“To be a poor man is hard, but to be a poor race in a land of dollars is the very bottom of hardships.”
—W.E.B. Du Bois

The racial wealth gap is a persistent legacy of inequality but addressing it doesn’t require waiting for sweeping policies or major financial windfalls. Everyone, no matter their income, can take small, actionable steps to build wealth and strengthen their financial foundation.

Let’s explore the current challenges and practical, accessible solutions for creating financial change today.

The Wealth Gap Today

The racial wealth gap remains staggering: in 2019, the average wealth of White Americans was $338,093, compared to $60,126 for Black Americans. Compounding this is the fact that money circulates within Black communities for just six hours—compared to 28 days in Asian communities, 19 days in Jewish communities, and 17 days in White communities.

But what can be done to change this dynamic? While systemic reforms are crucial, individuals and families can take steps right now to foster financial growth, regardless of income.

1. Shop Intentionally

Action: Make a conscious effort to support culturally-owned businesses and services.

• When you keep money circulating within the community, you’re investing in jobs, education, and local infrastructure.
• Use directories like We Buy Black or Official Black Wall Street to find businesses in your area or online.

2. Practice Consistent Saving

Action: Save a little, no matter how small the amount.

• Open a high-yield savings account, even if you’re starting with $5 or $10 at a time.
• Set up automatic transfers to make saving a habit. Over time, these small amounts add up to create an emergency fund or investment opportunity.

3. Embrace Financial Literacy

Action: Educate yourself about money management and wealth-building strategies.

• Take advantage of free resources like podcasts (Earn Your Leisure), YouTube channels, or community workshops.
• Learn about low-risk investment tools like Indexed Universal Life (IUL) policies or indexed annuities, which can build wealth over time while offering protection.

4. Build Credit Smartly

Action: Start small to establish or improve your credit score.

• Use a secured credit card to build credit responsibly.
• Pay bills on time and keep credit usage below 30% of your limit.

5. Invest in Yourself

Action: Increase your earning potential through education or skill-building.

• Seek out free or low-cost certifications in growing industries, such as tech or healthcare.
• Platforms like Coursera, edX, and Google Career Certificates offer valuable programs that can lead to higher-paying opportunities.

6. Share Knowledge and Collaborate

Action: Join or create community groups to share financial tips and resources.

• Community savings groups or investment clubs allow people to pool money for collective growth.
• Mentorship and group discussions can empower others to make smarter financial decisions.

7. Plan for Generational Wealth

Action: Start small steps toward building wealth for future generations.

• Look into life insurance policies that include a cash value component, like Indexed Universal Life (IUL). These policies not only provide protection but also grow wealth over time.
• Create a simple will to ensure your assets, however small, are passed on as you intend.

Why These Steps Matter

While the racial wealth gap is rooted in systemic challenges, these practical actions empower individuals to take control of their financial futures. Small changes—saving consistently, building credit, and supporting local businesses—create ripples that lead to long-term impact.

Remember, wealth isn’t just about money; it’s about opportunity, access, and the freedom to dream beyond daily survival. By taking intentional steps today, we can collectively rewrite the narrative of the dollar’s lifespan in cultural communities.