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Black Americans are losing out on a $68 trillion wealth transfer. But what can fix the problem? Planning ahead. “According to an analysis of high net worth and ultra-high net worth markets by consulting group Cerulli Associates, by 2047, trillions will have been passed down to future generations, and due to a lag in estate planning in Black America, Blacks might not actively transfer wealth to their descendants,” reads a new report in the Atlanta Black Star. Put simply, white Americans remain wealthier than other ethnic groups because they keep the money in the family. The Brookings Institute reports that on average, the typical net worth of a white family was $171,000 in 2016, which is nearly ten times the value of the typical net worth of a Black family (which only held a little over $17,000 in assets in 2016). And while the numbers haven’t jumped significantly in the past few years, Black Americans are missing out on whatever wealth they may be entitled to because of the lack of...
Goalsetter is making sure the next generation of Black and Latinx Americans is free from the financial burdens that have held us back for so long! As previously reported by AfroTech, Vista Equity Partners’ Robert F. Smith and Goalsetter’s Tanya Van Court announced the “One Stock. One Future.” initiative in October 2021. The initiative served as a call to action for both organizations and corporations to build up young people of color and set them on a path to financial freedom. It kicked off after Smith gifted five shares of stock — equivalent to about 15,000 total shares — to nearly 3,000 students, educators and staff members at the Eagle Academies for Young Men, a network of public, all-boys schools serving young men of color in New York City and Newark, NJ, according to a press release. As this called for a celebration, those Black students, the Black Billionaire, Black tech entrepreneur, Black educator and young Black men from the Morehouse Class of 2019 all graced the NYSE...