While Covid-19 brought with it one of the scariest financial crises since the 2008 recession, it did allow the opportunity for some key discussions on the issue of African American (Black) wealth and the lack of it within the African American community. The topic has exposed many areas that have corroded much of the equity within the American economy that on the face of it broadcasts that anyone willing to work hard enough can make a better life for themselves. Historically that has been the message many hard-working immigrants from varying countries abroad have brought with them. Yet, while some did find success in varying degrees One of the oldest American communities, brought to this country as slaves, freed but denied education on par with their peers and struggling to scratch together some small form of generational wealth still struggles despite the overall economic growth of this country.
So for May’s book of the month, we are going to dive into a book, we at Writing Elite feel should be on the shelves of every African American family wanting to boost financial literacy in their home.
In “Black Economics: Solutions for Economic and Community Empowerment”, Dr. Jawanza Kunjufu lays out the historical economic landscape African Americans have had to navigate since our people’s first appearance in the ‘New World’ as chattel slaves. It’s an ongoing conversation in our home as well. Not only important for Sophia and me but our children as well. We feel that in order to use our money wisely it should be a combination of saving and investing.
The following video really captured the heart of why this conversation on our perspective of money and its role in our lives.
The book (while dated) presents the topic of the lack of generational wealth and remedies to grow it in black families and communities in the US. It also lays out general advice on self-employment and business ownership. If you’ve kept up with the current trends happening in the US economy this past year, then you also see opportunities that black and POC communities have that we haven’t had before. This book is a must-read for 2021! My wife and I currently have it on our reading lists and plan to do more content from it soon. If you would like to get updates on those then use the form below!