It’s time for Black America to see how valuable we are to the economy. We have $1.3 trillion in our piggy banks. That’s almost the equivalent of Indonesia, Switzerland, and the Netherlands ’ GDP. We’re talking about money and power that could stimulate the economies of entire countries.
Corporate Power
You’ve seen plenty of ads and promotions directed at our communities. Businesses do not spend money for the heck of it. These companies are aware of the importance of our dollar. Corporations around the world spend over four billion dollars on advertising focused on us.
Research shows 40 percent of black consumers want the latest!From clothing to alcohol to cars, brands are constantly in search of strategic approaches to get their hands on the black dollar.
Ironically, despite that untapped power, our money is going to the wrong places. Georgia’s black population totals 33 percent, but only 24.83 percent are homeowners. In Texas, only 8.3 percent of homes are owned by people of color.
This trend is often because of the mistaken belief we can’t afford to move like that. But we can. One step in that direction isconsidering how to build generational wealth.
Real Estate
Real estate is one of the smartest options for building wealth. One way to get started is wholesaling. The process requires you to find someone looking to sell quickly. You negotiate the terms of a contract where you find a buyer and make a commission. What makes wholesaling sweet is it doesn’t require a real estate license. But it does require neither buyer nor seller has one.
No, this won’t be easy. But if you have the ambition, it can start you on the road into real estate.
Stock Market
Getting into the stock market today is easy. You can buy in with a start of $100. You can even buy fractions of a share. With Robinhood or Tastyworks, you can do everything yourself.
But it’s still important you do your research and have an understanding of how the market works. All the research is on the internet. Or grab a copy of Investing for Dummies or The Dummies Guide to the Stock Market.
Holding Onto the Black Dollar
Of the $1.3 trillion in our hands, only $26 billion stays in our communities. That’s a mere two percent. Here’s a breakdown of how long the average dollar stays in their community.
• Asian community: 30 days
• Jewish community: 20 days
• White community: 17 days
• Black community: 6 hours
The black community has always been at the forefront of social and economic inequity. Unfortunately, we’re capable of contributing to that. One way is by ignoring our commerce. Investing in ourselves is the best possible way to grow and strengthen our communities and the black dollar.
Education, especially younger generations, on ventures like the stock market and real estate and keeping our spending close fights social injustice. Once we start controlling our dollar, we stimulate our communities and people.
