January 13, 2025
Melanin Cash is seeking to construct wealth in Black communities.
Carter Cofield and George Acheampong purpose to shut the wealth hole and empower the Black group by means of monetary literacy and strategic wealth constructing.
As a CPA and tax advisor, Cofield combines his experience with cultural delight to offer instruments, sources, and techniques by means of Melanin Cash, the #1 Black wealth model he co-founded with Acheampong. Collectively, they assist people and households create lasting legacies by providing revolutionary monetary options tailor-made to the group’s distinctive wants.
BLACK ENTERPRISE sat down with Carter and George to debate their groundbreaking work, the inspiration behind Melanin Cash, and their imaginative and prescient for reaching monetary freedom and fairness within the Black group.
BE: Because the founders of Melanin Cash, what impressed you to create a platform devoted to constructing Black wealth, and the way does it differ from conventional monetary schooling?
Melanin Cash was born out of urgency and function. At some point, we found an article predicting that Black wealth would hit $0 by 2053. Whereas alarming, it highlighted an actual problem—our group’s lack of superior monetary literacy. We’re not simply speaking about budgeting and saving however higher-level ideas like investing, tax-saving methods, and entrepreneurship. What units Melanin Cash aside is the experience we deliver. George is the #1 monetary advisor in North Carolina, and I (Carter) am among the many high licensed public accountants within the nation. We’ve constructed a platform rooted in genuine, expert-driven schooling designed to equip our group with instruments to thrive financially.
BE: The wealth hole stays a persistent problem. What do you imagine are the important thing steps the Black group can take to interrupt generational cycles and construct monetary safety?
All of it begins with publicity—exhibiting our group what monetary freedom appears like and making them imagine it’s attainable. “You can’t be what you can not see.” As soon as that perception is instilled, we will start educating on the actionable steps to realize wealth. It’s equally important to normalize conversations round cash. That’s why we launched the Melanin Cash Awards, celebrating our shoppers for attaining internet value milestones starting from $100,000 to $10 million. By showcasing these successes, we’re breaking the taboo and proving that true wealth is inside attain for folks of colour.
BE: Your work integrates tax technique into wealth-building discussions. What are some missed tax ideas that may considerably profit people and small enterprise homeowners in our group?
Our philosophy is easy: “It’s not about how a lot cash you make; it’s about how a lot you retain.” Contributing to employer retirement accounts—particularly Roth 401(ok) choices—is a superb means for people to construct tax-free wealth. Moreover, actual property could be a game-changer for W-2 workers by offering methods to offset taxable revenue.
The tax code is your ally for enterprise homeowners. IRS Part 162(a) deducts abnormal and mandatory enterprise bills. When structured accurately, private prices like hire, automobile funds, journey, and meals can turn into professional enterprise deductions. These methods are just the start of what’s attainable for wealth-building by means of tax optimization.
BE: Monetary literacy is commonly not taught in faculties. What position ought to schooling methods and group organizations play in fostering wealth-building information for the following era?
Whereas we imagine monetary literacy is essential, we’ve realized that faculties are designed to create staff, not wealth builders. Because of this, it’s as much as people and group organizations to take the lead. This implies searching for monetary schooling independently and leveraging platforms like ours to fill the hole. Colleges haven’t taught monetary literacy for over a century, and they’ll unlikely begin now. Now we have the accountability to empower ourselves and future generations.
BE: In your expertise, what are the commonest monetary errors folks make, and the way do you information them to show these into alternatives for progress?
Overspending and an absence of urgency round investing are the 2 greatest pitfalls. Many individuals spend greater than they earn and delay investing, which retains them on the improper facet of compound curiosity—paying it as a substitute of incomes it. The secret is to reside inside your means and begin investing early. Even small, constant investments can develop exponentially, resulting in monetary freedom.
BE: Cultural illustration within the monetary business is commonly restricted. How does Melanin Cash problem stereotypes and create area for Black voices in finance?
We’ve created The Melanin Cash Present, a podcast that includes high Black monetary consultants throughout varied specialties. This platform highlights their experience and demonstrates to the group that we’ve sensible minds main the cost in monetary literacy. By amplifying these voices, we’re altering the narrative and increasing what illustration in finance appears like.
BE: What does success appear to be for you, as CPAs and entrepreneurs and as leaders in a motion to remodel how the Black group approaches cash and wealth?
Our success is clear: We purpose to lower the wealth hole by $100 billion and create 100,000 Black millionaires. In simply three years, we’ve helped our shoppers enhance their internet value by over $100 million. Our final purpose is to show the 2053 prediction improper—not simply barely, however by $100 billion.
BE: What’s subsequent for you?
The longer term is thrilling. First, we’re targeted on making the Melanin Cash Awards the largest celebration of Black wealth in historical past. Second, we would like The Melanin Cash Present to turn into the #1 monetary literacy platform for folks of colour. Lastly, we’re doubling down on our mission to teach, empower, and equip our group to realize the monetary freedom all of us deserve.
To study extra about Melanin Cash, go to www.MelaninMoney.com.
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