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robg73 · 4 years

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Mind the [Wealth] Gap

Let’s start with the facts.

Racial Wealth Gap in America:

10X: Net worth of a median White family ($171,000) is about 10 times the net worth of a Black family ($17,600) in 2016.1

20.6%: Only 20.6% of Black households have a FICO credit score above 700 compared with over 50% of White households.2

105%: 105% higher odds that African Americans will use a payday loan compared to other races.3

<2%: More than 150 years following the Emancipation Proclamation, blacks have less than 2% of the wealth in the United States.4

3: Three men (Bill Gates, Jeff Bezos, and Warren Buffet) hold more wealth than 80% of Black Americans.5

Crises hit black families harder than white families

The Great Recession

Median incomes fell 10.1% for Black households from 2007-2010, compared to 5.4% for White households. Earning $39,715 at the median in 2010, down from about $44,000 in 2000, Black families made just 61% of the White family income.6

COVID-19 Pandemic

Black workers were more likely to live in a household where someone lost their job during the pandemic (44% of Black households) but 73% were also were less likely to be able to cover their expenses using their emergency fund ). In comparison, 38% of White households lost a job and 47% couldn’t cover expenses with their emergency fund alone. Black respondents were also more likely (27%) to know someone hospitalized or who had passed away due to COVID-19, compared to 13% of White respondents.7

How did we get here?

We can look at the current issues8:

· College graduation rates

· Student loan debt

· Wage gap

· Home ownership

· Retirement savings

· Inheritance

And we must acknowledge the historical, systemic obstacles that still impede the ability for Blacks to participate on a level playing field9:

· Jobs excluded from the New Deal’s Fair Labor Standards Act

· Redlining

· Jim Crow Era’s “Black Codes”

· Slavery

· The massacre at Black Wall Street

Resources to Consider

Support and donate

· Buy from Black-owned businesses

· National Black Chamber of Commerce https://www.nationalbcc.org/

· Blacklivesmatter.com

· blackvisionmn.org (Black Visions Collective)

· minnesotafreedomfund.org (Minnesota Freedom Fund)

· cuapb.org (Communities United Against Police Brutality)

Use your voice

· Add your name to causes you support at petitions.whitehouse.gov

· Contact your US Representative or US Senator.

o Encourage legislation that decreases the gender and racial wage gaps.

o Encourage legislation that increases grants so students don’t have to take on as much student loan debt.

· Get to know your local government – city, county, state level.

o Contact your city council members, give input on your city’s budget (sometimes via online forms!), or attend a council meeting.

· VOTE! In all the elections, at the federal, state and local levels.

Get informed 10

Free personal finance courses: https://www.clevergirlfinance.com/course-packages/

Smart Money Mamas Podcast – beginning production on shows that feature Black voices in the personal finance.

Rich& Regular’s NEW Money on the Table channel

HBO Max

Say Her Name. The Life and Death of Sandra Bland

Baltimore Rising

True Justice: Bryan Stevenson’s Fight for Equality

Just Mercy

3 ½ Minutes, Ten Bullets

Social “studies” 10 – check out these finance voices on Instagram and/or Twitter:

@singletarym

@webravelygo

@richandregular

@clevergirlfinance

@heyberna

@makerealcents

@debt_trippin

@refillingmywallet

@the_debt_slayer

@frugalteacher

@slaythisdebt

@thebudgetbees

@moneybossmama

@moneycruncher

@savantmoore

@blackmarrieddebtfree

@financiallybrave

@financiallyintentional

@mrs.fiscallyresponsible

@themillennialsnextdoor

@makerealcents

@onwardand_upward_

@debtfreegonnabe

@blackgirlonabudget

@blackgirlbudgeting

@blackgirlbudget

1. https://www.visualcapitalist.com/racial-wealth-gap/

2. https://www.urban.org/urban-wire/breaking-down-black-white-homeownership-gap

3. https://www.pewtrusts.org/-/media/legacy/uploadedfiles/pcs_assets/2012/pewpaydaylendingreportpdf.pdf

A Bad Check for Black AmericaNixon’s embrace of “black capitalism” was a canny move that ultimately decimated the black community and turned the wealth gap into a wealth chasm.Boston Review

5. @mymoneymyfuture

6. African Americans | State of Working AmericaState of Working America homepage

7. https://www.pewresearch.org/fact-tank/2020/05/05/financial-and-health-impacts-of-covid-19-vary-widely-by-race-and-ethnicity/

8. https://www.nytimes.com/2020/06/09/your-money/race-income-equality.html

9. https://www.brookings.edu/blog/up-front/2020/02/27/examining-the-black-white-wealth-gap/

10. This is not an endorsement. We are sharing the fact that the resources are available.

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bitchesgetriches · 5 years

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