Wealth-Building In The Black Community Needs A Mindset Makeover

localbuzzatx.com | February 11, 2025 | News, Opinion | No Comments

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Wealth-building doesn’t start with a paycheck. It starts with a mindset.

The results of the 2024 presidential election sounded the alarm for us to take charge of our communities and take control of our financial futures and security. We also recognize that now – against a chaotic regime change – represents the best possible time for the Black community to harness its power to build unprecedented financial, spiritual and mental wealth.

The financial literacy and wealth generation knowledge assembled recently during The Wealth Summit showed Black communities how to put their assets to work for them.

The summit attracted some of the nation’s most mission-driven financial, spiritual and wellness experts to historically Black Bowie State University in Maryland’s Prince George’s County, opening a dialogue about financial literacy and arming participants with actionable steps they can take now to improve their financial security.

My motivation for organizing the summit was simple: The most direct approach for catalyzing wealth building in Black communities is to spotlight the financial resources available to help Black people thrive, so we brought the mountain to them.

Financial scholars. Futurists. Innovators. Venture capitalists. Realtors. Philanthropists. Entrepreneurs.

By spotlighting the financial resources available to help Black people and their communities thrive, I was hopeful that the slate of financial scholars, futurists, innovators, venture capitalists, realtors, philanthropists, entrepreneurs and health care professionals I convened would catalyze wealth-building.

Black wealth is not a myth. It exists in our neighborhoods. It flows through our houses of worship. It creates programs to yank our brothers and sisters from the grip of generational poverty.

But how are struggling families ever expected to reshape their futures if no one talks openly about the opportunities available to them?

The Wealth Summit was created to raise awareness about the programs and educational opportunities already available to leverage existing resources to invest in our communities, and it delivered.

Our voracious participants soaked up the wisdom of Boyce D. Watkins, whose Boyce Watkins Enterprises empowers the Black community and whose The Black Business School provides an affordable and culturally relevant online education on entrepreneurship, investing, and wealth creation for Black people.

They listened intently as Amina James walked them through her entrepreneurial journey alongside her husband from owners of a single Quality Inn to successful hoteliers, organization development consultants, franchise brokers, and managing partner of commercial real estate firm Duke Ventures LLC.

They took notes from Arnita Greene, chief operating officer at Capital Structures Real Estates LLC, president of Prince Georges County Association of Realtors and owner of Greene Light Agent Coaching.

The peppered real estate investor, coach, mentor, consultant, and philanthropist Marcel Umphery with poignant questions.

In a word, it was nothing short of extraordinary.

Black people make up 14.2 percent of the U.S. population, yet Black businesses comprise only 2.2 percent of the nation’s 5.7 million employer businesses, according to U.S. Census Bureau data.

The simple truth is that if 14.2 percent of U.S. businesses were owned by Black people, the number of Black businesses would exceed 806,000 and create approximately 1.6 million jobs. Those payrolls would pump an additional $25 billion into the Black communities supporting them.

Don’t just consider the possibilities. Educate yourselves and act.

Set your mind to achieving what’s possible, and then leverage the resources available to make it happen.

Akisha Sharon Jefferson founded and serves as pastor of nontraditional, nondenominational First Sundays. She is also a life coach, author and owner of The Job Coach, specializing in job development, career counseling and interview preparation.

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