The inaugural Black Wealth Summit™ (BWS) will be held Oct. 20 – 22, 2021. The inclusive wealth-building virtual experience is billed as “Unapologetically Invested In The Prosperity of Black People.” The non-profit entity was founded by Cedric Nash and his volunteer team as an inclusive wealth-building virtual experience focused on offering every Black person access to knowledge that can be used to build real generational wealth for their families and communities.
Rolling out spoke with Nash about his motivations and how he is making millionaire money moves.
Who is Cedric Nash?
I am the president and CEO of Oakland Consulting Group, Inc., a company I founded in 1997. Our firm offers business intelligence, IT, and staffing consulting services. We work with federal, state, and local government, and commercial organizations. Before founding my firm, I was with Deloitte & Touche, Ernst & Young. Additionally, I am a veteran and served as a transportation officer in the Army. I’m also an author and my book, Millionaire Money Moves, How to Become a Millionaire Starting from the Bottom, comes out at the end of the year.
What pivotal moment led to the creation of the Black Wealth Summit?
I stopped at the registration desk of a wealth summit happening in my condo building in Miami in 2017, and asked, only partly in jest, why I had not been invited. Here was a conference designed, according to their marketing materials, to create the life and legacy you envision. Speakers included billionaire Robert Smith, Prince Harry, and Magic Johnson, all talking about growing their wealth with like-minded attendees. And I thought, why are there so many conferences tailored to African American doctors, lawyers, fraternal and service organizations, yet not one targeted to Black wealth building?
What should we know about the state of Black wealth in this country?
For a large number of African Americans, wealth accumulation and wealth-building are not discussed in the home and financial/wealth literacy is not a priority. It is past time for rectifying that situation. The median net worth for Caucasians is 17 times that of African Americans and will continue to rise. What our team knew for sure is that we need more than just a conference. We need a learning experience tailored to participants’ financial interests, but also to where they are in their wealth-building journey.
You started the Black Wealth Summit in the midst of the pandemic. Did that make the venture more challenging?
I think starting BWS was even more critical during the pandemic year and the racial reckoning. When you consider the disparities in health care and how they fall along racial lines; when you consider the persistence of police violence that is racially motivated, there has never been a greater need for African Americans to take their financial circumstances into their own hands.