The racial wealth gap and the racial income gap are two distinct, yet deeply related issues. When discussing economic disparity, it can be easy to lump them together or discuss them as if they’re interchangeable, so this is an attempt at explaining from a financial advisor’s perspective, why the distinction between these macro issues matters so much on a family and individual level. Namely, because it impacts how we should approach resolving these issues and the importance of fighting the battle on both fronts. As we discuss the two, it may help to contextualize why even high-income-earning Black Families tend…
3 Basic understandings to Begin Intergenerational Wealth Planning in Black Families
As collective public awareness of the disparities in wealth between White and Black households grows, along with the various causes from a historical and contemporary perspective, the scope and magnitude of the issue can take on a mythological and possibly even insurmountable scale. Black families have a median and mean wealth of less than 15% of White families. Just 17% of Black families own their homes, compared to 46% of White families. These are just two of the staggering and long-persisting numbers shared in the most recent Federal Reserve survey of consumer finances.
As a Financial Advisor, working directly with…
Adam Tolliver
Passionate Financial Advisor focusing on the Racial Wealth Gap, Small Business and Non-profit Advocate, Community Volunteer, and Die Hard FSU Seminole.
