Martin Luther King Jr. once said “Life’s most persistent and urgent question is, ‘What are you doing for others?’” Whether you’re a person of color or not, there are things we can all do to lift up and support those who need it more than others. First, it’s important to understand the severity of racial inequality and its financial impact. According to an Inequality.org report, “Black and Latinx families are twice as likely to have zero or negative wealth—meaning their debt is higher than the value of their assets—compared to white families.” According to McKinsey & Company, on average, big banks approve around 60% of loans applied for by white small-business owners, 50% by Latinx small-business owners, and 29% by Black small-business owners. Whether it’s the working class or business owners, people of color stand at a disadvantage. Here’s how you can make more inclusive financial decisions to help make a difference to those who need it most: Financially support BIPOC-owned businesses. Follow financial influencers who are people of color. Pay attention to what they say, share their information and refer to friends. Donate to organizations that work to improve racial inequality (Color of Change, Ms. Foundation for Women, Unsilence). Before you spend, ask if you can purchase from a small BIPOC-owned business. Give gifts that come from BIPOC businesses. Read or listen to biographies about people of color. Don’t be afraid to ask how you can help or support.
Here’s a glance at this episode:
- [01:20] Why I identify as a person of color and how I vow to keep the hard conversations going, so true change can take place. My door is always open.
- [02:00] Racism is alive. Statistics to help everyone understand the racial inequality that exists in our society today.
- [03:50] I share a handful of ways that people of color and non-people of color can make more inclusive financial decisions to help drive equality.
- [07:34] Organizations I’ve found that help drive change. These organizations are near and dear to my heart and a great place to start when finding organizations to donate to.