White Supremacist systems and policies have long kept Black people in a financial hole. Being held in low-paying jobs has led to our community's inability to build generational wealth - assets passed down from generation to generation.
But we can fight back with just a little bit of know-how. Here are some ways to help build wealth for generations to come.
Financial education. Building wealth is more complex without a basic, fundamental understanding of finance. Financial education helps everything from building a budget, investing, buying a home, and more.
Get life insurance. It may seem small, but having life insurance in place can be highly beneficial. Policies provide money for emergencies, supplement retirement, and often allow beneficiaries to be listed - meaning, whoever is chosen, will receive any remaining money from the policy.
Invest in the stock market. Investing is one of the best ways to build long-term wealth; today, it's easier than ever. Apps like Robinhood, Webull, and Acorn are great for beginner investors.
There may be a considerable gap in the ability to build generational wealth, but there are steps that individuals can take that can make it easier. No matter what approach is chosen, taking steps to build generational wealth within the Black community is a decisive move. Wealth opens closed doors and helps remove systemic barriers.