6 ways Black Americans can start building wealth today
Shellee Fisher
- Kristi Martin Rodriguez is the vice president of thought leadership for Nationwide Financial.
- She writes that although the racial wealth gap between Black and white Americans is staggering, there are steps Black Americans can take to bridge that gap in their own finances.
- Start by talking about money regularly and living within your means, she writes. Then, start saving, investing, and prioritizing your own health as soon as possible.
- Finally, make a long-term care plan for your loved ones, and consider life and disability insurance.
- This article is part of a series focused on millennial financial empowerment called Master your Money.
According to The Brookings Institution, the net worth of a typical white family ($171,000) is nearly ten times greater than that of a Black family ($17,150). This staggering gap in wealth reveals the effects of accumulated inequality and discrimination, as well as differences in power and opportunity.
Black Americans also have an increased risk of contracting COVID-19 and have experienced a more severe financial impact as a result of the pandemic. According to the Nationwide Retirement Institute's May 2020 COVID-19 Consumer Survey, 40% of Black adults say COVID-19 has impacted their retirement plans, compared to 33% of white adults. In addition, 51% of Black adults are reevaluating their retirement plans to assess the financial impact of COVID-19, while just 39% of white adults say the same.See the rest of the story at Business Insider
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