We understand that the state of Black wealth and economy in 2016 is in a state of emergency. We have the stats, Black people are paid substantially less than their white counterparts in the workplace. Black people have had the highest unemployment rates for forty years straight! Despite having a 1.1 trillion dollar so-called spending power, blacks are in an abysmal economic state.
With that all being said, there is always some sunshine. Black women are leading the charge in entrepreneurship across all demographics in the U.S. We need more employees for theses businesses. We must direct more of that 1.1 trillion toward these business so they can grow. These businesses should do business with each other to strengthen and provide more jobs. Black people have the burden and the power in the U.S, in the Caribbean and abroad to get our economies together. No one else should or will do it for us. This should be clear in 2016.
My 1 tip for black wealth building is two-fold:
- Encourage and help to teach entrepreneurship to the next generation. Your children, nieces, nephews, grandchildren, cousins, family friends,neighbors.
2. If you are a parent, make sure to acquire life insurance.
Everyone is not qualified to be an entrepreneur, but the effort should be encouraged anyway. There are many industries that benefit from that 1.1 trillion where blacks should thrive in business. There are programs and workshops that teach and support black entrepreneurship that are less than college tuition and could be gifted to entrepreneurial minded children. Family members should develop and work on businesses and plans together. The benefit could change the course of your family and spread to the larger black family group.
Acquiring life insurance is not just for burial purposes. Life insurance can be used as seed money for a start-up. It can be a nest egg for a child to decide which direction he/she might go in. They may want to invest in some stock or use as a down payment on some property. Every generation should not have to start from scratch. This is a direct component of the lack of any kind of wealth in the black community. You should of course do your own due diligence concerning insurance companies and premiums, but the information is out there. There is a movement that is worthy of mention @ http://www.newyorklife.com/empowermentplan . Make your own decisions, but the economic burden is on us to create a better future and to make better financial decisions. Start at home.