Less Than Zero!
In 2017, the guardian reported that by 2053 the median income of black Americans will be ZERO. Meaning half of black Americans will have less then zero wealth while the other half will have some wealth.
That is terrifying, actually ridiculous- especially since many blacks seem to have “so much more” then in the past. Yet, there is a disproportionate amount of black people below the poverty line, are highly leveraged with debt and don’t have many liquid assets.
How can this happen? We keep hearing about how wonderful the economy is doing and the level of opportunity that is available - apparently economic growth isn’t applying to black folks.
There are numerous reasons for the disparity, but I am more interested in change. At Financial Flipside we try to improve financial literacy through regular talk and we want to be part of the solution.
Let us know what your ideas are for evoking change and how you think we can help - let’s not allow the median income eventually become LESS Than Zero.
For futher insight check out Episode 2 of the Financial Flipside podcast “What We Talk About When We Talk About Wealth”