Podcast Summary: Black Entrepreneur Experience – Episode 531

Guest: Dr. Joaquin Wallace
Host: Dr. Frances Richards
Title: Dr. Joaquin Wallace: 7 Stages of Generational Wealth & The Welfare to Work Model
Date: January 7, 2026

Overview

In this episode, Dr. Frances Richards welcomes Dr. Joaquin Wallace, Wells Fargo Living History Maker and author of Generational Wealth Begins with Generational Knowledge. The conversation delves deep into transforming financial literacy within Black and marginalized communities through Dr. Wallace’s seven-stage generational wealth model. Topics range from healing financial trauma, transferring knowledge alongside wealth, key marriage/business money lessons, to the power of inclusivity and mentorship.

Key Discussion Points & Insights

Dr. Wallace’s Background & Mission

• Community Focus: Dr. Wallace positions himself as a servant leader dedicated to empowering communities with knowledge (02:06).
• Origin Story: His financial epiphany came from both industry experience and establishing Project Transition, a nonprofit to help move people from welfare to white-collar jobs (02:47).
• Core Goal: The lack of generational transfer of wealth in Black communities inspired him to focus on inherited financial narratives and behaviors.

The 7-Stage Generational Wealth Model

1. Internal/External Ecosystem (“Walls In/Walls Out”)

“Stage one of the model is our internal and external ecosystem – internally, walls in. Externally, walls out. Many of our behavior is based upon our walls in and walls out.”
— Dr. Joaquin Wallace (07:54)

• Internal: Early money lessons, self-sabotage, learned helplessness, positive/negative narratives.
• External: Community influence, social factors (education, housing, health care), Maslow’s hierarchy of needs.

2. Financial Genetic Code

• Recognizing anxieties and traumas that shape money beliefs.

3. Financial Healing

• Reprogramming limiting beliefs – “we have to reprogram our financial genetic code” (07:54).

4. Financial Edification

• “Inclusion is so important because oftentimes we are not participating in the vehicles that are out there.” (15:21)
• Focus on both financial literacy and actual participation: 401(k), long-term care, disability insurance, real estate, investing.

5. Financial Well-Being (“The Soft Landing”)

• Stage where health and assets allow you to transfer wealth.

6. Generational Knowledge

• Creating “financial footprints”: teaching next generations how to maintain and build wealth.

7. Generational Wealth

• End Goal: Sustainable transfer through both assets and embedded knowledge.

Noteworthy Quotes & Moments

Financial Literacy & Shaming

“Oftentimes, financial literacy can also be financial shaming… It's a cookie-cutter to believe everyone can fit in this category.”
— Dr. Joaquin Wallace (06:31)

The Importance of Healing Money Stories

• Encourages open acknowledgment and healing of personal financial trauma as the first step (07:54).
• “Before we even think about generational wealth and financial literacy, we must know who we are.” (27:08)

Marriage, Business & Money

• Discusses the necessity of understanding both partners’ financial genetic codes.
• “Money is a major topic that can break up friendships, destroy business relationships, and marriages.” (29:08)
• On legacy planning: the importance of discussing succession, buy-sell agreements, insurance, and long-term vision for businesses (29:14).

The Boomer Wealth Transfer — Knowledge & Assets

“I firmly believe it's probably more important to understand the knowledge — understand estate planning, irrevocable trust, power of attorney, long-term life insurance. Those are critical pieces that are typically missed.”
— Dr. Joaquin Wallace (15:21)

Servant Leadership & Legacy

“I want to be remembered as a servant leader… I always wanted to leave footprints.”
— Dr. Joaquin Wallace (32:28)

Important Segments (with Timestamps)

| Topic | Time | |--------------------------------------|--------------| | Dr. Wallace's background & philosophy| 02:06–02:37 | | Creation of Project Transition/nonprofit journey | 02:47–04:48 | | 7-Stage Model explained | 07:54–09:43 | | Financial literacy critique | 06:31–07:34 | | Influencers and mentors | 10:19–12:03 | | Money, business lessons, and marriage| 29:08–32:22 | | Advice for Boomers on knowledge transfer | 15:21–18:32 | | Structuring for succession & business continuity | 29:14–32:22 | | Role of mental health in entrepreneurship | 36:01–36:36 | | Lessons for a younger self | 33:25–34:29 | | AI in business | 34:29–35:57 | | Legacy and servant leadership | 32:22–33:17 | | Rapid fire Q&A (personal) | 39:22–40:26 | | Best ways to connect | 40:42–41:21 |

Memorable Rapid Fire Answers

• First thing in the morning: “I get up and pray.” (39:26)
• Book that changed his life: Who Moved My Cheese
• Essential app: ESPN (39:57)
• Pitch for his book/business: “It’s a change agent.” (40:09)
• Favorite musician: Prince (40:14)
• Food staple: Baked chicken (40:22)

Actionable Takeaways

• Acknowledge & heal your money story: Uncover internalized beliefs and traumas before seeking technical financial solutions.
• Pursue holistic financial education: Don’t settle for surface-level financial literacy – combine knowledge with access and participation.
• Legacy = Knowledge + Wealth: Teach your heirs how wealth works — don’t just pass on assets.
• Align financial goals in marriage/business: Open dialogue about end-goals, triggers, and financial behaviors is indispensable.
• Embrace tools (like AI): Use technology thoughtfully to stay relevant and efficient, but keep your unique human insight.
• Prioritize mental health: Step back and recharge; burnout can hinder long-term impact and decision-making.

Connect with Dr. Joaquin Wallace

• LinkedIn: Dr. Joaquin Wallace
• Instagram: @drjwallace (search: Dr. Joaquin Wallace)
• Podcast: New Wealth Wave Podcast
• Book: Generational Wealth Begins with Generational Knowledge (Amazon)

Final Words

Dr. Wallace’s message underscores that generational wealth is not just about assets, but about self-knowledge and healing, holistic approaches, and persistent community support. His seven-stage model provides a structured, compassionate roadmap for anyone determined to break old cycles and leave a legacy lasting far beyond their lifetime.