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Wealth-building doesn’t begin with a paycheck. It begins with a mindset.
The outcomes of the 2024 presidential election sounded the alarm for us to take cost of our communities and take management of our monetary futures and safety. We additionally acknowledge that now – towards a chaotic regime change – represents the very best time for the Black neighborhood to harness its energy to construct unprecedented monetary, non secular and psychological wealth.
The monetary literacy and wealth technology information assembled not too long ago throughout The Wealth Summit confirmed Black communities methods to put their property to work for them.
The summit attracted a few of the nation’s most mission-driven monetary, non secular and wellness specialists to traditionally Black Bowie State College in Maryland’s Prince George’s County, opening a dialogue about monetary literacy and arming contributors with actionable steps they will take now to enhance their monetary safety.
My motivation for organizing the summit was easy: Essentially the most direct method for catalyzing wealth constructing in Black communities is to highlight the monetary sources accessible to assist Black individuals thrive, so we introduced the mountain to them.
Monetary students. Futurists. Innovators. Enterprise capitalists. Realtors. Philanthropists. Entrepreneurs.
By spotlighting the monetary sources accessible to assist Black individuals and their communities thrive, I used to be hopeful that the slate of economic students, futurists, innovators, enterprise capitalists, realtors, philanthropists, entrepreneurs and well being care professionals I convened would catalyze wealth-building.
Black wealth will not be a fantasy. It exists in our neighborhoods. It flows via our homes of worship. It creates packages to yank our brothers and sisters from the grip of generational poverty.
However how are struggling households ever anticipated to reshape their futures if nobody talks brazenly concerning the alternatives accessible to them?
The Wealth Summit was created to lift consciousness concerning the packages and academic alternatives already accessible to leverage current sources to spend money on our communities, and it delivered.
Our voracious contributors soaked up the knowledge of Boyce D. Watkins, whose Boyce Watkins Enterprises empowers the Black neighborhood and whose The Black Enterprise Faculty supplies an reasonably priced and culturally related on-line training on entrepreneurship, investing, and wealth creation for Black individuals.
They listened intently as Amina James walked them via her entrepreneurial journey alongside her husband from homeowners of a single High quality Inn to profitable hoteliers, group growth consultants, franchise brokers, and managing companion of business actual property agency Duke Ventures LLC.
They took notes from Arnita Greene, chief working officer at Capital Buildings Actual Estates LLC, president of Prince Georges County Affiliation of Realtors and proprietor of Greene Mild Agent Teaching.
The peppered actual property investor, coach, mentor, advisor, and philanthropist Marcel Umphery with poignant questions.
In a phrase, it was nothing in need of extraordinary.
Black individuals make up 14.2 p.c of the U.S. inhabitants, but Black companies comprise solely 2.2 p.c of the nation’s 5.7 million employer companies, in accordance with U.S. Census Bureau information.
The easy reality is that if 14.2 p.c of U.S. companies have been owned by Black individuals, the variety of Black companies would exceed 806,000 and create roughly 1.6 million jobs. These payrolls would pump an extra $25 billion into the Black communities supporting them.
Don’t simply contemplate the chances. Educate yourselves and act.
Set your thoughts to reaching what’s doable, after which leverage the sources accessible to make it occur.
Akisha Sharon Jefferson based and serves as pastor of nontraditional, nondenominational First Sundays. She can be a life coach, creator and proprietor of The Job Coach, specializing in job growth, profession counseling and interview preparation.
SEE ALSO:
Kevin Cohee On Monetary Literacy, A.I. And How Banks Ought to Be Serving to You Make Cash
Monetary Literacy Suggestions For Constructing Black Generational Wealth In 2025
