Intelligent Black People: The Best Wealth Builders on Earth

This blog post discusses why it is important to share the stories of black wealth, the innovative economic practices we use, and the not-quite-so-controversial notion that financial literacy is a basic human right that everyone should have access to. In this post, we stress the need for black wealth stories, and the sharing of them; the need, also, for community support and investment strategies that work; and the undisputed fact that the majority of us in the black community are not quite there yet when it comes to financial freedom. We do not shy away from addressing those statistics that repeatedly show how much or how little we have. Neither do we sidestep talking about the role that our families do or do not play in wealth building.

Good morning, everyone! Welcome to another session of Economic Elevation, where we come together to discuss our paths and practices toward building wealth in the black community. This morning's session is going to be a very big deal, I think. I want to focus today on the black wealth stories that we can share with one another in real time—that part is very crucial—that can lead, in part, I believe, to some innovative practices that can produce some tangible results in our financial lives.

Sharing Black Wealth Stories

I have always had faith in the force of narrative. I want to learn about the one-of-a-kind things you are doing with your families that have resulted in real economic betterment. Whether you formed an investment club at your church, conducted family business meetings, or made life-altering financial decisions in the purchase of your first home, I want to hear your stories. They can and do inspire others and furnish useful lessons.

Call for Submissions

Please consider sharing your black wealth story with us. We want to know about your lived experience and what you consider best practices. Indeed, we are in the process of building an oral history project that will serve as a kind of knowledge base for the kinds of things we all talked about in the last section.

Economic Education and Community Support

Building wealth is heavily dependent on education, and I believe every Black child should grow up knowing at least ten different ways to earn a living that will not only pay the bills but also allow for some financial freedom.

They should know about and understand the stock market and the bond market; they should understand real estate and how to use that for cash flow and for building net worth. They should know about and understand various kinds of side hustles, including those that require little to no money upfront. The goal is not just to make money. The goal is to learn how to keep it.

The Importance of Financial Literacy

In the United States, knowledge of personal finance is often poor. Countless individuals do not grasp the foundational concepts of monetary management, leading many to succumb to a perpetual state of indebtedness. To combat this, we must emphasize the instruction of financial principles among the youth. Our children must understand such core topics as cash flow management, the time value of money, and the necessity of establishing a savings habit.

Innovative Economic Practices

Let us scrutinize a few of the cutting-edge methods disseminated by the constituents of our community.

Joanne Dixon. A secure financial condition makes unexpected expenses manageable and stress-free, Karen says. By that, she means Jo handles the kinds of expenses that catch most people off guard.

MCN Forever: Even though they were initially nervous about putting money into Bitcoin, they're very interested in learning about building a proper financial base.

Barbara: She has traveled a life-altering path through the Black Business School, broadening her understanding of economics and vowing to spread that knowledge throughout her community.

The practices portrayed in these stories shine a light on what is really possible when it comes to attaining wealth. They also underline the fact that having a community—a network of family and friends—makes all the difference in using these wealth-building practices successfully.

The Role of Family in Wealth Building

Aspects of family can be extremely helpful in achieving economic success. Regular discussions about financial matters can take place at the family table, as well as at the dinner table, or even in the kitchen, where plans can be made about where to invest and how to allocate resources. These talks can happen wherever family members congregate. Talks about financial plans, resources, and ideas can happen all over the house. Family talks can be about financial literacy. Family can help each other achieve economic success.

Tara: Regular investments are being made by her, and the young couples in her family are being prodded to lay a solid capital foundation.

Shavar: He is about to get everything set up to ensure that future generations have some financial sovereignty.

These instances demonstrate the ways in which families can collaborate to secure and enhance their fiscal fortunes.

Addressing Challenges in the Community

It is vitally important to see the many challenges our community faces. Economic instability, nonexistent financial education, and the weight of society's expectations can and do undermine individuals' progress. We must tackle these problems and not sidestep them. We must confront them and, as a community, help our members get past them.

The Impact of Trauma on Financial Decisions

The impact of trauma on our ability to make good financial choices can be profound. When it comes to taking risks or investing, some of us may feel paralyzed with fear or anxiety. This episode features two individuals sharing their stories of working through those feelings with the help of a therapist. They now feel much better about their finances—and about their future. And they discuss how those challenging conversations in therapy helped them break through to healthier mental states regarding money.

Let's concentrate on creating a heritage of riches and financial understanding among our people. It's not only about earning; it’s about retaining and employing what we’ve gathered to elevate ourselves and our kind. Let’s resolve to be a nation of people taking the initiative along this path and lighting the way for others.

I appreciate your presence in this dialogue, and I await with great anticipation the unfolding of additional narratives that pertain to your specific experiences with black wealth!