The Why (Part II): Generational & Community Wealth-Building
Continuing the thoughts I presented originally in The Why post, I wanted the next iteration of my career and decade of my life to be about creating generational wealth for my family and my community. While I’m grateful for the sacrifices generations of my family made before me, there’s yet to be a member of my kinfolk that have built wealth to be shared and passed along to those coming after them. Growing up for us, our worldview was about scarcity, not abundance.
Additionally, my work for the past decade has brought me into beautiful relationships that, through centuries of systemic odds being stacked against, also see the world as a scarce place. While I resonate deeply with the scrappiness and chip on the shoulder-ism, the reality is that the world and our communities can be abundant places. We should all have access to that abundance, and if access is not available, be working to remove whatever it is standing between it.
Real estate is one of the foundations that shapes our life, our well-being, and oftentimes our trajectory. Used as a vehicle for wealth-creation and financial freedom for some families and communities, real estate is also a major barrier to accessing quality education, economic opportunities and building lasting generational change for other families and communities. More specifically, the homeownership rate among Black Memphians is 43.9% compared to 74.3% for white Memphians (U.S. Census Bureau). Similarly, only 3% of Black households own commercial real estate, while that number is at 8% of white households across the country (Planetizen).
Operating within and understanding real estate and the built environment is incredibly complex, fluid, and wrapped in both past and present policies. It is also the primary way we navigate through our cities, create memories and rhythms with our loved ones, and build a sense of place and connection. Following a decade of community work in the non-profit space, I wanted to dive headfirst into the real estate game to have a foundation and playbook for rewriting the rules for my family and neighbors.
To conclude, I’m sending a big shoutout to all of the friends and folks that have shaped my thinking and continue to inspire our collective work of building more joyous and equitable communities. If you’re interested in discussing further, please hit me up anytime at realestate@travistinnin.co.
Peace,
–Travis