UniiQe Life Network | Wealth and Black Empowerment | Wealth Transfer Series Pt.2

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Wealth and Black Empowerment | Wealth Transfer Series Pt.2

October 10, 2024

by Dominique Galbraith

The median wealth of Black families increased by an estimated 112% between 2013 -2022. This rise directly correlates with the growing interest in financial literacy, investing, and entrepreneurship within the Black community. While we can celebrate this transformation, which positively impacts families and communities, we must also examine the mindsets and cultural habits that delayed this empowerment.

As Black Americans prosper by utilizing the same wealth-creation strategies that other groups have implemented for generations, I have several questions. These questions are meant to challenge those who believe the economic issues facing the Black community must be resolved solely through government intervention or traditional ideas about earning an income and supporting our families and communities.

Have we focused too much on past grievances rather than current opportunities?

Have cultural norms of prioritizing spending on liabilities instead of investing in assets, along with a lack of financial literacy and understanding of wealth creation, played a larger role than we realize in why Black Americans rank at the bottom compared to other racial and ethnic groups?

Is it possible that for the past two generations, we have been taught to prioritize college and to secure a good job, which has led to high student loan debt and jobs that don’t pay a salary large enough to repay those loans amid accumulating interest rates and inflation?

Were we indoctrinated into ‘going to school to get a good job’ to build wealth for big businesses and college institutions instead of building our own businesses and/or learning a profitable trade without the massive loan debt?

Were we unaware that relying solely on a 9-to-5 job, where we exchange time for money, places limits on our income potential and has left many people retiring with little to nothing?

Why have we shunned—and in some cases demonized—entrepreneurship, when there is a limit on what you can earn as a wage worker but no limit to what you can make as an entrepreneur?

Were we taught to just survive and “get by,” without much focus on thriving?

We can no longer afford to lament the wealth gap while failing to apply principles that generate wealth, such as multiplication, which can only happen through investment and ownership.

While many in the Black community are embracing wealth-generating strategies through real estate, investing in the stock market, and owning businesses, others still buy into the lies of self-serving politicians who have no interest in creating the economic climate needed for individuals and families to prosper. Despite the history of racism and any remaining barriers, there is grace and favor for God’s chosen people to prosper and bring glory to God through their work and faith. This level of economic elevation requires that we shed the old mindset of socialist ideals—the belief that the government must solve all our problems—and instead place our trust in God in ALL areas of our lives, including our perspectives on society, politics, and economics.

The Bible says in Deuteronomy 28: 18 that it is The Lord who gives us the power to produce wealth. His plan is to transfer wealth to those who have a heart to advance His kingdom. Let us spiritually and mentally position ourselves as well as become equipped with the right perspective and tools to receive what He has for us and to be used in a great way in these last days.

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black entrepreneurs black-owned Business entrepreneurship