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From Tulsa to Now - Building Wealth is Building Freedom

The image above is meant to show Black Wall Street in Tulsa Oklahoma, the Civil Right Movement, and the current mandate for us to come together to build what our acestors sacrificed their lives for us to build, a wealthy nation! Help us bring this to fruition!

 

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How to Build Generational Black Wealth

In 2019,  the median household income of Black people was $24,100, compared to $189,000 of median household earnings of their white counterparts. 

What is the Racial Wealth Gap?

The wealth gap is the lack of economic equity and mobility between races, due to disenfranchisement and other factors. While building wealth continues to be an uphill battle for many Black folks, there are real steps that people of color can take now to start building wealth. Listed below are steps that will help set up future generations for success in achieving wealth and a piece of the American Dream.

Get Comfortable With Talking About Finances

To build wealth, you need to start by discussing finances with family and friends. Especially since Black people are more likely than their white counterparts to borrow and loan money they don’t have. Get comfortable with discussing habits around saving, increasing income, and investment options. If starting the conversation seems to be difficult, try alternative routes such as playing games like Monopoly, reading books such as Our Black Year, watching shows like Shark Tank, or even listening to podcasts such as Earn Your Leisure

Signing up for WiProsper’s email newsletter will also ensure that you have financial literacy at your fingertips.

Start Businesses

Small business owners and entrepreneurs have, for a long-time, been the biggest wealth earners in Black communities. According to the 2019 Census Bureau, there are an estimated 134,567 Black-owned businesses bringing in over $133 billion in annual revenue. The economic impact behind this statistic reveals how massive the opportunity is for new Black businesses when they are equipped with the right tools and resources to be successful. Starting businesses and passing them down to new generations increases the chance for higher income, savings, and generational wealth.

Purchase Real Estate

There are numerous ways to build wealth when you own property. House hacking, flipping, short-term rentals, and more enable people to accumulate wealth while providing stability and security to your loved ones. According to a 2019 study, the homeownership rate for Black people was 42%.

Invest in the Stock Market

While everyone does not need to be an entrepreneur, all Black folks deserve to have ownership and residual income streams. According to a recent study, people of color are behind when it comes to investing in the stock market. You can start investing today with apps like FidelityRobinhood, or Acorn.

Establish an Estate Plan

Only 27.5% of Black Americans have a will, up from 25.9% in 2020. Many myths surround estate planning, which is the act of passing on affairs and assets to loved ones once you transition. Contrary to popular belief, estate planning is not only for loved ones who are dying, but also for business owners who may suddenly be unable to run their business full time. It’s important to have succession plans in order for black generational wealth to expand past one generation.

Invest in Equity Crowdfunding

Equity crowdfunding is a new way for everyday people to invest in private companies.. Prior to President Obama signing the JOBS Act in 2012, only the most wealthy could be crowd investors. Now, anyone over the age of 18 can be an equity crowd investor. There are thousands of crowdfunding platforms and many different types available to  choose from.

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