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Racial Wealth Gap

Updated on February 18, 2015

Wealth Gap

People often make fun of the fact that I like to hang around people of a different race. I like going to church with them, working with them and (most of all) talking about money with them. As you can see from the chart the wealth disparity between Caucasians, Hispanics and African Americans is extremely disproportionate. Caucasians are good at amassing wealth and I want to know how they do it so that I can share the knowledge with the less fortunate.

Some will say that the reason they are able to build more wealth than minorities is because of racism. This may be true to a certain extent; however, a lot of the problem is us. We need to open our minds to new proven ways of thinking about how to handle our money. Just because momma and grandma said something does not mean it stands true today. Yes-some things are timeless, but if you are doing something just because a friend or family member told you to and it is not working, maybe it is time to look at other options.

Educating Ourselves

Someone once said “If you want to hide something from minorities, hide it in a book.” We act like books/blogs/videos are poison unless there is juicy gossip about what has happened on the latest reality television show which adds no value to our lives. We must start reading non-fictional books and blogs on money to help us improve our economic state. You may not understand them at first, but if you continue to research you will. Please do not try to follow them verbatim, but do your research and figure out what is best for your specific situation.

If you are want to change your family’s financial future then I have homework for you.

1) Write down your (realistic) short and long term goals. Where do you see yourself in 1 year? 5 years? 30 years? Also, write down steps you can take to achieve the goals. Big or small-every little bit counts.

2) Join me tomorrow for more advice on improving your financial situation.

3) Visit me at www.minoritymoneymatters.com

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