By Pierre Clark The talk in Chicago about increasing economic opportunity for African-Americans in Chicago and around the country rings hollow in the face of a report from the Chicago Community Trust that Black families in Chicago have a median net worth of $0 dollars while white families in contrast have a median net worth of $210,000.
A report from McKinsey and Company and reports from the Pew Foundation indicate that it might take hundreds of years - 228 years, according to one report - to address and fix the disparities. Most of us living now will have been dead and gone for 9-10 generations by that point in time.
What can be done now and in the immediate future about addressing and reversing these depressing findings? And as reports also say the GNP of African American community is over $1 trillion, how can the net worth of those same families in Chicago be $0? And how can we start capturing and recapturing that wealth?
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| Courtesy WTTW Chicago |
The answers to these questions come from the same reality: how and where we spend and invest the resources we have and the steps we take proactively to grow our own wealth.
Simply, we have to finally start to learn and internalize the personal habits and wealth-building strategies that will elevate us out of this deplorable economic circumstance.
Entrepreneur Codie Sanchez says we are in the midst of the largest wealth transfer in human history, with trillions of dollars about to change ownership as the baby boomers age and pass on, and more than 10,000,000 profitable businesses come up for sale. That’s ten times the number of businesses African Americans own and operate as a whole in the country. How can we take advantage of this to grow our wealth advantage?
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| Courtesy WTTW Chicago |
Around the country, some African Americans are waking up and deciding to take action. The Chicago-based NuMillennium Opportunity Capital Ltd., is one such effort and enterprise committed to showing and supporting African-Americans in Chicago and elsewhere how to implement a three-stage process:
Stage One: Helping and coaching 1000 families to grow their wealth and net worth by 10,000 each, that’s 10,000,000 in new net worth. How?
Buy a property now - an abandoned property or lot in Chicago and elsewhere of which there are tens of thousands, and start a corporation and LLC to hold that property which the family owns. Cost to do this: Less than $5,000 through organizations like the Cook County Land Bank Authority in Chicago which have thousands of such properties listed for acquisition. There are more than 300 such land banks operating across the country.
Stage Two: Helping that same 1000 families grow their net worth by 100,000 each, that’s 100,000,000. How?
Pool money and buy a multi-unit building worth at least $1 million of which there are thousands of such properties available..
Create a cooperative buying club with the 1000 businesses each of them has now established, with the goal of doing business with each other and supplying products and services to each other. One such cooperative in Evanston holds meetings every quarter at which millions of dollars in business is conducted among the members.
Stage Three: Helping that same 1000 families grow their net worth by 1,000,000 each, that’s 1,000,000,000. How?
Pool their resources - 10,000 from each family - into a corporation to provide financial support and resources that launches with ten million dollars in capital and in five years goes public and sells shares in it on the public markets through Dream Exchange, the new minority-owned stock exchange founded by Chicago lawyer Dwain Kyles and lawyer-entrepreneur Joe Cecola (http://www.dreamex.com).
Will it be easy to follow this three stage strategy and others that are being devised? No. But can it be done? Yes, and many already have begun, including this writer.
Want to know more? Contact: pclark@nufuturesventures.com is the contact e-mail, 773-765-4059 is the contact number to learn more.
Pierre Clark is an entrepreneur writer and thought leader.
Reach him at the following:
Pierre Clark, Managing Partner
NuFutures Development Ventures LLC
NuMillennium Opportunity Capital Ltd.
NuMillennium Opportunities Ltd.
312-970-0249
773-765-4059 pclark@nufuturesventures.com
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