By Dr. Anthony Kellum
The spending power of the Black dollar stands at a staggering $1.7 trillion, reflecting immense potential for community growth and economic empowerment. This financial strength, however, is underutilized, prompting a crucial need for increased and unconditional support within the African American community. In other words, black people must support each other. The underrepresentation of support for Black-owned businesses becomes a hindrance to community growth. It is time to recognize the power that lies within our community’s economic choices and address the cancerous mentality that hampers our progress. Supporting Black businesses is neither racist nor revolutionary. It should be viewed as a commonplace and essential practice, straightforward and proven over time. However, it is often overlooked, downplayed, or portrayed as radical. By simply embracing, and prioritizing buying from Black-owned establishments can bring collective benefits to everyone.
The Economic Disparities:
Black households face economic disparities, earning nearly seven times less than their white counterparts. To bridge this gap and uplift the community, it is essential to recognize the transformative potential of supporting Black-owned businesses. By fostering entrepreneurial ventures, we create a path for black individuals to improve their economic and social standing, rather than disparaging the buy black “movement”, it should be seen as an activist form of capitalism.
Spending Power:
In 2021, the spending power of Black Americans reached a record $1.6 trillion, representing 9% of the nation’s total buying power. This immense financial resource, when redirected to Black-owned businesses, has the potential to elevate entire communities. Real estate, a significant component of wealth-building, plays a crucial role in this process. Investing in Black-owned properties not only supports individual entrepreneurs but also contributes to closing the racial wealth gap over time.
Empowering Black-Owned Businesses:
Supporting Black-owned businesses is a strategic move toward achieving equality. According to a survey, 58% of Black adults believe that “buying Black” is an extremely or very effective strategy for advancing Black people. Choosing to spend within our community is a powerful statement that goes beyond economics; it signifies support for black pride, unity, and self-determination.
The Role of Black Entrepreneurship:
Black entrepreneurship emerges as a tool for survival in a world where systemic challenges persist. By overcoming odds and supporting Black-owned businesses, we pave the way for a thriving future. This paradigm shift, although intimidating to those benefiting from the status quo, promises positive change for both the business community and families.
Building a New Generation:
Supporting Black-owned businesses contributes to the cultivation of a new generation. Through this initiative, young black children can grow up in communities with successful entrepreneurs as role models, fostering an environment where everyone has a fair chance at success. It is a collective effort to break free from detrimental narratives and build a legacy of prosperity and empowerment.
In Summary:
The power of the Black dollar extends beyond mere transactions; it holds the key to community growth, economic empowerment, and the eradication of systemic disparities. Redirecting this immense financial resource towards Black-owned businesses, especially in real estate, serves as a catalyst for change. By supporting each other, we dismantle the cancerous mentality that impedes progress and lay the foundation for a future where everyone can thrive. The economic influence of a $1.7 trillion spending capacity equals the combined gross domestic product of Mexico, Canada, and Italy. It is now imperative for the Black community to initiate a transformative change in our financial habits, emphasizing the crucial significance of investing in ourselves. Prioritizing self-investment involves directing our spending towards initiatives that directly contribute to the prosperity of Black households, fostering the transfer of wealth to future generations. Recognizing sustainable homeownership as the primary means of wealth creation for the majority of Americans further underscores the importance of this financial strategy.
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