Black women wear the moniker of “superwoman.” While they’re busy taking care of others, they’re also shelling out their own money to foot the bills. Recent studies show that Black women provide critical support to families with 58 percent using some of their own money to support their extended family. The prospect of building generational wealth seems like an impossible feat under these circumstances.

Despite the challenges Black women face as caregivers and providers, private wealth manager Myah Irick says that building generational wealth for Black women is within reach. 

“Even in the face of adversity, there are steps that Black women can take to grow wealth,” Irick told 21Ninety. “Black women deserve financial security and the ability to flourish financially.” 

While it is not an easy or quick road, Irick shared seven tips on how Black women can build generational wealth as a caregiver.

Prioritize Financial Education 

Get educated about your finances. Whether you choose an online course, hire a financial coach or subscribe to a financial podcast, there are numerous financial education resources available at various price points. Many community organizations, financial institutions and nonprofit agencies often offer financial literacy workshops free or for a small registration fee.

Irick says that investing in financial literacy allows women to enhance money management skills, budgeting techniques and investment knowledge. 

Set Clear Financial Goals

Building financial wealth starts with creating a plan. Without setting clear goals, you won’t know where you’re headed, be able to track progress or stay the course. These goals may include homeownership, retirement savings, education funds and wealth accumulation for future generations. 

Develop a Comprehensive Budget 

Although the word may not sound appealing, budgets are a catalyst for organizing and growing your finances. It’s also a way to stay informed about your finances and tell every dollar where to go. Your budget should outline income, expenses and savings goals. 

Invest in Homeownership 

Owning a home is a means of building stability and wealth accumulation. As you pay off your mortgage and your property’s value appreciates, home equity increases over time. As a caregiver, you can pass down your property through various means, such as a will, trust, joint ownership and transfer-on-death deeds.

Maximize Retirement Savings 

Jumpstart your retirement savings by saving and investing today to help build your generational wealth. Small amounts add up and what you save today will compound, grow and be worth more during retirement than money you save later on. Other tips include contributing to your 401(k) plan, utilizing your company’s match program and opening an IRA.

Foster an Intergenerational Wealth Mindset 

Financial literacy is something that must be taught. Talk to your children and family members about finances and how to grow wealth. Caregivers can help build generational wealth by teaching financial values, habits and principles to family members.

Have a Team of Advisors 

A team of advisors might include an accountant, financial advisor or estate planning attorney. Irick explains that your team of financial advisors should share your values and have your best interest at heart to build generational wealth.