-------
Systemic Financial Racism Requires Greater Insights And Smart Tools To Build Black Wealth
 |
| Photo Credit Christina at Upsplash |
By Kamau Austin, Publisher Scoop Publications
In June, 2022 a compelling meme circulated on Facebook alluding to the 400-year head start whites have over Blacks in the US economic system. It was ironic in that it was being shared in a Black group on a social media platform with a leaning towards conservative "pull yourself up by your own bootstraps" types. Even Black conservatives, like others in the society, too often regurgitate the usual ole tropes about Blacks.
 |
| This Meme On Social Media ignited negative tropes about Black people. |
For instance the following are some stereotypical tropes perpetuated by Black conservatives or financial coaches about the lack of Black financial success:
- Blacks can't achieve financial literacy because we're trying to achieve acceptance with consumerism.
- Blacks don't achieve wealth because we don't understand investments and buy real estate.
- Blacks aren't knowledgeable or disciplined in terms of credit.
These tropes, while having some truthful claims about some Blacks, puts the onus of the present inequality in wealth concentration between whites and Blacks squarely on clueless or undisciplined African Americans. These stereotypes side step the fact Blacks, in the past and presently, are fighting systemic economic racism, marginalized business ownership, and industry isolation.
It should be obvious individuals can't beat systems by themselves so financial literacy should evolve beyond just having insights on getting a mortgage, Debt to Income (DTI) ratios, and investing in stocks and bonds. Financial literacy for Blacks should also extend to new technical tools, political, social, and economic advocacy to gain more economic empowerment and collective wealth creation.
Timothy Griggs, a Black real estate investor and mortgage broker is extremely concerned about Blacks and other financially marginalized people getting access to wealth building knowledge and systems. He's been inspired to help people have technical access to manage their credit and finances.
Griggs, an African American, is a pioneer among a growing number of techno-preneurs looking to harness the communication prowess of digital media and platforms to help put Blacks and wealth seekers on the road to affluence. He has developed The Good Stewart (TGS) financial system to help those seeking more control and also to understand the ways to improve their credit score and overall wealth.
It should be obvious individuals can't beat systems by themselves so financial literacy should evolve beyond just having insights on getting a mortgage, Debt to Income (DTI) ratios, and investing in stocks and bonds. Financial literacy for Blacks should also extend to new technical tools, political, social, and economic advocacy to gain more economic empowerment and collective wealth creation.
Timothy Griggs, a Black real estate investor and mortgage broker is extremely concerned about Blacks and other financially marginalized people getting access to wealth building knowledge and systems. He's been inspired to help people have technical access to manage their credit and finances.
Griggs, an African American, is a pioneer among a growing number of techno-preneurs looking to harness the communication prowess of digital media and platforms to help put Blacks and wealth seekers on the road to affluence. He has developed The Good Stewart (TGS) financial system to help those seeking more control and also to understand the ways to improve their credit score and overall wealth.
Let's review a small synopsis of systemic racism in the past and moreover - present times that contributes to the lack of Black wealth. Let's touch on some solutions beyond the typical ones floated to develop more Black economic development...
