The power in Black women’s wealth

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The power in Black women’s wealth
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OPINION: “Black women strive for more choices and to create better opportunities for their children so they can live their dreams, pursue their passions and excel in their intentional decisions.”

When mainstream media shares research about Black people and money — especially Black women — the information tends to be negative or fixated on the income and wealth gaps. The research explains the continued work necessary to improve wealth equity in the U.S., but that progress cannot happen without reckoning with the four centuries of systemic and institutional racism that is the foundation of racial wealth disparity.

“Historically, institutional racism has had devastating effects on the descendants of the African diaspora. The vestiges of the systems of oppression, as well as its impact, [are] still visible and intact today,” says Dr. Virletta Bryant, a licensed clinical social worker and founder of The Art of Healing Center in Washington, D.C.

It looks like Black sororities and religious organizations creating scholarships for Black children to get a college education, allowing for greater professional opportunities and higher incomes. Teaching our children money lessons and guiding them to foster networks they can build upon as they design their futures. Black women using their political prowess to forge change in laws to create equity and economic resources for Black communities.

In my financial planning practice, I see dynamic, determined and inspirational Black women striving to make life better for themselves and their families. They meet with me to discuss and plan how they can leave wealth legacies that extend beyond money to build on their familial, professional and personal relationships.

In March, for example, as we witnessed the historic Supreme Court confirmation hearings for Justice Ketanji Brown Jackson, Black women in my circle expressed their frustration in watching her expertise questioned by less-accomplished white men who wanted to diminish and degrade her on live TV for the world to witness. However, like the Energizer Bunny, we continue to forge ahead in the fight for justice — hoping for an America that wholly embraces the richness in its diversity.

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