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The Generational Wealth Divide: Why Millennials and Gen Z Are Struggling

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For millennials and Gen Z, achieving financial security is an uphill battle compared to their parents’ generation. A perfect storm of economic factors has made the path to traditional milestones like homeownership, paying off student debt, and building retirement savings significantly more challenging.

The Dream of Homeownership Fades
Owning a home, once an achievable goal for many young adults, now seems like a distant dream. The homeownership rate for millennials aged 25-40 was just 48.6% in 2022, lagging far behind the 68.4% rate baby boomers enjoyed at the same age.

The culprit? Soaring housing costs that have far outpaced income growth. In 1960, a median-income household could afford nearly 60% of homes sold that year. By 2022, that figure plummeted to just 16.6%. With home prices now over 5 times the median household income, compared to 2.4 times in the 1960s, younger buyers are increasingly priced out of the market.

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Drowning in Student Loan Debt
While higher education was once a pathway to financial stability, it has now become an albatross around the necks of younger generations. Millennials owe a staggering $1 trillion in student debt, nearly triple the $346 billion owed by Gen X households at the same age. A whopping 58% of millennials have outstanding student loan debt, compared to just 24% of baby boomers.

This debt burden not only delays homeownership and other major purchases but also hinders wealth accumulation. The typical millennial had a net worth of just $27,900 in 2019, 41% less than Gen X and 50% less than baby boomers at the same age.

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Stagnant Wages, Skyrocketing Costs
At the heart of these financial struggles is the widening gap between income growth and the rising costs of essential goods and services. From 2003 to 2023, housing costs rose 88%, healthcare 110%, and education a staggering 144%. Yet, wage growth over the same period was a paltry 31%.

This erosion of purchasing power has forced younger adults to spend a significantly higher portion of their income on basic necessities. Millennials, for instance, spend 30% more on housing and transportation than previous generations did at their age.

The Gig Economy and Job Insecurity
Compounding these challenges is the rise of the gig economy and the decline of traditional employment models. Over 30% of millennials are engaged in gig work or alternative work arrangements, which often lack job security, benefits, and upward mobility.

This precarious employment landscape, coupled with major economic disruptions like the Great Recession and COVID-19 pandemic early in their careers, has made it even harder for younger generations to build wealth and savings.

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A Generational Wealth Gap
The cumulative effect of these financial headwinds is a stark generational wealth gap. Gen Z and millennials have accumulated only 4.6% of the nation’s total wealth, a mere fraction of the 53.2% held by baby boomers at a similar age.

While some data suggests Gen Z may be earning more than previous generations at the same age, the compounding effects of rising costs, debt burdens, and economic instability have created significant financial obstacles that their parents did not face to the same degree.

As younger generations navigate this uphill financial battle, policymakers and society must address the systemic issues contributing to these challenges. From tackling the student debt crisis and promoting affordable housing to fostering job security and wage growth, comprehensive solutions are needed to level the playing field and ensure a more equitable financial future for all generations.

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If you want to create awesome branded experiences that truly captivate your audience, look no further than Bolanle Media. Our team of experts specializes in crafting immersive, unforgettable events that seamlessly blend creativity and strategy. From product launches to experiential marketing activations, we’ll ensure your brand makes a lasting impression. With our finger on the pulse of the latest trends and technologies, we’ll help you engage customers in innovative ways they’ll be buzzing about. Don’t settle for ordinary – let Bolanle Media elevate your brand with extraordinary experiences tailored to your unique vision. Click this link to learn more and take your marketing to new heights.

 

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From Loss to Leadership: Martel Matthews on Legacy, Planning & Empowerment

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At the Black Entrepreneur Tour: Spring Formal hosted by Doing Far More LLC, Roselyn Omaka of Bolanle Media sat down with Martel Matthews—CEO of Trustavio and COO/co-founder of Black Wall Street—to share a deeply personal story and transformative wisdom on planning for legacy.

Roselyn Omaka and Martel Matthews

Martel recounted how his journey began at just 21, when he lost his mother—and over the next decade, faced six more family deaths, with only two covered by insurance. “We had to pay for four funerals out of pocket… We didn’t have the capital,” he shared, emphasizing how the lack of preparation magnified grief and placed an unfair burden on his father and himself.

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From this experience, Martel learned that pre-planning is not just prudent—it’s essential for protecting dignity and financial stability. “Death is inevitable. But leaving behind a legacy—and some finances—gives your loved ones room to breathe during their darkest days,” he explained.

He urged attendees to take concrete action: have conversations, secure insurance, and formalize estate plans. “Sit down with your family. Make sure you’re protected. Know how to access resources when life happens,” he emphasized.

By sharing his story and advice, Martel is fueling a community movement—alongside Roselyn and Mrs Donna Marshall‑Payne—to inspire Black families and entrepreneurs to transition from reactive survival to proactive legacy building.


Roselyn Omaka of Bolanle Media and Mrs. Donna Marshall-Payne of Doing Far More LLC

🔗 Stay Connected & Take Action


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The Deeper Meaning of the Black Entrepreneur Tour’s Spring Formal

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The Black Entrepreneur Tour: Spring Formal, hosted at The Grand UpperRoom in Katy, TX, was more than just an event—it was a powerful reminder of what it means to build and protect a legacy in Houston’s Black community. This impactful gathering was made possible entirely by Doing Far More LLC, led by the visionary Mrs. Donna Marshall-Payne. Her passion and dedication brought together entrepreneurs, visionaries, and families for an afternoon focused on real strategies for generational wealth, with a special emphasis on the often-overlooked role of real estate in legacy planning.

Credit: DShot Productions
Roselyn Omaka from Bolanle Media and Mrs. Donna Marshall-Payne from Doing Far More LLC

The Meaning Behind the Movement

Legacy planning is about more than passing down money or a business. It’s about ensuring that the values, stories, and assets you’ve worked hard to build will continue to benefit your family and community for generations. As Mrs. Donna shared, “It’s not just about what you leave behind—it’s about how you set your loved ones up to thrive long after you’re gone.” The event created a safe, celebratory space for guests to share their personal journeys, challenges, and triumphs, making the experience deeply meaningful for all who attended.

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The Real Estate Advantage

One of the most impactful topics discussed was the role of real estate in legacy planning. Real estate is more than an investment—it’s a cornerstone of generational wealth. By securing property, families can:

  • Build equity that appreciates over time
  • Provide stable housing or rental income for future generations
  • Avoid the pitfalls of probate and family disputes through proper titling and estate planning
  • Anchor a family’s presence and influence in their community

As highlighted during the event, many families lose valuable real estate due to lack of planning, leading to unnecessary legal battles and the loss of generational wealth. Mrs. Donna and her team emphasized the importance of proactive steps—like creating wills, trusts, and clear succession plans—to ensure that homes and properties remain assets, not burdens, for those left behind.

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A Conversation That Matters

A highlight of the afternoon was the video interview with Roselyn Omaka, Founder and CEO of Bolanle Media. Sitting down with Mrs. Donna, Roselyn explored the deeper significance of legacy planning and how real estate can be a game-changer for Black families and entrepreneurs. Their conversation brought to light the urgent need for education and action, inspiring attendees to think beyond immediate business success and focus on long-term impact.

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A Community United by Purpose

The Spring Formal wasn’t just about information—it was about inspiration and connection. Guests shared personal stories, learned from experts like Brittany Hall, owner of La Lutte Empire; Marcus Bowers , CEO of She’s Happy Hair and Cinema Anywhere Houston; and Martel Matthews (Black Wall Street and Trustavio), and left with practical tools to start their own legacy planning journeys. The event’s unique “pre-planning party” atmosphere turned a traditionally somber topic into a celebration of life, family, and future possibilities.

Stay Connected

Families looking to keep up with Mrs. Donna Marshall-Payne and Doing Far More LLC can find resources, events, and one-on-one support through their website, social media, and direct contact. The movement continues, and everyone is invited to be part of a legacy that uplifts, protects, and empowers the next generation.


This entire impactful event was brought to you by Doing Far More LLC—Mrs. Donna Marshall-Payne’s vision and leadership made it all possible.

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Contact Mrs. Donna Marshall-Payne & Doing Far More LLC:

Let’s do far more—together!

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Houston’s Black Businesses: One Crisis from Closure

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Houston’s Black entrepreneurial community is flourishing, with Black-owned businesses now making up approximately 4.7% of all businesses in the city—one of the highest rates in Texas and well above the national average. From 2017 to 2020, the number of Black-owned businesses in Texas surged by 13.6%, generating over $141 billion in revenue and providing employment to more than 1.3 million Texans. Houston consistently ranks among the top metropolitan areas for minority-owned startups, with nearly 5,600 minority-owned startups—about 30% of all new companies—calling the city home.

Despite this impressive growth, a critical vulnerability threatens many of these businesses: over 70% of Black-owned businesses in Houston lack a formal succession or legacy plan. Without such planning, a single crisis—whether the sudden illness, incapacitation, or death of the owner—could lead to costly legal battles, business closure, or loss of generational wealth. This stark reality puts years of hard work and community progress at risk.

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Compounding this issue, only 1 in 5 Black families in Houston pre-plan for funerals or final expenses, leaving families vulnerable to financial strain during already difficult times. Systemic challenges such as limited access to capital, lower rates of financial literacy, and historical barriers to wealth accumulation continue to impact the sustainability of Black-owned businesses in Houston.

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Recognizing this urgent need, Mrs. Donna Marshall-Payne, founder of Doing Far More LLC, is leading the charge to empower Houston’s Black entrepreneurs through the upcoming Spring Formal. This event, part of the Black Entrepreneur Tour, will be held at 23161 Morton Ranch Rd, Katy, TX 77449 and is designed to educate business owners about the critical importance of legacy and succession planning.

The Spring Formal will feature inspiring speakers such as Marcus Bowers, CEO of She’s Happy Hair and Cinema Anywhere Houston; Brittany Hall, owner of La Lutte Empire; Martel Matthews (co-owner of Black Wall Street), and event sponsor YetundeO, founder and creative director of The UpperRoomEvents. Attendees will also enjoy special experiences including coverage by Flume TV and Eyeconic Television alongside Bolanle Media, a sophisticated charcuterie table by Chef Shay, and signature mimosa bar drinks crafted by La Lutte Bartending exclusively for Doing Far More.

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If you’re a Black entrepreneur in Houston, this event is your opportunity to join a vital conversation that too often goes unspoken. Don’t wait until a crisis threatens your business and legacy. Secure your spot at the Spring Formal and become part of a community committed to building lasting wealth and generational success.

For more information or to RSVP, contact Mrs. Donna Marshall-Payne directly at 832.745.1114 or email info@doingfarmore.com

Let’s ensure Houston’s Black-owned businesses not only thrive today but endure for generations to come. Join us at the Spring Formal, and let’s do far more—together.

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