The wealth gap between Black and white Americans is staggering. According to Forbes.com, on average, Black families have just one-eighth of the wealth of white families. This gap didn’t appear overnight; it’s rooted in slavery, redlining, and discriminatory practices.
Understanding the Wealth Gap
The lack of generational wealth has had a compounding effect. Policies like the GI Bill and the Homestead Act largely excluded Black families, while predatory lending practices have made it harder to build equity.
Champions of Financial Literacy
Black financial experts are stepping up to educate and empower. Tonya Rapley, founder of My Fab Finance, helps individuals take control of their money through budgeting and debt elimination. Dr. Boyce Watkins, a financial scholar, focuses on strategies to build generational wealth through investing.
Closing the Gap
- Educate Yourself: Knowledge is power. Read books like “The Wealth Choice” by Dr. Dennis Kimbro.
- Invest Wisely: Start small with apps like Acorns or Robinhood to learn about investing.
- Support Black-Owned Banks: Institutions like OneUnited Bank are committed to reinvesting in our communities.
This Black History Month, let’s take control of our financial future and honor those who fought for our economic independence.
