Spending for Blacks in the US has gone up to $1.6 Trillion but wages and standards of living are dropping. What gives? The Financial Griot podcast crew will discuss how to manage money in a time of uncertainty and how to make a way out of no way in lieu of external circumstances such as systematic oppression and a painful history. or decades and decades, Black consumers have been regularly overlooked by companies that don’t see them as a priority demographic. Black consumers continue to be underserved in areas such as food, housing, healthcare, broadband, and banking. During the last five decades, the Black community has had limited access to building wealth for generations. A closer look at wealth in America reveals staggering racial wealth disparities. Even before the Covid-19 pandemic, the 2019 national Black poverty rate was more than double the white poverty rate in the U.S. (roughly 22% compared to 9%, respectively), as reported by the Kaiser Family Foundation (KFF).
Spending for Blacks in the US has gone up to $1.6 Trillion but wages and standards of living are dropping. What gives?
The Financial Griot podcast crew will discuss how to manage money in a time of uncertainty and how to make a way out of no way in lieu of external circumstances such as systematic oppression and a painful history. or decades and decades, Black consumers have been regularly overlooked by companies that don’t see them as a priority demographic. Black consumers continue to be underserved in areas such as food, housing, healthcare, broadband, and banking.
During the last five decades, the Black community has had limited access to building wealth for generations. A closer look at wealth in America reveals staggering racial wealth disparities. Even before the Covid-19 pandemic, the 2019 national Black poverty rate was more than double the white poverty rate in the U.S. (roughly 22% compared to 9%, respectively), as reported by the Kaiser Family Foundation (KFF).
The average white family’s wealth is eight times higher than the wealth of an average Black family, according to the Federal Reserve. Systematic inequality, lack of financial literacy, high default rates on student loans and employment discrimination, among other factors, have led to the racial wealth gap. The 5 top financial challenges include:
Here's a bit about our background and who we are:
The Financial Griot is a play on two words (Finance + Griot) that hold significance in closing the racial wealth gap.
Merriam-Webster defines a Griot as a West African historian, storyteller, praise singer, poet, or musician. The griot is a repository of oral tradition and is often seen as a leader due to their position as an advisor to royal personages. As a result of the former of these two functions, they are sometimes called a bard.
As such, we tell the stories that others don't. Stories that we should share for growth, opportunity and understanding. Beyond that we talk about Finances. Specifically, how to become Financially literate, incorporating actionable steps and ultimately building generational wealth.
So there you have it, The Financial Griot or TFG for short. You will be in for a treat. The hosts were able to amass over $2 Million in wealth in about 8 years and are on track to retire early. If you want the secrets; we will gladly share them since opportunity is abundant and Win-Win.
Connect with TFG Crew:
Alainta Alcin - Blogger, Travel and Money Enthusiast @alainta_alcin
Lovely Merdelus - Entrepreneur and Small Business Growth Specialist @lovelymerdelus
Lawrence Delva-Gonzalez - Federal Auditor, Blogger and Tax Specialist @theneighborhoodfinanceguy