Black Media and the Future of Black Wealth in America

Table of Contents

So… So What? Now What?

When writing an article like this, some assume that you have a vendetta or an ax to grind with Black news/media. Once published, one can also welcome the regal title of “Hater” or the intellectual critique of famed lyrical poets such as Clifford Joseph Harris, Jr. (T.I.) who would undoubtedly stop at the title, just to cut me off to say, “that’s some Bullshit!“

The latter, T.I repeatedly stated in the same video that he appreciates the tax benefits that the Republican party offers him but he will be dammed if he will not benefit off the backs of his own people first. Yeah, he said that.

Hard Realities are Seldom Easy to Stomach

In truth, I’m only writing this because it needs to be written and stated somewhere. And for me to say, I told you so (later) in all my Dade County pettiness.

I’m the Cassandra of this story; another tragic Greek figure with the power of foresight and nobody willing to believe. This is the problem with “The Danger of the Single Story” narrative in Black America; while focusing on the successful athlete, the imbalanced pop star and the court jester, we miss out on the terrible truth:

“African Americans may have a higher rate of job displacement due to rising automation and thus a smaller share of the net projected job growth between 2017 and 2030.” The Future of Work in Black America, McKinsey & Company, October 2019

The report went on to say, “by 2030, the employment outlook for African Americans—particularly men, younger workers (ages 18–35), and those without a college degree—may worsen dramatically. Additionally, the report finds that African Americans are geographically removed from future job growth centers and more likely to be concentrated in areas of job decline.” A similar trend already playing out in Chicago where 40% of young men age 18-35 are unemployed and not in any form of schooling.

“This is the End Game”, to quote Dr. Strange’s. Marvel’s Infinity Wars.

“These trends, if not addressed, could have a significant negative effect on the income generation, wealth, and stability of African American families.”

“Too Broke Not to Pay Attention”

You would think with such alarming reports, Black media/news pundits would be concerned… Nah.

Rihanna has a slow-mo video somewhere, and Rosario Dawson is in love with Cory Booker.

The 1st part of this dialogue, Black Media and the Absence of Black Wealth was all about levying critical judgment on the key forms of consumable black media/journalism and how they fail us by neglect, or (more plausibly) by lack of knowledge themselves.

Think about it, it’s the same reason mainstream media can’t adequately cover black issues. We want the news to adequately cover black history when we don’t even know what that even means in our own households? Expecting a Korean-American, Vietnamese-American, Irish-American, or etc-American to tell you about yourself if asinine.

Do you know their history? Of course, they don’t know yours. You have to tell your own stories.

Relevant financial news: HSAs and the Great (mainly White) Wealth Transfer

Financial business news sites and blogs have been a buzz in late October about Health Saving Plans being a Triple Tax Advantage account (prior to open health enrollment season) and “the Great Wealth Transfer“.

In 2016, there were roughly 74 million boomers (aged 55 – 73), according to the U.S. Census Bureau. They are expected to pass much of their wealth on to their Gen X and millennial children. This Great Wealth Transfer will see as much as $68 trillion change hands over the next 25 years, according to Cerulli Associates.

I’m not sure about you, I’m anticipating a grand total of zilch. My social network is prepping for a couple of GoFundMe medical bills and funerals. For the “All white poor people matter” too, just know that I recognize the existence of poverty everywhere, however this article is focused on how black families and communities can improve. Poor whites can easily pass as middle-class whites with one visit to express and a different hairstyle (every 90s romantic comedy proves it).

So what can we (as a Black community) do?

The Solvable Problem, at Your Finger Tip

Your mobile phone is a powerful device that can either stimulate your mind or leave you functionally brain dead. Instead of tuning the Revolt Summit of 2019 (which garnered over a million views), check out the Congressional Black Caucus’s ALC’19 panels:

African American Economics – The Debt That Is Owed: Solutions to Close the Racial Wealth Gap – 120 views as of 10.2019
Black Money Matters 2: Income, Income, Income! – 191 views as of 10.2019
The Fifth Annual State of African American Small Businesses – 122 views as of 10.2019

You are literally voting your preferences, priorities, and attention span with every click. Choose wisely and the ads will follow.

Breakfast with the Mainstream Cool Kids

I have to give credit where credit is due. The Breakfast Club Power 105.1 FM nationally recognized radio show is one of the best source of some financial civility and discoure. The best part is that their interviews are available on YouTube. The show does a great job featuring lesser known Black intellectuals such as Dr. Boyce Watkins and Stacey Tisdale.

Query in the Youtube Search: “The Breakfast Club Power 105.1” + “Financial”

Hosted by DJ Envy, Angela Yee, and Charlamagne tha God, it currently airs in 90 plus radio markets around the country. The cool caveat is that each member can hold their own:

Charlamagne is an avid writer and likely one of the best interviewers that I’ve seen in modern-day.

Angela Yee is more grounded with her financial literacy workshops for women and entrepreneurs.

DJ Envy made a fortune through real estate and shares that knowledge. If you strip the Hip Hop component, this is likely as mainstream as Financial literacy will ever be.

Podcasters are the Direct Solution Drivers

Talaat & Tai McNeely are the founders of HisandHerMoney.com and authors of the book Money Talks: The Ultimate Couple’s Guide To Communicating About Money. They strengthen couples in the area of personal finance, never shying away from having great conversations.

Paychecks & Balances is a fun-formative podcast for millennials interested in making money, saving money, and getting out of debt.

Rich @IamRichJones and Marcus @TheMarcusGarrett leverage their experiences to provide entertaining insights and helpful tips on money management, professional growth, and other topics relevant to 20 and 30-somethings trying to get ahead.

Tonya Rapley’s blog, My Fab Finance, teaches millennial women of color how to overcome debt and regain control of their finances. Rapley draws from her own experience of paying off debt and building her credit score.

Keepin’ it Popping Financially. Chris Downing is the creator and host of the Popcorn Finance Podcast! During the day, he works as an Analyst trying to make use of his Finance degree. But at night, he hops on the microphone to share my passion for teaching and discussing personal finance.

Being more than Rich and REGULAR. It’s a blog, a mindset, a voice, and a wake-up call to name a few. It’s their love story. Reversing trends, empowering families, and changing lives for the better. Julien met Kiersten as co-workers in 2012 and clicked. With no blueprint to follow, they somehow gained the courage to tackle some really difficult conversations about money. The outcome was a multi-year plan to eliminate debt from our lives and to build real sustainable wealth. Together, they paid off $200k in debt.

Rianka Dorsainvil featured in A Financial Plan for HENRYs: High Earner, and Not Rich Yet, is the founder and CEO of yourgreatestcontribution.com. Rianka is a rising star, speaker, and Certified Financial Planner who works with multi-generational high earners and low-income families.

Kara Stevens also known as The Frugal Feminista, chronicled her experience paying off $65,000 in debt on her blog. She uses her platform to teach women of color on how to manage their finances.

The Wrap Up

From podcasts to YouTube videos, there are more than enough sources available to you. The excuses are getting limited and the opportunities are slipping away. I suggest that you stop through your attention at celebrities, athletes, and etc. and start focusing on people who can add real value to your life. For some people, money matters are becoming life and death, see Lacy Young‘s video.

Millennials are buried anywhere from $30,000 to $300,000 in debt. Many of whom are deathly afraid of confronting their net worth.

We are too far behind in this race not to take heed and pivot. I’ve personally helped people with their resumes netting them new positions. I often write recommendation letters and stay on the lookout for awards that others might benefit from. I’ve drafted articles, done workshops, and even helped do 1-on-1s for 6 months increasing net worth of 10%-25%. There is a ton that can be done especially if you are way at the bottom. Following Rihanna all day isn’t going to help you in the long run.

Check out my recent podcast interview about creating your own path for success no matter the process @AskLovely