Obtaining Wealth for African Americans; what needs to be done
By Jackie Morrison, Wealth Igniter
African Americans trail in wealth, partly due to the median annual wage – 30% lower than whites. 3.5 million US black households have a negative net worth due to debt, low earnings, and little savings.
This has led to most black families having less financial literacy and wealth. According to a report, this vast wealth gap threatens to increase from 30% to 70% by 2064.
Although many factors will play a role in reducing this income gap, here is what African Americans can do to obtain generational wealth.
Spend Wisely, Save More, and Invest Strategically
Many households became wealthy from wise investment decisions. Acquiring wealth is a conscious decision, and black American families should be encouraged to live within their means, save more and invest wisely.
Leverage Ways to Make Money Online
The world is now digital, and there are several ways to make legitimate money online without experiencing workplace bias and discrimination. One can choose to freelance or build an online business with friends and family.
There are lots of opportunities. It takes the right information to make money online.
Some opportunities include:
- Digital marketing
- Blogging
- Cryptocurrency and crypto trading
- Forex trading
- NFTs
- Freelancing
- Affiliate marketing
- And so many others
Discuss Money, its Management, and How to Become Wealthy
Some African Americans see talking about money as taboo. It’s not. Normalize talking about money with your spouse, family, and friends. Discuss ways to make and invest money to yield generational wealth.
Start a Sustainable Business
Starting and running a business will help you grow a sustainable income that will help you and your family acquire more wealth over the years.
Take Care of Your Health
Health is wealth. By staying healthy, you can make and preserve money. Being unhealthy gives you financial, physical, and emotional strain and affects your productivity and ability to make money.
In conclusion, the more information and financial literacy African Americans get, the more empowered they will be to obtain wealth and bridge the wealth gap.
We should invest heavily in financial literacy.
Author
Jackie Morrison, Wealth Igniter
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