Hey everyone, so sorry for neglecting you all. I have been so stressed with life in general. I wrote this post back in February for Black History Month but was contemplating on releasing it. I think it is so important to support black and help create generational wealth and here's why:
Creating generational wealth in black communities is important
By 2053, the median wealth for black families will fall to zero. The wealth gap between black and white Americans is such a important issue. According to the Institute for Policy Studies, wealth disparity between black and white families will take 228 years to close. Generational wealth is super important for future financial security and without it we cannot secure the opportunities nor access for better education and jobs.
Put Your Money into Black Communities
"Black people spend four percent more money annually than any other race despite the fact that they are the least represented race and the race that lives in poverty at the highest rate."
At an alarming rate, blacks are being pushed out of their own communities everyday. Putting your money into black communities can do so much. It is imperative that we support and uplift one another. Since black people spend more money than any other race it would be more beneficial to put your coins into the black communities where we can then generate more wealth in these communities. We have to help build up our brothers and sisters in order for unity and power in our communities.
"Who you give your money to, is who you give your power to." -Frederick Douglass
Ways to Increase Wealth
There are so many ways you can increase wealth in the black community. Here are some ways:
Investing in real estate - I encourage you research about National Housing Act of 1934, this caused the redlining of black neighborhood which essentially marked them as bad credit risks. According to Demos, although redlining has been outlawed by the Fair Housing Act of 1968, its impact in the form of residential segregation patterns persists with households of color more likely to live in neighborhoods characterized by higher poverty rates, lower home values, and a declining infrastructure compared to neighborhoods inhabited predominantly by white residents. Promoting black home ownership is literally key to increasing wealth. Not only does this build equity and wealth but it can help stop gentrification in neighborhoods from pushing out minorities. We can increase home ownership is by creating stricter enforcement of housing anti-discrimination laws. Since there are still barriers for blacks to purchase homes, creating stricter laws would increase the ability for people of color to own homes. We also need to modify the loans and mortgage interest rate for struggling homeowners.
“Please don’t die over the neighborhood that your mama rentin.’ Take your drug money and buy the neighborhood, that’s how you rinse it," - Jay Z
Building wealth through entrepreneurship - This is also another important role. This is such a big equalizer in wealth disparity. According to AEO, if Black-owned firms were able to employ the same number of people that all privately-held firms employ on average (11 versus the current 9) almost 600,000 new jobs would be created and $55 billion would be added to the U.S. economy. Many black owned businesses hire from within their communities. This could help bring down unemployment rates in black communities up to 5%. Not only that it helps create wealth by creating financial stability for families, create more opportunities for people, and also help strengthen areas giving them an economic boost.
Education is key - We have to create more early education systems for children to helps kids be better prepared to learn. We have to also make sure than the funding for these schools are good so kids can get the resources they actually need. Many kids in underprivileged areas don't get the same resources, education, or programs as kids in areas with higher classes. We need to create a better funding investment program for kids to receive higher education without being in a high debt.
Some other ways you can practice increasing wealth:
Raising minimum wage
Creating job programs in areas where unemployment is usually high
Forming job unions
Promoting racially integrated schools
Buying black
We Must Protect Black Culture
We have to protect our culture. Meaning we need to know when someone is disrespecting us, appreciating us, and using us. A lot of things in the media today is widely influenced by black culture but no black people. We have to support our black men, women, and kids. More importantly we need to protect our lives and everything we stand for.
We have to love and inspire one another. Educate yourself learning about different cultures when it comes blackness and what it means to them. Teach your kids about important black figures that help shape the communities we live in today. There is black history everywhere you just have to unveil it.
Supporting black businesses is so easy, whether its just a RT, share, or like. Always remember: whoever you give your money to, is who you give your power to,
-xoxo