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Only 2% of Black Families Have a Net Worth Above $1 Million, According to New Study

An estimated 2% of Black households, roughly 340,000 families, have a net worth over $1 million, according to the economic state of Black America report. In comparison, more than one in every seven White households have surpassed the million dollar mark.

“Wealth flows through us, not to us,” says J.D. Smith, author of Financial Distancing: How to Economically Quarantine Your Wealth, in an interview with Black Enterprise. “We shouldn’t be six feet apart when it comes to building wealth.”

He continues, “We are constantly transferring money from one institution to another. We go to school and have to take on additional jobs to fund our education and overall living expenses. Money typically goes from our jobs to the education system. And this pattern doesn’t stop after graduation. When we get into the workforce, money often flows from our jobs to pay hefty mortgage and student debt payments to keep up with the lifestyles of our colleagues. We need to allocate more money toward investing if we want to build wealth.”

The Net Worth Journey For Black Families

This week, McKinsey & Company released a new study examining the major factors that contribute to wealth gaps facing Black Americans.

The study explores ways in which occupational choices, spending decisions, debt load, and saving habits contribute to the net worth of Black families. The study also examines how policy and labor laws consciously lifted the wealth potential of the white middle class while excluding Black workers. The sum of these factors and centuries of inequities have contributed to the growing wealth gap we see today.

The report summarizes occupational representation in various industries within the United States. Black workers are concentrated in lower wage jobs. They are also paid less than white workers for doing the same job. According to the report, more than two out of five Black workers earn less than $30,000 a year. In the long run, lower earnings leads to less savings, more debt traps, and limited investment opportunities.

Overall, the report reveals that Black households have one-eighth the wealth of the median White household. When you break down the numbers, the inequities are even more depressing. An estimated 7.8 million Black families have a net worth of less than $10,000. Approximately 3.5 million families have a negative net worth due to the overwhelming burden of debt.

More Black Families Are Aiming For $1 Million Net Worth

Although the wealth statistics are startling for Black families, there are a growing number of individuals who are moving closer to their financial goals every day.

Lakisha Simmons, an associate professor of analytics at Belmont University, started her wealth building journey in 2016. She only had $5,000 in savings after her marriage ended. Five years later, her net worth has exceeded $750,000 and she’s on track to become a millionaire next year. Simmons reached her goals by managing her expenses, maxing out her retirement accounts, and investing in brokerage accounts.

More Black people are retiring early and showing others how to build their net worth at any age. Jackie Cummings Koski started investing her money and reached financial independence at age 46. Three years later, she retired with a net worth of $1.3 million while making less than $95,000 a year.

Low savings rates have led to more debt in Black communities, according to McKinsey & Company’s study. That’s why Koski advocates saving a consistent amount every week to achieve financial goals. She shares that saving $50 a week for 40 years could help more people achieve their millionaire goals.

“You’re not going to be saving or investing unless in your mind you believe it will make a difference,” Koski told Market Watch. “It may take a while to really get your head around things like me, but it happens, and when it does, it is very, very powerful.”

The report shows that the median Black family wealth is $24,000 while median White family wealth is around $188,000. According to the report, Black wealth could skyrocket if financial barriers were dismantled.

 

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Top Executives To Reset Agenda For Black Advancement In Corporate America At BE Diversity, Equity & Inclusion Summit June 23

BLACK ENTERPRISE returns with the second edition of its groundbreaking Diversity, Equity & Inclusion Virtual Summit on Wednesday, June 23. The event is presented in partnership with Toyota, American Express, Boeing, Merck and Wells Fargo.

With a strong lineup of top-rank executives and thought leaders on board as panelists and guest speakers, BE’s DEI Summit promises to reset the agenda for Black representation, participation, and advancement in the corporate arena at a critical moment of renewal and reckoning.

“Over the past 18 months we’ve watched Corporate America respond to the emergence of COVID-19, ultra-partisan political division, and the aftermath of the George Floyd tragedy,” says BE President and CEO Earl “Butch” Graves, Jr. “There’s been an unprecedent focus on diversity, equity and inclusion as corporate values and targeted goals. This Summit is about taking those items on mission statements and putting them into practice.”

The first BE DEI event in February 2021 examined corporate commitment to real change and presented actionable steps to resolve systemic inequities in corporate America. Part 2 continues and deepens the conversation across a packed one-day agenda. Scheduled sessions are dedicated to critical questions: How can CEOs create true inclusive and fair corporate cultures? What’s the best approach to retaining Black talent and keeping it on the management track? What is the real impact of the chief diversity officer on company recruitment and greasing the ladder to c-suite? Have past pledges to diversify teams, boards, and workforces begun to bear fruit, and are Black entrepreneurs are gaining a larger slice of the corporate procurement pie?

“The day’s program kicks off with perhaps the most critical question of all,” says Graves. “Will we have the required courageous conversations in corporate America to drive much-needed change. I believe the caliber of talent participating in our Summit will help answer that question.”

Scheduled speakers and panelists include William A. Ampofo II, Supply Chain Vice President for Boeing Global Services; Sonia Cargan, Senior Vice President and Chief Colleague Inclusion & Diversity Officer at American Express;  Carla Harris, Vice Chairman, Managing Director and Senior Client Advisor at Morgan Stanley; Michael Hyter. President & CEO of The Executive Leadership Council; Maurice Jones, CEO of OneTen; John Rice, founder & CEO of Management Leadership for Tomorrow; and Sean Suggs. Group Vice President of Social Innovation at Toyota Motor North America.

Designed for maximum engagement, the one-day event will provide opportunities for virtual attendees to network with peers and pose questions of speakers via live text. One part progress report, one-part strategic plan, one part call to action, BE’s DEI Summit meets the urgency of our times, offering instruction on how Black professionals can navigate structural racism and corporate politics, build beneficial business networks, and gain recognition that advances careers.

Check out this link for more information on the Summit agenda and speakers.

Register TODAY.

 

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Azealia Banks Ethers Candace Owens Over Asinine Juneteenth Commentary

Azealia Banks is known for not mincing words, and after conservative pundit Candace Owens disrespected the legacy of Juneteenth, the New York-born rapper gave the filthiest of reads.

On June 17, Owens parted her ashy fingers to type, “Juneteenth is soooo lame. Democrats really need to stop trying to repackage segregation. I’ll be celebrating July 4th and July 4th only.”

“I’m American.”

On June 18, Banks responded with the wrath of our oppressed ancestors via social media, and it was a drag for the ages.

The “212” singer got straight to the point.

“According to this logic, on July 4, 1776, you would still be enslaved,” Banks wrote in a now-deleted Instagram post. “Most likely on the verge of starvation due to all of America’s food supply having been prioritized for the war, while you hand sew American flags and struggle to wet nurse some depressed 24-year-old white widow’s sickly child until your nipples are chapped and dry.”

She continued her epic flaming of Owens, saying, “Whereafter, you will be whipped by her 80-year-old uncle for your own malnourishment and inability to produce milk, then sent to toil over a wood-burning stove — blistering your hands while [being] forced to make a peasantly meal of biscuits and gravy.”

Not only did Banks annihilate Owens’ inner white woman, but she also added,

“You will be watched closely by her irate, sunburned and whisky-soaked 80-year-old uncle to be sure you do not sneak a single biscuit or fingerful of roux to yourself. After you’ve watched everyone eat, you will be sent to do the cleaning up. Your last task will be brushing the stressed and balding white widow’s hair to prepare for her sleeping bonnet, a deep rest in her comfortable canopy bed. Next, your final descent down the stairs and out the back door where you proudly sleep on a bedbug-infested pile of hay in a 6×4 cabin you share with 4 other slaves. Happy Independence Day @realcandaceowens.”

Twitter users reacted to the righteous read by Banks with awe and hilarity.

Well, that’s that on that. Happy Juneteenth!

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Azealia Banks Ethers Candace Owens Over Asinine Juneteenth Commentary

Azealia Banks is known for not mincing words, and after conservative pundit Candace Owens disrespected the legacy of Juneteenth, the New York-born rapper gave the filthiest of reads.

On June 17, Owens parted her ashy fingers to type, “Juneteenth is soooo lame. Democrats really need to stop trying to repackage segregation. I’ll be celebrating July 4th and July 4th only.”

“I’m American.”

On June 18, Banks responded with the wrath of our oppressed ancestors via social media, and it was a drag for the ages.

The “212” singer got straight to the point.

“According to this logic, on July 4, 1776, you would still be enslaved,” Banks wrote in a now-deleted Instagram post. “Most likely on the verge of starvation due to all of America’s food supply having been prioritized for the war, while you hand sew American flags and struggle to wet nurse some depressed 24-year-old white widow’s sickly child until your nipples are chapped and dry.”

She continued her epic flaming of Owens, saying, “Whereafter, you will be whipped by her 80-year-old uncle for your own malnourishment and inability to produce milk, then sent to toil over a wood-burning stove — blistering your hands while [being] forced to make a peasantly meal of biscuits and gravy.”

Not only did Banks annihilate Owens’ inner white woman, but she also added,

“You will be watched closely by her irate, sunburned and whisky-soaked 80-year-old uncle to be sure you do not sneak a single biscuit or fingerful of roux to yourself. After you’ve watched everyone eat, you will be sent to do the cleaning up. Your last task will be brushing the stressed and balding white widow’s hair to prepare for her sleeping bonnet, a deep rest in her comfortable canopy bed. Next, your final descent down the stairs and out the back door where you proudly sleep on a bedbug-infested pile of hay in a 6×4 cabin you share with 4 other slaves. Happy Independence Day @realcandaceowens.”

Twitter users reacted to the righteous read by Banks with awe and hilarity.

Well, that’s that on that. Happy Juneteenth!

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Azealia Banks Ethers Candace Owens Over Asinine Juneteenth Commentary

Azealia Banks is known for not mincing words, and after conservative pundit Candace Owens disrespected the legacy of Juneteenth, the New York-born rapper gave the filthiest of reads.

On June 17, Owens parted her ashy fingers to type, “Juneteenth is soooo lame. Democrats really need to stop trying to repackage segregation. I’ll be celebrating July 4th and July 4th only.”

“I’m American.”

On June 18, Banks responded with the wrath of our oppressed ancestors via social media, and it was a drag for the ages.

The “212” singer got straight to the point.

“According to this logic, on July 4, 1776, you would still be enslaved,” Banks wrote in a now-deleted Instagram post. “Most likely on the verge of starvation due to all of America’s food supply having been prioritized for the war, while you hand sew American flags and struggle to wet nurse some depressed 24-year-old white widow’s sickly child until your nipples are chapped and dry.”

She continued her epic flaming of Owens, saying, “Whereafter, you will be whipped by her 80-year-old uncle for your own malnourishment and inability to produce milk, then sent to toil over a wood-burning stove — blistering your hands while [being] forced to make a peasantly meal of biscuits and gravy.”

Not only did Banks annihilate Owens’ inner white woman, but she also added,

“You will be watched closely by her irate, sunburned and whisky-soaked 80-year-old uncle to be sure you do not sneak a single biscuit or fingerful of roux to yourself. After you’ve watched everyone eat, you will be sent to do the cleaning up. Your last task will be brushing the stressed and balding white widow’s hair to prepare for her sleeping bonnet, a deep rest in her comfortable canopy bed. Next, your final descent down the stairs and out the back door where you proudly sleep on a bedbug-infested pile of hay in a 6×4 cabin you share with 4 other slaves. Happy Independence Day @realcandaceowens.”

Twitter users reacted to the righteous read by Banks with awe and hilarity.

Well, that’s that on that. Happy Juneteenth!

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5 Courses On How To Boost Your Small Business’s Success On Amazon

Advertising is one of the most effective ways to get your products or services in front of a large audience, and when it comes to reaching millions of potential customers around the world, Amazon is undoubtedly your best bet. Since 89% of shoppers are more likely to buy products from Amazon than other e-commerce sites, your small business is most likely to gain more traffic here.

Sometimes, advertising on Amazon can feel overwhelming for small business owners. If you’re trying to take advantage of all the benefits this e-commerce giant has to offer, then the 2021 Amazon FBA Master Class Bundle will show you everything you need to know.

With 5 courses and 109 lessons in e-commerce marketing, this bundle teaches the basics of setting up a shop, establishing a brand and building your business online, regardless of your experience level. You’ll learn how to keep your Amazon account safe and active, set up sponsored product ads to increase profit and find the best product to make you a successful Amazon seller.

Apart from building your business, these courses will also show you how to earn a living as a freelancer. With the tips and strategies you’ll learn, you’ll be able to generate a second income by finding successful gigs on Fiverr.

The course instructor, Ryan Ford, is a 7-figure Amazon FBA seller, consultant, and online entrepreneur who has created several online courses and teaches businesses and individuals how to make money online.

If this sounds like something you want for your small business, then you can get this bundle at 20% off the sale price for a limited time. With the code WELOVEDAD, you can have all 5 courses just for $15.99 (originally $995), and attract new customers to your brand.

Prices subject to change.

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“Blackest Bus in America” headed Your Way During Freedom Ride Bus Tour for Voting Rights June 19-26

People For the American Way announced that Markus Batchelor, deputy director of our Young Elected Officials Network, will join the Freedom Ride for Voting Rights bus tour as a rider on the tour’s official “Blackest Bus in America” from Jackson, Mississippi, to Washington, D.C., June 19-26. People For the American Way is a partner in the Freedom Ride event led by Black Voters Matter.

Markus will document events on the bus and at the historic stops along the way. Follow his on-the-scene reporting here.

 The Freedom Ride for Voting Rights bus tour will revisit stops made famous by the original Freedom Riders of the 1960s, whose courageous organizing led to passage of the Civil Rights Act of 1964 and the Voting Rights Act of 1965.  This year’s event highlights the urgent need to protect voting rights by passing the For the People Act, John Lewis Voting Rights Act, and legislation to grant statehood to the District of Columbia. It comes as voting rights are under attack in state legislatures across the country.

“I’m thrilled and honored to be joining the Freedom Ride for Voting Rights bus tour,” said Batchelor. “We will be retracing the steps of civil rights champions who fought and died for our right to vote, because today that right is at risk. We’ll be stopping in cities where some of the most legendary events of the early civil rights movement took place, to send a strong message that the sacrifices of those early civil rights fighters can’t be in vain. I’m really grateful to Black Voters Matter for organizing this tour and honored that People For the American Way will be among the official riders.”

“We are facing a voting rights emergency today that is worse than anything we’ve seen since the original freedom rides 60 years ago,” said People for the American Way President Ben Jealous. “It’s imperative that Congress pass the For the People Act, John Lewis Voting Rights Act, and legislation for D.C. statehood. The Freedom Ride for Voting Rights is a great opportunity to educate people about the original struggle for voting rights and to make it clear that we will never accept a new era of Jim Crow in our country.”

Stops on the bus tour will feature rallies with local leaders, appearances by original 1960s Freedom Riders, musical performances, and education on the voting rights landscape in the states.

The itinerary for the tour is as follows:

  • Saturday 6/19 Jackson, MS and Birmingham, AL
  • Sunday 6/20 Nashville, TN
  • Monday 6/21 Atlanta, GA
  • Tuesday 6/22 Columbia, SC
  • Wednesday 6/23 Raleigh, NC
  • Thursday 6/24 Charleston, WV
  • Friday 6/25 Richmond, VA
  • Saturday 6/26 Washington, D.C.

About People For the American Way 
People For the American Way is a progressive advocacy organization founded to fight right-wing extremism and build a democratic society that implements the ideals of freedom, equality, opportunity and justice for all. We encourage civic participation, defend fundamental rights, and fight to dismantle systemic barriers to equitable opportunity. Learn more: http://www.pfaw.org

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T.I., Roland Martin, Sen. Cory Booker, And More Join The Juneteenth Foundation’s Inaugural 2021 Freedom Festival

Today The Juneteenth Foundation kicks off its inaugural 2021 Freedom Festival in honor of the oldest celebration commemorating the effective end of slavery in the United States. The festival is a two-day event celebrating the resilience, culture, and history of Black Americans and will start with virtual panel discussions featuring CEOs and executives from leading brands such as Ashley Stewart, DoorDash, General Motors, and Lyft, who will discuss what their companies have been doing to advance racial equity and to support the Black community within their workforce and societally.

A reception will be held this evening at the Martin Luther King Jr. Memorial in Washington D.C. with a keynote from renowned journalist and media commentator Roland Martin. The night will bring together members of Congress, celebrities, business and community leaders, as well as next generation Black scholars to enjoy a special celebratory program. At the reception, five HBCU students will be awarded with a $10,000 scholarship each to support their academic journeys. The event will also feature live music, food, entertainment, and words from champions for the African American community, including Dr. Wes Bellamy from Our Black Party, Rashaad Lambert of For(bes) The Culture, and Vanessa Griddine from the Congressional Black Caucus, among others.

Tomorrow, June 19th, the festival will continue with the Freedom Virtual Career Day. The day will consist of two components: 1) a career panel focused on the cultural challenges Black professionals face in Corporate America and best practices that can be shared to address them; and 2) breakout sessions with industry leaders and experts who will share additional information, resources, and opportunities tailored to diverse talent. In the evening, the festival will conclude with the Juneteenth Freedom Concert, headlined by rap legend T.I. and rising young rapper Domani with special appearances from BLKBOK, singer-songwriter Shevonne Phillidor, and hip-hop artist Chill Moody. The concert will be aired on ABC and streamed on Veeps.

To learn more and RSVP for any of festival activities, please visit: https://thejuneteenthfoundation.com/freedomfest/.

WHAT

­Inaugural 2021 Juneteenth Freedom Festival

 WHEN & WHERE

Day 1 – June 18

  • Virtual Reflection Panels, 12 pm – 2 pm via Airmeet
  • The Juneteenth Freedom Reception at the Martin Luther King Jr. Memorial (RSVP to get additional details)

Day 2 – June 19

  • Virtual Career Panels, 12 – 2 pm ET via Airmeet
  • Juneteenth Freedom Concert – will air at on ABC and Veeps (RSVP to get additional details)

 WHO

Festival guests and participants include…

  • Leading artists and musicians: T.I., Domani, BLKBOK, Shevonne Phillidor, and Chill Moody
  • Video remarks by influential members of Congress: Senator Amy Klobuchar (D-MN), Senator Cory Booker (D-NJ), Senator Elizabeth Warren (D-MA), Senator Marco Rubio (R-FL), Senator Susan Collins (R-ME), Representative Barbara Lee (D-CA-13), Representative Grace Meng (D-NY-06), Representative Nikema Williams (D-GA-05) and Representative Steven Horsford (D-NV-04)
  • Executives from Ashley Stewart, Lyft, DoorDash, General Motors, Darkness to Light
  • Corporate partners and sponsors: A2 Partners, Ashley Stewart, The Congressional Black Caucus Institute, CURA Strategies, Discord, Door Dash, Eaze, For(bes): The Culture, Forbes, General Motors, HBCU 20×20, Live Nation Entertainment, Lyft, MikeWorldWide (MWW), National Black Chamber of Commerce, The Obama Foundation, Our Black Party, Washington Football Team

About The Juneteenth Foundation

The Juneteenth Foundation is a 501(C)3 organization dedicated to the national recognition of Juneteenth and the celebration of freedom and black culture. The Foundation organizes initiatives and events that call attention to the historical significance of Juneteenth and supports corporate and citizen engagement surrounding healing and advocacy for Black Americans. To learn more, please visit https://thejuneteenthfoundation.com/freedomfest/.

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Marvin Gaye Biopic ‘What’s Going On?’ Picked Up By Warner Bros., Produced by Dr. Dre and Jimmy Iovine

According to Deadline, Warner Bros. has acquired the rights to Marvin Gaye’s biopic “What’s Going On.” The project is being produced by hitmaker Dr. Dre, former Interscope Records honcho Jimmy Iovine , and Andrew Lazar.

The film will be directed by “Menace II Society” director, Allen Hughes, with the script penned by poet-playwright Marcus Gardley. The estate of Marvin Gaye is directly involved and the Motown label is on board so there will be no issues when it comes to the rights of music and material.

“This is so personal for me,” Hughes told Deadline. “When I made my first film with my brother, we were fortunate to get “What’s Going On” into the trailer for Menace 2 Society, and it was a game-changer in elevating the marketing of that film.

“Every film of mine but the period film From Hell had some Marvin Gaye in it, and I’ve just always connected to him. He’s the artist’s artist, with this ethereal voice that just comes out of the heavens. There have been plenty of great artists, and then Marvin, in his own lane. When you listen, in one measure you feel like you’ve read a novel,” he said.

The “Beats By Dre” duo of Dr. Dre, and Iovine have been pretty busy these days. Earlier this week, it was reported that the Los Angeles Unified School District is collaborating with music producer and entrepreneur Iovine and artist, producer, and entrepreneur “Dr. Dre” to launch a new high school in South L.A. focused on developing young leaders, innovators, and entrepreneurs.

As previously reported, the new high school will be similar to USC Jimmy Iovine and Andre Young Academy’s unique educational model. It is nationally recognized for its exceptional student outcomes. The school’s curriculum focuses on multidisciplinary, hands-on learning, with a strong emphasis on real-world projects with top companies and nonprofits.

The film will have the biggest budget for a Black music biopic, which is rumored to be more than $80 million.

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Pfizer Announces Ramcess Jean-Louis as Global Chief Diversity, Equity And Inclusion Officer

Pfizer has recently announced that the company has named Ramcess Jean-Louis, Esq. as Global Chief Diversity, Equity, and Inclusion (DEI) Officer.

Jean-Louis, who is originally from Brooklyn, New York, is the holder of a Juris Doctor degree from New York City’s Columbia University School of Law and a Bachelor of Science degree in Industrial and Labor Relations from Cornell University.

Jean-Louis was recently employed at Verizon Media where he served as Global Chief Diversity, Equity & Inclusion Officer. He goes to the pharmaceutical company with more than 20 years of experience as a change agent who had delivered human capital solutions and also had a passion for helping all employees reach their full potential and fostering a culture of continual learning and inclusion where he worked.

In this new position at Pfizer, he will be solely responsible for developing and leading the execution of the company’s global, enterprise-wide strategies to transform its Diversity, Equity & Inclusion agenda while creating strategies, infrastructure, and programs to make sure that Pfizer continues to enhance the type of culture where every person is seen, heard and cared for.

Before he joined Verizon Media, he had the position of Director of Workforce Diversity and Inclusion at Comcast. In that role, Jean-Louis was responsible for developing and executing strategies that made Comcast more reflective of the communities in which the company served and drove diversity across all levels of the organization. He was tasked with having responsibility for the Employee Resource Groups, the live national Employee Enrichment Series broadcast, national partnerships, outreach programs, military hiring, and diversity councils and champions.

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