Think Like a Corporation to Build Generational Wealth


In honor of Mental Health Awareness Month, Black Girls Smile collaborated with the Financial Joy School, creators of the Legacy Card Game, to help close the generational wealth gap for Black and Brown communities through a financial literacy education workshop.

Finances can bring on a lot of stress. Especially when systematic racial challenges are considered. According to the Federal Reserve, Black and Hispanic or Latinx households take home about half as much income as their White counterparts and only account for 15 to 20 percent of net wealth. Moreover, since the pandemic, Black and Hispanic or Latinx households have suffered the most significant economic consequences due to educational setbacks, unemployment, food insecurity, and lack of health care, particularly mental health resources.

The Financial Joy School uses application, connection, and education to teach its program participants how to secure their financial future and reach and exceed their financial goals.

Ruby Taylor, the founder and CEO of the Financial Joy School, provided guidance on the best way to get and keep your finances in order – think like a corporation.

The goal of any corporation is to make a profit. That means to have more money coming in than going out. Corporations accomplish this by scaling, structuring the business for growth, and dominating the market. But first, corporations must be financed. Some choose to self-finance, meaning using their own capital to finance the corporation, selling shares of their company to promote financial growth, or acquiring debt like bank loans. Then, corporations grow through debt to become profitable.

We understand acquiring debt can be scary, or it can be your roadmap to financial success.

Never be afraid of debt—use it to grow.

Good debt vs. bad debt

What is debt?

Debt is money borrowed from another party. Good debt is referenced as any debt that raises value, otherwise known as an asset. Bad debt is referenced as debt that lessens value.

Secured debt vs. Unsecured debt

Secured debt is attained through borrowing money using an asset for collateral. Payday loans, known to some as predatory lending, are the most common secured debt. They have high-interest rates and can cause a loss of assets if the loan isn’t paid back by the agreed-upon timeframe.


Unsecured debt is money borrowed without using collateral. For example, home mortgages, car loans, and student loans are all unsecured debt.

7 Tips on Managing Finances

Ø Create an executive team with board members and shareholders that support the team’s financial goals.

Ø Research long-term investing options, like cryptocurrency.

Ø Shop around and negotiate credit card interest rates.

Ø Request a lower interest rate or participate in a hardship program to reduce debt.

Ø Secure credit cards with a 0% interest rate to transfer over your debt.

Ø If the state-mandated statute of limitations has expired for debt collection, write to credit companies to write off debt.

Ø Only acquire debt that will help you grow


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To learn more about the Financial Joy School and its program offerings.