African Americans are known as innovators and influencers when it comes to whatever we place our minds to. I mean from our origins within the continent of African shows that we are forerunners. While the list of innovations and ideals that we have created would take even more centuries to not only recite but to replicate, I want us to start not only recognize the power our dollar holds but how to acquire even more. The Black-white wealth gap reflects a society that has not and does not afford equality of opportunity to all its citizens. No ish Sherlock, right?

The Black Dollar Matters - 

14% of African Americans make up the U.S. population, but have outsized influence over spending within many product categories. That $1.2T spending power matters!

I will continue to touch on that throughout this article. 

The statistics around the wealth gap that African Americans have experienced since being brought to the country eons ago is one of the reasons why I started not only studying wealth but also talking about it. “Why” I started to examine the weight of the Black Dollar was because I wanted the culture to move from just having over a Trillion Dollar spending power to matching that within the net-worth capacity.

What do I mean? Check this out - 

At $171,000, the net worth of a typical white family is nearly ten times greater than that of a Black family ($17,600) in 2016. And you and I know that number has gone up since that study was conducted. 

While the wealth has grown since the days of Jim Crow, the culture still see the playing field not being even by not regard. From pay to positioning within leadership roles to even trying to get PPP from the government, African Americans have been placed last in all regards. With our ancestors being not to gain wealth, even the transfer to the next generation is hardly seen due to this. From The Greenwood District to GoFundMe, we have constantly seen wealth slipping from the grip of our culture. Even with seeing the jobs/unemployment reports can be annoying to see as well. Due to Rona Mae Jenkins, within a two month period unemployment has hit more than 36 million. You read that number right, Tribe!

On average, African American experience unemployment more than White people - 16.7% vs 14.2%.

When it comes retirement accounts, 65% of white families have a 401(k), individual retirement account or another similar plan, according to the Fed. The figure is just 44% for Black families and 28% for Hispanic families.

And while Rona is still posted up outside, those numbers more than likely will go up even if the economy still ‘looks’ good.  Be mindful of how and where you spend your money during this time of uncertainty.

The Culture + The Coint - 

Not only does our lives matter, but our wealth does as well. The income that white families hold is an average of $71,000 compared to African Americans holding around $41,000. While there are some that are exceptions to the statistic, the fact that collectively we are still beyond is triggering. That is legit 60% less that white families - more than half! 

How can we start to look at wealth differently as a culture? Financial literacy is a real thing that we have to start speaking about just we speak about what goes on in the Shaderoom. Slack or stack is a real thing like Vote or Die. Passive income and generational wealth has become one of the most searched hashtags as of late, because people are over asking for .10 raises for outdoing the work people who know less than them. The opportunities of the oppressed has become a blessing and a burden for many over time. The hustle culture has come from the humbleness of just having a “job” to wanting to thrive. 

Here’s another statistic to shape that a bit more - The median wealth of black Americans will fall to zero by 2053. 

Just like we built this country (literally), our culture continues to be the source of how so many companies and brands thrive. Most marketing departments consistently highlight African Americans as their core demographic and leverage how to include us within the conversation of their content strategy. That is why many companies put out statements (some lovable and other lackluster) showcasing their allegiance to our culture. It has been seen time and time again how shutting down our dollars can do damage. Montgomery bus boycott or the recent NFL movement ring a bell? While we have been sharing the statements, let’s pay attention to what comes about over time. Are they hiring more African Americans? Are they instituting policies that impact the people? They hold influence to help push the narrative along with us. 

The typical Black family has less than $13 in wealth for every $100 held by the typical white family.

The Black Movement -

What could we as a culture be doing to make strengthen the Black Dollar even more? Learning about the power of it, positioning it more and pivoting to make change. While those words are simple, the structure of it is what we need to formulate. Yet, I know it is very possible. 

When I say learn about it, we are seeing how much it matters to others. But let’s take time to understanding what our own spending power looks like. Who are we spending with? How much are we spending. You know I love to say - “Bill, Build and Blow” when it comes to understanding your money formula. Yet, taking time to do this will help push the narrative forward! How, so? 

The “Build” portion of the formula will help us the most. How are we saving (beyond traditional saving accounts)? Placing money into a high-yield savings or CD will allow you to stack for an attack ‘in-case’ the market goes down. Both the stock market and real estate market are key foundation for us building wealth. Have cash as capital and collateral will be bae to a dope credit score. Looking into opportunities to invest in “us” is another stock market to think about. 

The #blackouttuesday initiative was the launching pad to not only the culture speaking highly of  brands, influencers and companies of African Americans but also corporations. Also, the endless lists or shares of African Americans who solve a need with their platform was amazing to see! The theory that ‘representation’ matters was seen with 20/20 vision through this:

• Buy Black: Always seach to see what brands/companies can fit the need of a product or service you need. The lists are evergreen worthy! We do some of everything! Love to see it! #buyblack

  I will give some insights in another post on how African American Small Business Owners can pivot stronger through this current season we are in. I want to make that a separate post due to the fact that with the statistic that 8 out of 10 our businesses fail. One of the key reasons is due to funding - rather it is knowing overhead cost or knowing which areas to lean out. Countless articles showcased how our businesses were overlooked within the PPP process. What if we didn’t need those funds to still function? One hiccup can make a big business like The Cheesecake Factory hemorrhage, imagine Mom + Pop!

• Build Black: Start building generational wealth within your own family or village. Pooling together funds to start a fund/trust that will buy properties is key. Did you know that family trust can even invest in companies before they are public? Peep out Uber. 

• Invest Black: Look to crowdfunding platforms or initiatives to give to Founders with the same hue as you. Your green cash is will help those start-ups strive even more. Here are a few that I am loving - Collab Capital , Zeal Capital Partners, Harlem Capital and  Backstage Capital. Here are some additional crowdfunding platforms  -  WeFunder, MicroVentures and Republic, Start Engine.

• Support Black: While the injustice continues, look for ways to give back. No matter if it is protesting or your paper, every bit counts. As I stated on my Live, the only bad way to give back is to be silent. Here is a link of causes that you can donate to. 

• Bank Black (#BankBlack) : I use to work in a big bank and learned so much about them. Bad and good. The influx of black banking institutions are worth checking out. One that comes to mind instantly is OneUnited Bank! Do you know that they have debit/credit cards with The Harriet Tubman on them? So dope. Here are some more banks to consider (click here). Another new bank of the scene is Greenwood Bank. If you connect it correctly. it was named after the Greenwood District within Tulsa Oklahoma while African Americans started shifting the narrative of wealth before racism burned down those dreams. The bank was founded by Michael “Killer Mike” Render, Ambassador Andrew J. Young and Ryan Glover and just hit $3M seed funding. You can now grab a bank account and bring wealth within your hands!

• Be Black: Continue to show us through posts, shares and commentary. In some scale, we ALL are influencers. Keep speaking up, showing up and stacking up!

As the American Dollar continues to go up and down, the worth of the Black Dollar will continue to rise. Oppression brings opportunity for us, Tribe. We have seen our ancestors do it. We can pick up the torch and run faster. We have so many resources at our reach that we can make action happen beyond the awareness. Like Nip said, “The Marathon Continues”.  And my fav, Pac, “We can never go nowhere unless we share with each other.”