January 10, 2023
The big headline recently has been about African American spending power reaching $1.6 trillion dollars, but net worth dropping by 14%. Many people are trying to say that African Americans need to do better with their money, but leaving out past atrocities carried out against African Americans. The GI Bill, Red-lining, disparities in education, a […]
The big headline recently has been about African American spending power reaching $1.6 trillion dollars, but net worth dropping by 14%. Many people are trying to say that African Americans need to do better with their money, but leaving out past atrocities carried out against African Americans. The GI Bill, Red-lining, disparities in education, a pandemic just to name a few. It has caused African Americans to play catch up for a few centuries now. Having said all of that I do want to share how going forward African Americans can increase our net worth.
Don’t Jump On The Bandwagon:
A lot of net worth is tied up in homes and so the logical solution would be to buy a house. Currently that could end up being a money trap because many homes are still overpriced and the last thing I want is for someone to buy an overpriced house. That house could go down in value and you end up having an underwater mortgage. The market should cool off in the next year, but you can increase the net worth of your family now by making sure that houses that are already in the family stay in the family and not be sold. Once the housing market cools off then find you a house that is underpriced so that you actually are getting a deal.
Don’t Follow The Crowd:
I am not a financial advisor, but I will say this, don’t chase after investments promising quick riches. There are many people of all races losing their money in cryptocurrencies such bitcoin because it is not something currently built to use as your long term investment strategy. If you have money to lose then by all means buy up bitcoin. If you don’t have money to lose and you are actually trying to save for retirement then look for a licensed financial advisor to start investing in mutual funds. The goal is to grow your money over time and become wealthy, not to lose it and end up working for the rest of your life.
Spread The Knowledge: Knowledge is power. If you and your family were able to keep grandma’s house in the family then share that process with a friend of the family that is going through the same situation. If you find a financial advisor that you trust, share the name of that advisor with other family members and friends in the community. Most importantly work to write the wrongs of the past such as redlining, education disparities, GI Bill broken promises, and much more. The net worth of African Americans can increase and increase dramatically but the whole story must be told first and then the solutions.
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