{"id":99323,"date":"2020-10-28T10:58:00","date_gmt":"2020-10-28T07:58:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/americas-racial-wealth-gap-hits-home-what-can-be-done-about-it\/"},"modified":"2020-10-28T10:58:00","modified_gmt":"2020-10-28T07:58:00","slug":"americas-racial-wealth-gap-hits-home-what-can-be-done-about-it","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/americas-racial-wealth-gap-hits-home-what-can-be-done-about-it\/","title":{"rendered":"#\n  America\u2019s racial wealth gap hits home\u2014what can be done about it"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3b7267659e3\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3b7267659e3\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/americas-racial-wealth-gap-hits-home-what-can-be-done-about-it\/#Black_people_make_up_13_of_the_US_population_but_only_have_25_of_the_nations_wealth\" >Black people make up 13% of the U.S. population, but only have 2.5% of the nation\u2019s wealth<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/americas-racial-wealth-gap-hits-home-what-can-be-done-about-it\/#Activists_stage_a_protest_to_mark_the_National_Reparations_Day_outside_the_residence_of_US_Senate_Majority_Leader_Sen_Mitch_McConnell_in_July_in_Washington_DC\" >Activists stage a protest to mark the National Reparations Day outside the residence of U.S. Senate Majority Leader Sen. Mitch McConnell in July in Washington, D.C.<\/a><ul class='ez-toc-list-level-6' ><li class='ez-toc-heading-level-6'><ul class='ez-toc-list-level-6' ><li class='ez-toc-heading-level-6'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/americas-racial-wealth-gap-hits-home-what-can-be-done-about-it\/#Examples_of_Americas_racial_wealth_gap\" >Examples of America\u2019s racial wealth gap<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-6'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/americas-racial-wealth-gap-hits-home-what-can-be-done-about-it\/#The_challenges_faced_by_people_of_color\" >The challenges faced by people of color<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-6'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/buradabiliyorum.com\/en\/americas-racial-wealth-gap-hits-home-what-can-be-done-about-it\/#How_the_pandemic_has_hurt\" >How the pandemic has hurt<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-6'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/buradabiliyorum.com\/en\/americas-racial-wealth-gap-hits-home-what-can-be-done-about-it\/#The_paltry_number_of_minority_Certified_Financial_Planners\" >The paltry number of minority Certified Financial Planners<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-6'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/buradabiliyorum.com\/en\/americas-racial-wealth-gap-hits-home-what-can-be-done-about-it\/#Ideas_to_close_the_racial_wealth_gap\" >Ideas to close the racial wealth gap<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/buradabiliyorum.com\/en\/americas-racial-wealth-gap-hits-home-what-can-be-done-about-it\/#By_Rodney_Brooks\" >By\u00a0Rodney Brooks<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong>#<br \/>\n  America\u2019s racial wealth gap hits home\u2014what can be done about it<br \/>\n<\/strong>&#8221;<\/p>\n<h2 class=\"article__subhead\" itemprop=\"alternativeHeadline\"><span class=\"ez-toc-section\" id=\"Black_people_make_up_13_of_the_US_population_but_only_have_25_of_the_nations_wealth\"><\/span>\n  Black people make up 13% of the U.S. population, but only have 2.5% of the nation\u2019s wealth<br \/>\n<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><\/p>\n<div class=\"column column--full article__content\">\n<div id=\"js-article__body\" class=\"article__body article-wrap at16-col16 barrons-article-wrap\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0000044533\">\n<div class=\"barrons-article-ad-wrapper\">\n<div data-track=\"barrons-article-ad-wrap\" class=\"barrons-article-ad sticky_item\">\n<div class=\"barrons-main-article-ad-target sticky_target body_ad\" aria-hidden=\"true\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div data-layout=\"inline\n              \" data-layout-mobile=\"\" class=\"\n        media-object\n        type-InsetMediaIllustration\n          inline\n  article__inset\n        article__inset--type-InsetMediaIllustration\n          article__inset--inline\n  \"><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        renoImageFormat-\n        img-inline\n        article__inset__image\n      \" itemscope itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<div style=\"padding-bottom:66.640625%;\" data-mobile-ratio=\"66.640625%\" data-layout-ratio=\"66.640625%\" data-subtype=\"\" class=\"image-container  responsive-media article__inset__image__image\">\n        <img decoding=\"async\" srcset=\"https:\/\/images.mktw.net\/im-249184?width=140&amp;size=1.5005861664712778 140w,\nhttps:\/\/images.mktw.net\/im-249184?width=540&amp;size=1.5005861664712778 540w,\nhttps:\/\/images.mktw.net\/im-249184?width=620&amp;size=1.5005861664712778 620w,\nhttps:\/\/images.mktw.net\/im-249184?width=700&amp;size=1.5005861664712778 700w,\nhttps:\/\/images.mktw.net\/im-249184?width=860&amp;size=1.5005861664712778 860w,\nhttps:\/\/images.mktw.net\/im-249184?width=1260&amp;size=1.5005861664712778 1260w\" sizes=\"(max-width: 140px) 100px,\n(max-width: 540px) 500px,\n(max-width: 620px) 580px,\n(max-width: 700px) 660px,\n(max-width: 860px) 820px,\n1260px\" src=\"https:\/\/images.mktw.net\/im-249184?width=620&amp;size=1.5005861664712778\" data-enlarge=\"https:\/\/images.mktw.net\/im-249184?width=1260&amp;size=1.5005861664712778\" alt=\"\" title=\"Activists stage a protest to mark the National Reparations Day outside the residence of U.S....\"><\/div><figcaption class=\"wsj-article-caption article__inset__image__caption\" itemprop=\"caption\">\n<h4 class=\"wsj-article-caption-content\"><span class=\"ez-toc-section\" id=\"Activists_stage_a_protest_to_mark_the_National_Reparations_Day_outside_the_residence_of_US_Senate_Majority_Leader_Sen_Mitch_McConnell_in_July_in_Washington_DC\"><\/span>Activists stage a protest to mark the National Reparations Day outside the residence of U.S. Senate Majority Leader Sen. Mitch McConnell in July in Washington, D.C.<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>      <span class=\"wsj-article-credit article__inset__image__caption__credit\" itemprop=\"creator\"><br \/>\n            Getty Images<br \/>\n          <\/span><br \/>\n  <\/figcaption><\/figure>\n<\/div>\n<p>       <em>This article is reprinted by permission from\u00a0<\/em><a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"http:\/\/www.nextavenue.org\/\" class=\"icon none\"><em>NextAvenue.org<\/em><\/a><em>.<\/em><\/p>\n<p> Sam Kearse, a 70-year-old Black retiree in Hartford, Conn., is a former entrepreneur who has been on disability since an accident 15 years ago. He receives about $2,000 a month in disability benefits. He uses it to pay for food, rent, and auto insurance on a 16-year-old car and utilities.<\/p>\n<div class=\"paywall\">\n<p>\u201cI\u2019m struggling,\u201d Kearse said.<\/p>\n<p>Kearse is a prime example of the racial wealth gap in America, which is having a staggering impact on the\u00a0retirement readiness of African-Americans.<\/p>\n<p>Although Black people make up 13% of the U.S. population, they only have 2.5% of the nation\u2019s wealth, said William Darity, professor of public policy at Duke University and co-author of \u201cFrom Here to Equality: Reparations for Black Americans in the Twenty-First Century.\u201d<\/p>\n<p>According to the Brookings Institution, the net worth of a typical white family ($171,000) is roughly 10 times greater than for a Black family ($17,150).<\/p>\n<h6><span class=\"ez-toc-section\" id=\"Examples_of_Americas_racial_wealth_gap\"><\/span><strong>Examples of America\u2019s racial wealth gap<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h6>\n<p>The nation\u2019s racial wealth gap is evident in numerous ways:<\/p>\n<ul class=\"articleList\">\n<li>\n      Home ownership is the chief source of wealth for many Americans, but only 43% of Black people own homes, compared with 72% of white people.<\/p>\n<\/li>\n<li>\n      Just 34% of African-Americans participate in retirement savings plans, while 60% of whites do, according to the Federal Reserve.<\/p>\n<\/li>\n<li>\n      Only 33% of Black households owned stocks in 2019, while nearly 61% of white households did.<\/p>\n<\/li>\n<li>\n      Less than half of people of color who responded to an Allianz Life survey said they own investments and other accounts that can help with retirement security, including life insurance, individual retirement accounts and annuities.<\/p>\n<\/li>\n<\/ul>\n<p>Laurel Williams, a 64-year-old Queens, N.Y. Realtor and real-estate investor, owns her home, but has no pension, no 401(k) and no retirement account of any kind. Her <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Social<\/a> Security will be virtually nothing \u2014 \u201cprobably $500 a month,\u201d Williams said.<\/p>\n<p>She wishes she had done a better job planning for retirement and building her own wealth.<\/p>\n<div id=\"cx-membership-tile\"><\/div>\n<p>\u201cWisdom is something we acquire as we get older,\u201d she said. \u201cIf I had only known about things that transpired, I would have done a lot of things differently.\u201d<\/p>\n<p>Williams accumulated retirement savings while working for 13 years at the FDIC (the federal agency insuring bank deposits), but after quitting, ended up spending the money.<\/p>\n<h6><span class=\"ez-toc-section\" id=\"The_challenges_faced_by_people_of_color\"><\/span><strong>The challenges faced by people of color<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h6>\n<p>\u201cStatistics show the challenges people of color are experiencing when it comes to wealth,\u201d said Rene Nourse, founder of Urban Wealth Management in El Segundo, Calif. and vice-chair of the Association of African-American Financial Advisors. \u201cWe are using all of our money to maintain life. Some of us don\u2019t have extra money to build up worth.\u201d<\/p>\n<p>Cecilia Stanton Adams, Allianz\u2019s chief diversity and inclusion officer, said: \u201cEveryone is struggling to be ready for retirement. But we do see people of color in particular \u2014 there is definitely a gap.\u201d<\/p>\n<p>Nourse says Black women are especially hurt by the wealth inequities.<\/p>\n<p>\u201cMany times, we have to put a profession on hold when we start a family,\u201d she said. \u201cWe\u2019re raising kids and tend to be responsible for taking care of our elders. And because of income inequality, we are not making enough money to focus on our future.\u201d<\/p>\n<h6><span class=\"ez-toc-section\" id=\"How_the_pandemic_has_hurt\"><\/span><strong>How the pandemic has hurt<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h6>\n<p>The pandemic has only made many Black Americans more str<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ed.<\/p>\n<p>An August 2020 survey from the Prosperity Now research and low-income Americans advocacy nonprofit found that\u00a0<a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/prosperitynow.org\/resources\/how-are-most-vulnerable-households-navigating-financial-impact-covid-19\" class=\"icon none\">35% of Black people say their household\u2019s financial situation is now worse due to COVID-19<\/a>.<\/p>\n<p>And the nonprofit Financial Health Network consultancy\u2019s August 2020 U.S. Financial Health Pulse survey showed that\u00a0<a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/finhealthnetwork.org\/research\/u-s-financial-health-pulse-2020-trends-report\/\" class=\"icon none\">only 15% of Black adults were financial healthy vs. 39% of white adults<\/a>.<\/p>\n<p>A significant factor in the retirement readiness of many older Black Americans may be a lack of professional advice and knowledge about personal finances.<\/p>\n<p>\u201cGrowing up, that\u2019s not something we talked about at the kitchen table,\u201d said Dawn Kelly, a former executive at Prudential who now owns the Nourish Spot, a Queens, N.Y. health store and juice bar. \u201cI\u2019m not sure my mother or my father had anybody like that. They had a doctor and a lawyer, but not anyone in financial services.\u201d<\/p>\n<h6><span class=\"ez-toc-section\" id=\"The_paltry_number_of_minority_Certified_Financial_Planners\"><\/span><strong>The paltry number of minority Certified Financial Planners<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h6>\n<p>According to the CFP Board, there were only\u00a01,355 Black Certified Financial Planners in 2019, up 8% from 2018. D.A. Abrams, managing director of the CFP Board\u2019s Center for Financial Planning, said while Black people and Latino people represent about 30% of the U.S. population, they make up only 3.8% of CFPs.<\/p>\n<p>Williams has never sought the advice of a financial planner, something she regrets. \u201cIt would be nice to have some type of savings plan,\u201d she said. \u201cI have insurance policies. I\u2019m worth more dead than I am alive.\u201d And, she added, \u201cWhatever God chooses for me is what he chooses.\u201d<\/p>\n<p>Kelly had a 401(k) from her 16 years at Prudential but spent it down for living expenses and her business\u2019 startup expenses after her unexpected, involuntary separation from the company.<\/p>\n<p>\u201cHonestly, my retirement plan is my business,\u201d said Kelly.<\/p>\n<h6><span class=\"ez-toc-section\" id=\"Ideas_to_close_the_racial_wealth_gap\"><\/span><strong>Ideas to close the racial wealth gap<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h6>\n<p>What could be done to help close America\u2019s racial wealth gap? Experts offer these suggestions:<\/p>\n<p><strong>Financial advisers could encourage Black Americans to invest in the stock market and buy life insurance.<\/strong>\u00a0Many Black Americans, they say, don\u2019t trust the financial system and aren\u2019t willing to risk the assets they have by purchasing stocks, stock mutual funds or exchange-traded funds (ETFs).<\/p>\n<p>Black adults \u201cdeveloped a lack of trust in the system early on, along with us not having financial education in the community,\u201d said Eric Bailey, CEO of Bailey Wealth Advisors in Silver Spring, Md.<\/p>\n<p>Nick Abrams, a Black Certified Financial Planner in Baltimore, advised: \u201cStop buying $25,000 in life insurance, just enough to put you in the ground. Leave some money to your family they can take it and grow it and leave money to following generation. We can\u2019t build wealth with each generation starting from scratch.\u201d<\/p>\n<p><strong>Find ways to grow minority representation of financial planners and boost financial literacy among Black Americans.\u00a0<\/strong>It\u2019s starting to happen. \u201cWe are focusing on increasing the number of African-American financial professionals,\u201d said Nourse, who is vice chair of the Association of African-American Financial Advisors.<\/p>\n<p>But, Nourse adds, \u201cIt\u2019s not just creating assets to manage, but getting people to make better decisions about what kind of employee benefits they should take advantage of.\u201d<\/p>\n<p>Bailey recalls a Black client who was making a six-figure income with an employer who matched up to 11% of her retirement contributions. She was only contributing 2%. \u201cShe didn\u2019t get it,\u201d he said. \u201cShe said never thought about it. She was leaving $27,000 on the table. Assuming it earns 6%, you\u2019re talking about $400,000 that\u2019s not available in retirement age that she could have had.\u201d<\/p>\n<p><strong>Pay reparations to Black Americans for slavery and generations of discriminatory policies against African-Americans.\u00a0<\/strong>Darity estimates the cost of reparations would be $10 to $12 trillion.<\/p>\n<p>\u201cAt least bring the Black share of wealth in proportion with the Black share of the population,\u201d said Darity. The cost would include a $200,000 to $250,000 cash transfer to each eligible participant, probably in the form of trust accounts or endowments, he noted.<\/p>\n<p><strong>See:<\/strong> It\u2019s time for wealth donors to embrace reparations, not more charity<\/p>\n<p>In a recent Prosperity Now survey,\u00a0<a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/prosperitynow.org\/resources\/what-types-economic-policies-do-americans-support-help-close-racial-wealth-gap\" class=\"icon none\">71% of Black respondents <\/a>supported reparations payments; 24% of white respondents did.<\/p>\n<p>A host of municipalities and states, including California and Asheville, N.C., have approved reparation resolutions, though they don\u2019t call for direct payments to African-Americans.<\/p>\n<p>The U.S. House of Representatives is also expected to pass a bill to create a commission to study reparations; it has the endorsement of Democratic presidential candidate Joe Biden, but not President Trump or Senate Republicans.<\/p>\n<p><strong>The federal government could create and provide what are known as Baby Bonds.\u00a0<\/strong>The idea, proposed in a report by Darity and Ohio State University\u2019s Darrick Hamilton and similarly by financial adviser Ric Edelman (chairman and co-founder of Edelman Financial Engines and \u2014 full disclosure \u2014 a Next Avenue sponsor), would be to give every child a savings account at birth. The Darity\/Hamilton plan calls for $1,000; Edelman favors $7,500.<\/p>\n<p><strong>Learn more:<\/strong> Want to solve the retirement crisis? Two words: Baby bonds<\/p>\n<p>An\u00a0<a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.morningstar.com\/lp\/baby-bonds?utm_source=corp_comm&amp;utm_medium=referral\" class=\"icon none\">analysis of the Darity\/Hamilton baby bonds plan<\/a>\u00a0by the Morningstar<br \/>\n        MORN,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209325896\/composite\" class=\"positive\">+0.27%<\/bg-quote><br \/>\n       financial services firm concluded that they\u2019d cut America\u2019s racial wealth gap in half.<\/p>\n<p>\u201cBaby bonds would not be a panacea, but they hold promise for addressing the racial wealth gap,\u201d\u00a0Morningstar\u2019s Aron Szapiro recently <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.morningstar.com\/articles\/1003066\/can-baby-bonds-shrink-the-racial-wealth-gap\" class=\"icon none\">wrote<\/a>. \u201cWe believe policy makers should explore ways to make them a reality.\u201d<\/p>\n<p>Sen. Cory Booker (D-N.J.) has sponsored baby bonds legislation modeled after the Darity\/Hamilton proposal. The U.S. government would put the $1,000 in an interest-bearing account and then contribute up to $2,000 every year until the child turned 18, but lower-income children would receive the largest payments. The money could only be tapped, starting at 18, for things like a down payment on a home, college tuition or other \u201cwealth-building\u201d activities.<\/p>\n<p>According to Booker\u2019s office, by age 18, the poorest children would have about $46,200; children of the wealthiest parents would have roughly $1,700.<\/p>\n<p>In Edelman\u2019s plan, the baby bonds funding would come from corporations, pensions and other investors, and the money would go into something like the U.S. Treasury\u2019s <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/watch-movies-tv-seriess\/\" data-internallinksmanager029f6b8e52c=\"8\" title=\"Watch Movies &amp; TV Series\" target=\"_blank\" rel=\"noopener\">Series<\/a> EE bonds.<\/p>\n<p><strong>Also read:<\/strong> Older Americans are buried in debt \u2014 how can they get out?<\/p>\n<p>The idea of baby bonds idea is favored by 42% of Americans, according to a Prosperity Now survey \u2014 53% of Black people and 37% of white people.<\/p>\n<p><strong>Some African-Americans could change their spending habits.\u00a0<\/strong>Ted Daniels, the Black founder of the Society for Financial Education &amp; Professional Development, says if African-Americans want to close the racial wealth gap, they need to stop spending on personal-use assets that rapidly decrease in value.<\/p>\n<p>\u201cAs long as you stay away from wealth-building components, the wealth gap will never close,\u201d Daniels said.<\/p>\n<p>He urges Black people to work on building wealth through home ownership and by acquiring financial assets, including employer-sponsored retirement plans and homes.<\/p>\n<p><strong>Read next:<\/strong> 5 ways to support Black-owned businesses<\/p>\n<p>\u201cThere is a fork in the road,\u201d Daniels said. \u201cTo the right, you can add to consumer spending. Or, go to the left and start creating wealth for yourself and your community.\u201d<\/p>\n<p><em>Rodney Brooks is a personal finance and retirement writer whose work has appeared in USA Today, The Washington Post and elsewhere.<\/em><\/p>\n<p><em>This article is reprinted by permission from\u00a0<\/em><a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"http:\/\/www.nextavenue.org\/\" class=\"icon none\"><em>NextAvenue.org<\/em><\/a><em>, \u00a9 2020 Twin Cities Public Television, Inc. All rights reserved.<\/em><\/p>\n<p><strong>More from Next Avenue:<\/strong><\/p>\n<ul class=\"articleList\">\n<li>\n      <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.nextavenue.org\/fix-racial-disparities-in-entrepreneurship-over-50\/\" class=\"icon none\">OPINION: How to Fix Racial Disparities in Entrepreneurship Over 50<\/a><\/p>\n<\/li>\n<li>\n      <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.nextavenue.org\/close-americas-wealth-gap\/\" class=\"icon none\">How to Close America\u2019s Wealth Gap<\/a><\/p>\n<\/li>\n<li>\n      <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.nextavenue.org\/americas-hidden-retirement-crisis-racial\/\" class=\"icon none\">America\u2019s Hidden Retirement Crisis is Racial<\/a><\/p>\n<\/li>\n<\/ul>\n<\/div>\n<\/div><\/div>\n<p><\/p>\n<div class=\"byline article__byline\">\n<p>      <span>By<\/span><\/p>\n<div class=\"author  hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\"By\u00a0Rodney Brooks\",\"subhead\":\"The Wall Street Journal\",\"list\":[]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n<h4 itemprop=\"name\"><span class=\"ez-toc-section\" id=\"By_Rodney_Brooks\"><\/span>By\u00a0Rodney Brooks<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/p><\/div>\n<\/div>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener noreferrer\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"http:\/\/www.marketwatch.com\/news\/story.asp?guid=%7B21004575-02D4-D4B5-4572-DADF5A18BDD3%7D&#038;siteid=rss&#038;rss=1\" target=\"_blank\" rel=\"noopener noreferrer\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# America\u2019s racial wealth gap hits home\u2014what can be done about it &#8221; Black people make up 13% of the U.S. population, but only have 2.5% of the nation\u2019s wealth Activists stage a protest to mark the National Reparations Day outside the residence of U.S. Senate Majority Leader Sen. Mitch McConnell in July in Washington,&#8230;<\/p>\n","protected":false},"author":1,"featured_media":99324,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[],"class_list":["post-99323","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/99323","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=99323"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/99323\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/99324"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=99323"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=99323"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=99323"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}