How Can Black People Start to Achieve Generational Wealth
Can we prevent systemic oppression from stopping the bag?
When white people think of the things Black Americans are fighting for they are quick to think of police brutality and killing. It’s why when Joe Biden was asked about Black Americans during the presidential debate he immediately mentioned police.
Yes, we do not want to be in jail or murdered by the police. But we also care about issues just like white people like better school systems for our children, getting paid equality and being able to build generational wealth.
Often times the media and officials only think about police reform and gun violence when discussing how to better Black communities but in addition to basic human rights, we want to build a legacy. And in a capitalist country, we know the only way to truly do that is with wealth.
According to America Progress, African Americans own approximately one-tenth of the wealth of white Americans. In 2016, the median wealth for non-retired black households 25 years old and older was less than one-tenth that of similarly situated white households.
Racist and ignorant people are quick to question why Black people bring up slavery often. They are quick to say “get a job” or “pull up your boot straps” to get what you want. When Black people started doing those things and created wealth, white people destroyed it (ex. Tulsa Massacre aka the burning of Black Wall Street). When we get a job they make it insufferable to be there and never promote us. They use nepotism and racism to block us out of positions. When we want to start our own business, we receive one percent of venture capitalist funding.
Income inequality, racism and the private prism system are just some of the many ways that are preventing us from building wealth for ourselves and future generations. The black-white wealth gap has not recovered from the Great Recession. In 2007, immediately before the Great Recession, the median wealth of blacks was nearly 14 percent that of whites. In 2016, Blacks still owned less than 10 percent of whites’ wealth at the median. (America Progress). Now that we are entering another recession, we can expect the gap to increase. If you strip people of everything they have, force them into slavery and constantly try to oppress them its no surprise the wealth gap is where it is.
To find more clarity about how we can decrease the generational wealth gap, the So-Called Oreos sat down with Calvin Williams. Calvin is the founder of Freeman Capital, which is the first Black-owned automated wealth management platform in the country. He explains his early relationship with money that led him into a career of finance and buying his first house at the age of 20. He breaks down the importance of Black people establishing generational wealth and sites some alarming stats of the generational wealth gap between white and Black people. Later, Calvin gives tips on how we can individually take steps to gain wealth to provide a better future for the black community.
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