People of color have an exceedingly long history of being behind in the accumulation of wealth. In 1965, Blacks made up more than 10 percent of the U.S. population but possessed a mere 2 percent of the nation’s wealth. Not much has changed in more than 50 years. For example, the Federal Reserve’s 2019 “Survey of Consumer Finances” revealed that the typical Black family has only 10 cents for every dollar held by the average White family.
Our dollar circulates a whopping six hours in our community, whereas it remains in circulation for 30 days in the Asian community. For the White community, it’s 20 days. According to research by The Nielsen Company, African Americans spend approximately $1.2 trillion annually, but only two percent circulates in our neighborhoods. For Black and Brown America, this is a sobering reality. Due to persistent and systematic racism and little to no access to accumulating wealth, our economic path hasn’t changed.
However, there is hope. Through the creation of Greenwood Bank, Ryan Glover, the founder of Bounce TV, rapper and activist Killer Mike and former Atlanta Mayor Andrew Young, believe in supporting Black-owned businesses and financial institutions. Although the bank isn’t set to open until January 2021, there already is a waiting list for Greenwood accounts.
Stop waiting on that next government stimulus check and start saving. There’s nothing wrong with desiring material possessions for those who can afford them. Being an asset to our communities is far more critical.
It’s time to shift the focus from spending to conserving. Maybe then you can get that Birkin.
Anissa D. Blair is an Atlanta-based author and blogger with a passion for writing and being a mother and wife. In her blog, “Straight, No Chaser,” she represents everyday women “just trying to cope doing average s—” and covers all topics — from the good, the bad, and the ugly of navigating through life’s obstacles and roadblocks, to building and keeping successful relationships while trying to maintain your sanity. No taboo topics here. You can read her work at rollingout.com/anissa/ and follow her on social media @anissadblair on Instagram and @anissablair on Facebook.
