Are Black Millennials On Track To Create Generational Wealth?

Millennials are set to become the largest generation and portion of the workforce in the U.S. though they continue to lag behind Baby Boomers when it comes to creating generational wealth. People 57 to 75 years old, control 53% of the country’s total wealth, and have a far larger share of the country’s wealth than millennials when they were the same age, 21% compared to the millennials’ 4.6%. Building generational wealth, financial assets passed down from one generation to another, is an uphill battle for millennials, particularly Black millennials whose financial legacy is imperative in closing the racial wealth gap.

Black Consumerism: Banking On The $1.7 Trillion In Spending Power

Many say that the Black consumer’s spending power is impressive, but it’s futile if it doesn’t create economic power, racial equity, political control and systemic change. Black Consumer’s economic power is set to expand from $910 billion in consumer spending in 2019 to a projected $1.7 trillion by 2030. This makes our spending power equal to the projected GDP of Mexico in 2030, representing the top 30 markets of $250 billion or over 25 percent of Black consumption. Although we are empowered, it seems as though our power serves others and keeps us stuck in a disadvantaged consumerism cycle, and top Black consumers shouldn’t wait for change, they can demand it.

Americans Rise Up To Support Black-Owned Businesses

By Earlene Greene 75% of 400 Black-owned businesses saw an uptick in Sales Yelp searches for Black-owned businesses increased by 3,085% Following the death of George Floyd Americans have renewed their interest in supporting the economic advancement of African Americans, and amid online support, Black-owned businesses saw huge spikes. Some 75% of 400 Black-owned small

Stimulus Round 2: Black Businesses Are Behind The 8 Ball of COVID-19 Relief

By Earlene Greene The 2nd Paycheck Protection Program (PPP) set aside $60B for small and medium-sized financial institutions. Bigger banks only approve 29% loans requested by Black business owners The coronavirus has had a disproportionate health impact on communities of color and the economic toll has been severe for Black business owners having been excluded

On The Come Up: Momentum Is Rising For Black-Owned Businesses

By Earlene Greene PayPal, Pepsi and Facebook have committed $530M, $400M and $100M to Black-owned businesses 81% of Venture Capital funds have no Black investors Black business owners are suddenly finding themselves receiving more attention, the kind of interest from companies most of them have only dreamed of. Companies including PayPal (PYPL -1.09%), Pepsi (PEP