By: Ciemone Sheppard
In the United States, race has always been a discriminating factor in every aspect of American life, and wealth is no exception. There is a significant wealth gap for black people. But for black women, that gap is even greater. While black women are investing
in their education and acquiring more degrees, their net worth remains stagnant. Studies show that black women still face a 90% wealth gap, and that gap is larger for single
black women. The lack of access to high-paying jobs, limited homeownership, and difficulty obtaining capital to build businesses are al consequences of systematic discrimination in labor, lending, education, and housing. Because of these barriers, black women are forced to rely on their own resilience to tackle these challenges to build wealth and create a path forward for themselves. In order to position yourself for
greater financial growth, here are three steps to take today:
1. Get more financial education
When it comes to financial literacy black families typically fall behind. But it is impossible to build wealth without knowing the basics of how credit, risk, and investments work. Elevating your financial position starts with knowledge. Watching money news from trusted sources, reading personal finance articles and books, and asking for mentorship from other people who have accumulated wealth are all excellent ways to earn more about money and how to leverage it.
2. Scale and grow more businesses
For black women, increasing your income is essential, and entrepreneurship is one way to do that. For many, that means starting small businesses that can grow alongside a career. Begin by determining what products or skills you can package and offer to
customers with low start-up costs. Share what you do with people you know (and who they know), and once your profits prove that you have a viable idea, seek the advice of a
business coach or a successful business owner who can hen you develop a strategy for expanding and scaling your business.
3. Learn more about investing
Black women are taught now to work hard for their money, but few are taught how to make their money work hard for them. Studies show that women keep most or their savings in cash and while most women understandably feel safest with their money accessible in traditional savings accounts, higher-return assets are a must for wealth-building. Since the world of investing can be intimidating consider working with a professional wealth advisor to boost your investing confidence and get strategic guidance on where and how to invest.
Even in a world where black women have significant odds to overcome, here are opportunities. Your options expand as your wealth grows. More money and assets enable you to upgrade your lifestyle, achieve financial freedom, and pursue your dreams
you are reading this. You are a woman who wants more for herself and her
family--and you can have it all.
Contact Ciemone Sheppard:
Watch the full podcast here: https://www.linkedin.com/company/the-black-owner-and-women-s-collective-the-bow-collective/posts/?feedView=all