Generational wealth is a goal so many of us strive for. Today’s episode of The Small Business Show highlights a business reshaping financial education conversation called the Financial Joy School. The Financial Joy School’s Founder and CEO, Ruby “Sunshine” Taylor, joins us now to tell us more about it.
Key Takeaways
1. Ruby “Sunshine” Taylor has developed the Financial Joy School, a gaming and virtual education platform designed to engage users with their finances and promote the building of generational wealth. The centerpiece is a card game called Legacy, which teaches players about careers, investments, savings, assets, and life events in a fun and interactive way.
2. Taylor’s inspiration for creating Financial Joy School came from her own financial struggles after a traumatic brain injury left her unable to work. With the help of a supportive community, she learned about long-term investing and the importance of financial planning, which drove her to educate others.
3. A major focus of Ruby’s mission is to debunk common myths about wealth building, particularly the misconception that it’s only for the rich. She emphasizes that anyone, regardless of income, can build generational wealth by starting small and understanding key financial concepts.
4. Moreover, Taylor defines generational wealth as passing on an asset to the next generation along with the education to grow it. This contrasts with generational poverty, where assets are passed without the knowledge to maintain and develop them, leading to financial decline over time.
5. Nevertheless, Taylor has ambitious plans for the future, including collaborations with organizations like KIPP Atlanta and initiatives to reach 25,000 HBCU graduates and alums. Her goal is to create a financially equitable world for all, emphasizing the importance of collaboration in achieving greater impact.
"If I can do this, anybody can. I read an article that said that by 2053, the median net worth for African Americans would be zero. And for Hispanics, it would take another 20 years for them to be at zero. I'm like, not on my watch. What can I do on a micro level to help us begin to build generational wealth?" - Ruby Sunshine Taylor
