It’s no question that the U.S. faces a huge racial wealth gap. The average white family has 10x more wealth than the average Black family. Bringing financial freedom to families all over the nation has always been a priority of ours, and with this goal in mind, we aim to help close this wealth gap.
That being said, there are plenty of ways to help build Black wealth. As a society it is our duty to close this wealth gap. This means supporting Black businesses, donating to charities that help Black Americans, supporting Black creatives, and educating ourselves and our white friends.
Where to Donate
As you have probably seen all over social media and the internet, there are plenty of places to donate money (if you are able to!) that will directly benefit the Black community. If you are seeking to donate to an organization that is working to stop mass incarceration, check out the Equal Justice Initiative. Bail funds are also a great place to donate, as they help get people arrested on bail out of jail and back home to their families. The National Bail Fund Network lists these funds by state. There are also many Mutual Funds that are working to provide community assistance and address problems such as homelessness and systematic inequalities like education. If you live in DC, this is a great option.
If you are unable to donate, a great alternative is to play this youtube video. It is full of great hip hop music and 100% of the ad proceeds are donated to the BLM movement and specifically the NAACP.
Buy Black-Owned
Supporting local Black-owned businesses is perhaps the most direct way to help. Order takeout from Black-owned restaurants, shop for a friend’s birthday from a Black-owned store. We have a list of our Black-owned client businesses here. This is a great place to start!
Supporting Black businesses can even be as simple as following creatives on Instagram.
It is also important to practice learning more about where you are purchasing from. If you can’t buy Black-owned, make sure that the companies you support are actively working to amplify Black voices and are not oppressing diversity. A good place to start is educating yourself on ALEC and the companies involved. These are places that do not actively work to eradicate the racial wealth gap.
Educate
Perhaps the most important piece of eradicating the racial wealth gap is education. Netflix’s episode of Explained: The Racial Wealth Gap is a great way to learn more about why we have such a large gap to this day. You can watch it for free here.
Some other great films are 13th and The Hate U Give (also a book).
Education is crucial to preventing history from repeating itself, as it has the past 400+ years. It is crucial to pay attention to the anti-racist content online and to really learn from it. Anti-racism and action are necessary for change.
Take Action
Sign petitions, call your representatives, and do not be afraid to engage in tough conversations. Much of this change will come from a mass understanding of the history of the racial wealth gap, and although it can be tough to talk about, it is important to talk about. Be the change.
