BLACK MILLENNIAL MOVES FINANCES
CALL TO ACTION
Leave a review on a Black Owned Business’(BOB) website or social media page. Go the extra mile and share your review on your timeline.
THE WHY?
During these times we are seeing a rise in support of BOB’s. People are being extra aware of where their dollars are being spent. By sharing your experience with a BOB, you may give an undecided buyer the push they need to support. You will also bring more awareness to their site and social media pages. Leaving a review can help a business change something for the better as well.
Not aware of any local BOB’s here’s a list of directories to help. This list consists of restaurants, clothing brands, apps to use to find businesses, household items, etc.
RESOURCES
CALL TO ACTION
SPEND $50+ with a BOB & Post on your social media tagging the business
THE WHY?
According to newsone.com African American spending Buying Power totals $1 trillion per year.
Blndedmedia.com states that 2.5+ million US Black owned businesses only generate $150 billion in revenue.
In 2017, the top 100 black owned firms identified by Black Enterprise collectively grossed $27 billion and employed 79,000 workers.
WalMart the top firm by revenue in the US, grossed more than 20x in revenue and employed more workers than the entire top 100 black owned firms.
RESOURCES
CALL TO ACTION
Open up an account with a Black Owned Bank or Credit Union
THE WHY?
53% of blacks are either unbanked or underbanked according to USATODAY.COM. Black Owned Banks and Credit Unions are typically located in neighborhoods that big name banks don’t serve.
Banking black helps close the gap when it comes to black people having access to loans and other important financial services.
Without that access, most black people will find themselves taking out predatory loans or at check cashing institutions.
RESOURCES
https://blackoutcoalition.org/black-u-s-banks/
CALL TO ACTION
Book a 30-minute consultation with FinLit, LLC on finlitllc.com (PRICE: $30)
THE WHY?
African-Americans account for 13% of the U.S. population but represent more than one-third of the U.S spending (at about $1.2 trillion per year).
The financial well-being of African-Americans lags the U.S. population as a whole & the White population.
40% of the Black population rely on family members for financial education.
A third of the Black population has less than a month’s worth of funds saved for a crisis, and only 25% of the Black population have more than 6 months worth of emergency savings.
African-Americans answered only 38% of the Personal Financial Index correctly in 2019.
Only 5% of African-Americans answered over 75% of the Personal Financial Index correctly in 2019..
Borrowing is the highest area of knowledge that African-Americans have, while investing and saving are among the lowest.
Only 37% of African-Americans have wealth-building products (e.g. stocks and bonds).
RESOURCES
https://www.blackenterprise.com/tiaa-african-americans-financial-literacy-gap/
https://www.blackenterprise.com/african-american-economics/
https://www.tiaainstitute.org/about/news/financial-literacy-and-wellness-among-african-americans
.CALL TO ACTION
Create a money pool with a group of friends and invest in a BOB.
An example would be texting 5 friends and asking each to pool together $20/a piece to donate to a BOB.
(No specific $ amount required)
THE WHY?
Black Owned Businesses typically face more hurdles than any other ethnic group when it comes to securing funding for their businesses. Their loan applications are often denied more than any other other ethnic group. According to LATIMES.com, in 2018, 38% of BOBs didn’t receive any of the financing they applied for compared to 20% of white owned businesses.
RESOURCES
(Resources can be articles or any information that you think would be helpful for them to easily access to reinforce the importance of the CTA)
https://www.latimes.com/business/story/2020-06-20/black-owned-business-loans-banks
CALL TO ACTION
Download a Black Owned Financial App
THE WHY?
African Americans make a huge financial impact with their economic contribution in the US but there’s still a big financial literacy disparity between African Americans and whites. Phys.org recorded that African Americans answered 38% of the P-fin Index questions (test that measures 8 key areas of personal finance knowledge) compared to 55% of white adults.
People with higher financial literacy tend to save for retirement, have non retirement savings and are better in managing their debt.
RESOURCES
Credit Stacker
Bill Organizer
Insta Funds
Capway
CALL TO ACTION
Download & Complete SHOP20something.com Budget Workbook CH 1& 2
Use code DIGITAL to download for FREE
THE WHY?
Creating a budget is key to ensuring that you are preparing for financial success. Budgets are key to assisting you with setting and achieving financial goals, preparing and saving for emergencies, holding yourself accountable for your spending decisions and being aware of your financial picture.