3 Ways African-Americans can build wealth
Money isn’t everything, but without a doubt, it is something. It’s a necessity for daily life, but not only that, using it wisely can also be a primary pathway to generational wealth and financial freedom.
With the racial wealth gap being so large and affecting African-Americans, a shift in our relationship with money is a must if we’re going to minimize that gap and build a better future for ourselves and our next generations.
For millennia, it has been known that money can change the trajectory of not just an individual’s life, but also that of their entire family and lineage. As Black people in America, it’s only right that we take full control of our destiny and guide it in the right direction.
Here are 3 ways we can build wealth and a few keys to making it happen.
Save your money: Of course this sounds simple enough, but it isn’t always the easiest. With bills, expenses, family, (not to mention a global pandemic) saving money can be difficult, but it is of utmost importance. One way to do that is to always keep an eye on your money and where it’s going. Review your monthly bank statements and see where you can maybe cut back on eating out or cancel one of those subscriptions you might not need. Something you also might want to ask yourself is, “What’s my relationship with my bank or credit union?” Considering it’s where a great majority of us keep our money, it’s important to know. One of our partners recently created a survey specifically for HBCU Students to learn more about their relationship with credit unions. You can learn more about it here: HBCU Banking Survey
Investing: Investing your money is really the way that the wealthy become wealthy in the first place. One of the primary mistakes people in the middle-class make is believing that they don’t make enough money to invest substantially to build wealth for themselves and their families. There are many ways you can invest your money, be it through apps like WeBull or Acorns and you don’t need millions or even hundreds of thousands to begin. The #1 way that people become wealthy is through investing in Real Estate. To help the Black community increase their footprint in real estate, I recently wrote my first book: The Beginner’s Guide to Real Estate Investing. It’s a quick and easy comprehensive guide to getting started with investing and setting yourself on the path to financial freedom.
Making More Money: Now this may sound funny because of course everyone wants to make more money, but not everyone knows how. The beauty of that is, it’s possible in a variety of ways. You can start a side-hustle or even an entirely new business, become a driver for a ride-share app, or learn new skills via platforms like Udemy or even for free on YouTube. There’s a wealth of information out there that can help you become an entrepreneur, or increase your skillset, and put more money into your pocket that you can then use to save and invest. That’s not to say it will be easy, and it’s a long game for sure, but it will most certainly be worth it when you can sit back and relax on your vacation in your fly Noirbnb accommodations surrounded by family and friends.
We wish you all the best on the journey!