the key to a successful retirement is careful financial planning. You can usually make it happen with proper budgeting and disciplined avian. Or, you can Just live vicariously through this article and new the folks who opted to pursue these professions (Goldstein, 2015).

So without the practice of saving for retirement, a career in any area will not make a difference. It is said that those currently in their ass’s are doing a far better Job of saving for retirement, more so than any other age group and have a plan in place for their retirement needs. Also, 30-something’ retirement plans were likelier to include a retirement-expense budget and estimated health costs (Comes, 2013). . Conclusion For the nurses who have spent their careers caring for the people of this country they have many options when it comes to retirement.

Additionally, Max Weber expanded the idea of Mar’s classic theory. He stated that people have free will, ability to make choices about something. People in effect can have an insight into what someone else is going through, the ability to relate to each other dimensions of power. The more you know, you have the power to insight. The people have power with access to skills, knowledge, and labor. William Domingo and C. Right Mills have gathered a contemporary theory, the power elite theory which is distributed power. Power elite theorist C. Right Mills stated that rich people are all related.

They control the economy, politics, government, media, criminal justice system laws, cultural capital, and etc. He summarized that they are a group of people who control everything. The wealthiest 1 percent own 33 percent of the Nation’s wealth. Those who control have power and so they maintained that power by establishing methods of control. William Domingo theory explains that the power elite maintain their power by sharing a perfect set of coordinated interests. They are such things as vacationing at a similarly destinations, joining elite clubs, tending select schools, and socializing within the same group. Art social Class Scientific research analyzes that most people who are in the same class have the same access to the things that are valued in our society. Such valuable things are money, power, good neighborhood and schools. They also live in a similar way such as their lifestyles. People that work in a higher level tend to place themselves as middle class. Social class are break down into two groups: White collar and blue collar/pink collar. The white collar are required to have at least a bachelor degree and they are identified as the middle class.

The blue or pink collar are the working class who are pay less than white collar. Their jobs required less education. Gender and race was also ranked in social class. As for gender, a male and for race, a white person would help to be in higher social class. More women were in poverty than men due to the fact that men were the head. There are four approaches to determining social class. The first one is objective method which is the use of a multidimensional numerical (statistical) measure. The second way is called self-placement, the individuals appraise their own class according to questioners categories.

The third way is reputation method which individuals appraise others’ class according to questioners categories. The fourth way is combined method, Coleman and Rainwater: People who have really made it, people who are doing really well, people who have achieved the middle-class dream, people who have a comfortable life, people who are just getting by, and people who are having a difficult time. Social Stratification still occurs today because it is useful for individuals and groups such as people who have power have the ability to control others who are powerless.

The Baby Boomer generation’s notion of freedom is intimately tied to the changing styles of modern consumerism. Ideas of American affluence would come through the purchase and enjoyment of a fulfilling home life characterized by a loving marriage with a few adorable children in a beautiful suburban house with a sprawling lawn and white picket fence.

General Motors, one of the leading manufacturers of the time, celebrated these ideas through its 1958 sponsorship of The American Look. The film traces and highlights what GM considers to be the prized possessions and lifestyle of the affluent class, which in the film as well as in American society at the time, meant a white, upper-middle class existence. Through both form and content, The American Look parallels the mythical portrait of a happy and well-to-do American Dream.

The narrator, a deep-voiced male, says in Part I, “By the way things look as well as how they perform, our homes acquire new grace, new glamour, new accommodations – expressing not only the American love of beauty, but also the basic freedom of the American people, which is the freedom of individual choice. ” This is all said over a scanning shot of a pristine white kitchen filled with GM amenities in a modern home. General Motors was relying on the idea that in order to be free, American’s practice their liberty through their decisions in the marketplace.

The catchphrase ‘keeping up with the Jones’’ is here exploited by the thinly disguised marketing and sales promotional function of this film, implying that to be modern meant buying the latest stylish designs. Instead of a film portraying the workers whose ardent labor produced the goods that the affluent class purchased, the film shows the modern stylists in their leisurely enjoyment of products that General Motors stood to profit from.

Today African American communities are falling apart tremendously. Crime is rising; children are killing more than they are working. Economics are lowering; people tend to spend their money in other communities where businesses look more professional than that of their own, and families are fighting over material things that do not have value or meaning. There is also a rise in welfare, section eight housing, abortion, credit card and calling card charges, and layaway spending that keeps an individual in bondage; bondage of his mind. I would like to suggest that there is a lack of generational wealth in the African-American community.

The lack of generational wealth is a direct result of our knowledge of economics and understanding economics. In order to understand the two, generational wealth and economics, you first have to go back to the beginning of time when God created the man and woman (Adam and Eve) and gave them their job description. In the book of Genesis the first chapter and the 28th verse, God said, “Be fruitful and multiply; fill the earth and subdue it; have dominion over the fish of the sea, over the birds of the air, and over every living thing that moves on the earth.

And God also said, “See, I have given you every herb that yields seed which is on the face of all the earth, and every tree whose fruit yields seed; to you it shall be for food” (Question about Quoting Bible). At this time God gave a charge to Adam and Eve giving them dominion. They were producers of the world. But when they decided to mess up in the garden by eating the forbidden fruit, they went from being producers into being consumers. This is one of the problems today in the black community.

Out of a lack of understanding of who we are and what our purpose is, we consume all things of others but rarely move into the understanding of producing our own. In this light, increasing the number of blacks in ownership positions appears to be an important prerequisite for ending black community unrest (McKersie pg 84). If blacks are upset because they lack control over the institutions of their community, because they are charged high prices for inferior merchandise, victimized by credit racketeers, and exploited by employers, then perhaps some would argue, greater black ownership will help end this condition.

If the black community lacks leadership and a stable middle class, then enlarging the number of black entrepreneurs may provide such leadership and foster stability. If the problem is lack of racial confidence, the success of black capitalists would build pride. Today in the black community, crime is rising; children are killing children and spending more money in the communities than their parents. There is an increasing number of males killing for what they think are respect. There is also a mindset on children that, it is better to kill, steal, and destroy, to get what is gratifying to self.

Children have become lazy. They have depended on the former generations to get things done rather than them. Today also, there is an increased number of welfare, section 8 housing, and abortion participants, which are considered to be popular in the community. This is nothing but bondage. Society has a way of keeping people focused on minor issues and making them think that they are major. Welfare is not a major problem but rather one that is minor. The major problem today, which has always been a problem, is economics.

Economics is a problem because many African Americans don”t know what economics are and how to manage it. Out of one”s lack of understanding the economical breakdown of society, he cannot teach his child about generational wealth. Generational wealth is what a family has accumulated over its lifetime along with those resources that have been inherited across generations. Generational wealth is not riches. When one is rich, they are materially content for the moment but not necessarily content in their private lives. One who is just rich, will become a private failure but public success.

In essence, riches are the successes of the world. On the other hand, wealth is generated through the family unit and is passed down generationally. In Proverbs 13:22, it reads, a good man leaves an inheritance to his children”s children. In order for one to truly understand generational wealth, he must first understand economics and vice versa. Economics is the study of heart and wallet. Meaning, if you want to touch people, you have to reach them in their pockets. Matthew 6:21 states, “For where your treasure is, there your heart will be also. Let”s break down economics.

The Greek meaning of the word echo means family. Therefore, economics is the study of the family management. This is so awesome that God decided to give us an assignment in His daily word. In Luke 19:13, God says, “do business until I return. ” He didn”t just throw business in there for anything. To do business until God return means, to occupy; take dominion; handle things in decency and in order to the word of God. Sad to say, but some people only understand economics when it comes to selling drugs.

Young men and even some young women understand that you can buy large quantities of drugs at wholesale and make profit by way of retail. On the other hand, if you ask them to turn the television to the stock market channel and decipher the information run on the station, they can”t even relate. So when do we come to an understanding that there is a world wide problem of the family unit that is affecting our economics? One of the major problems in the black community is that everyone is out for self. We have gained a mindset that everyone is supposed to work for his or her own stuff and keep their stuff to themselves.

Out of understanding who you are, you understand that the father is the one who formulate the vision, the son is the one who demonstrates the vision, while the grandson authenticates the vision. It takes the fortitude of a father to persevere through the storm of formulation. It takes the zeal of a son to pay the cost of demonstration. It takes the integrity of a grandson to handle the glory of authentication. There are a lot of individuals who don”t understand this so, therefore they operate trying to be the father, son, and grandson. This brings about the mindset of selfish thinking and single generational.

Thinking selfishly and single families operate in false wisdom. For example, when most children turn 18, they are kicked out of the house and told by their parents that they are grown enough to make it on their own, but was never equipped to pay their bills and even maintain their payments. Therefore we have a generation that had already achieved their successes, forcing our children to grow up in a fast paced society that prefers self-gratification, without restraint. The family exists at the heart of every society… No society has succeeded without it. But today we see a fraying of all connections that have defined our families.

We are neglecting our children emotionally and educationally, marriage is increasingly unstable, we are slipping deeper and deeper into acceptance of violence, and we are absorbed into materialism and competitiveness. If we allow these trends to continue, there lie ahead, families that slip further into chaos. As you can see, we are living in a time where there is much help needed. It is time for African-Americans to wake up and take the dominion that God has given them. It is also, time out for just talking about the decay of the community but rather offer solutions to the problems of the community.

Having been empowered to understand that true wealth and economics is generated through the family unit and is passed down generationally, one has the ability to empower another so that we can move forward to begin building our communities economically, emotionally, and physically. I pray that this empowerment will not inspire one but rather, transform one to make a change for the generations to come. It”s just like Bishop says, “Lack of information is ignorance but the inability to use information is stupidity. ” Therefore, those who are not prepared will not survive.