The accumulation of wealth within the black community is a contentious issue. Systematic inequality has created the black-white wealth gap. Wealth is the measure of an individual’s or family’s financial net worth and provides all sorts of opportunities for families.
Wealth provides security that creates a safety net regardless of the economic situation. It allows parents to pay for or help pay for their children’s education and enables workers to build economic sustainability in retirement. Importantly, it is the most complete measure of a family’s future economic well-being.
Unfortunately, wealth is not equally distributed by race and black people continue to lag behind. There are so many reasons for this; employment discrimination, poor access to capital, prejudice, amongst the many. In this podcast, I speak to Chantel Nyame Bankole, author of the book Generational Wealth: A guide for parents to build wealth for their children. Chantel is passionate about helping parents to not only build wealth but to instil financial literacy in their children.
She incorporates her own experience and journey to building wealth to give her readers a relatable perspective. As well as her book, Chantel has also produced easy to understand flash cards and workbooks.
She has received rave reviews and I had the pleasure of talking to her about why she wrote this book, the importance of financial education in the black community and what else she has in store.
Such a needed topic and I hope you enjoy!