Historically and systemically, access to wealth has been kept from Black Americans. Whether we discuss slavery, redlining, or segregation, we have countless examples of economic equality being near impossible for Black Americans. That is why it is especially necessary for Black entrepreneurs to build wealth so we can gain access, use our voice, and uplift those around us. This episode is a deeper dive into the barrier to wealth that has existed, what you can do to get started on your wealth-building journey, and where you can set your sights in the future.
In this episode, we discuss:
- How wealth has been historically kept from and denied to Black Americans.
- Why wealth-building strategies may be and feel harder for the Black community.
- How you can start to implement wealth-building strategies today.
- How your business can be one of your greatest tools in accessing wealth.
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Timestamped summary of this episode:
00:00:00 - Introduction,
Asha Wilkerson introduces the podcast episode and explains that she will be discussing the importance of building wealth in the Black community.
00:01:00 - Historical Context,
Wilkerson explains the history of slavery in the United States and how Black people were denied economic opportunities through segregation laws and government policies.
00:06:10 - Effects of Segregation,
Asha discusses the effects of segregation and how it led to underfunded schools, the pay gap, and a lack of wealth accumulation in the Black community.
00:08:11 - Importance of Building Black Wealth,
Asha explains why it is so important for the Black community to build wealth, including taking care of aging parents, funding political campaigns, and improving overall quality of life.
00:14:33 - Understanding Your Expenses,
To live your desired lifestyle, you must understand your expenses. This includes your current expenses and any upcoming obligations such as a car purchase or a big trip. Asha recommends her course, The Money Making Roadmap, to help you figure out your vision and put numbers to it.
00:17:40 - Setting Up Your Business as an Asset,
Get your business out of survival mode by setting up a strong foundation. This includes legal protection, bookkeeping, and understanding your business's financials. By doing this, you can leverage your business to get access to money and use it as a wealth-building tool.
00:19:01 - Taxes and Retirement,
Stay on top of your business's financials to avoid being surprised by taxes. Set up a retirement account through your business to start building wealth, even if you're not making over $100,000 yet. As a business owner, you have a unique opportunity to set up a retirement account that benefits you the most.
00:21:04 - Building Wealth as a Person of Color,
Asha is passionate about helping black, brown, and first-generation people set themselves up using their businesses to build wealth. She encourages everyone to take their business seriously and find the support they need to use it as an asset to pass down to future generations.
00:22:24 - The Wealth Building Roadmap,
Asha's wealth-building roadmap starts with understanding your vision and putting numbers to it. The next step is to take a look at your business and understand how much you need to sell and what contracts you need to fund your desired lifestyle. The ultimate goal is to set yourself and your family up for generational wealth.
