System Catalysts’ Post

Did you know that out of approximately 4,500 banks in the U.S., only 18 are Black-owned? It's a stark reality that highlights the endangered status of Black banks. To tackle issues effectively, proximity is key. Black-owned banks uniquely understand and address the needs of Black-owned businesses and families. The closure of Black banks not only limits opportunities for people of color but also widens the racial wealth gap. However, positive change is on the horizon with the National Black Bank Foundation. Co-founders Brandon Comer and Ashley D. Bell are dedicated to revitalizing a network that supports and expands Black banks, bolstering communities of color. Their initiative includes partnerships with influential entities like the Atlanta Hawks and Major League Soccer. Building a more equitable financial system requires a powerful coalition. In this week’s episode of System Catalysts, explore how they’re teaming up to score impactful systems change. 🎧 https://lnkd.in/eXYy8cbu

Did You Know? Black Generational Wealth. It's not just history; it's about shaping our future! 📚 The Foundation of Black Generational Wealth: Did you know that Black generational wealth began in the face of immense adversity? Despite the challenges of systemic barriers, African Americans have made significant strides in building economic power. 💼 Business Ownership: A key driver of Black generational wealth has been entrepreneurship. From small family-run businesses to large enterprises, WE have been a cornerstone of community strength and wealth building. 🏡 Homeownership and Real Estate: Real estate has historically been a major component of wealth in the Black community. Owning property not only provides a home but also a valuable asset that appreciates over time and can be passed down through generations. 📈 Investing and Financial Literacy: The rise in financial literacy and investment within the Black community is a game-changer. By understanding and participating in the stock market, bonds, and other investment vehicles, Black families are securing and growing their wealth for future generations. 🤝 Community Support and Networking: One of the most powerful aspects of Black generational wealth is the strong sense of community. Supporting black-owned businesses and networking within the community helps circulate wealth and resources, strengthening economic foundations. 💬 Let's discuss! Do you have stories or insights about building Black generational wealth? Share them in the comments to inspire and educate our community. #BlackGenerationalWealth #EconomicEmpowerment #BuildingOurFuture #FinancialLiteracy #CommunityStrength

Thanks to the team at System Catalysts for providing a platform to discuss the importance of black banks and the significance of banking your values. I enjoyed this powerful conversation. 🎧 https://lnkd.in/eXYy8cbu #NBBF #blackbanksmatter #bankyourvalues

Thriving Black-owned banks create more opportunities for people of color, opening doors to break the cycle of financial exclusion. This exclusion has historically kept Black families from passing down generational wealth, averaging 200 times less than white families. To uproot and rebuild broken systems—especially ones deeply rooted in institutionalized racism—you have to find partners that will require the least work and have the biggest impact, both financially and culturally. In this episode, we learn from Brandon Comer and Ashley D. Bell how the National Black Bank Foundation forged strategic and effective relationships so powerful they will leave a lasting impact on Black families for generations to come. 🎧: https://lnkd.in/e3DtFEpe 👋 Guests: The Aspen Institute Fellows Brandon Comer, Managing Partner of Comer Capital Group LLC, and Ashley Bell, CEO of Redemption Holding Company

🌟 Building Black Wealth: Leaving a Legacy for Future Generations 🌟 In a world where financial security is a cornerstone of prosperity, Black wealth takes on a profound significance. It’s not just about accumulating riches; it’s about empowering ourselves, our families, and the generations yet to come. For many in the Black community, wealth isn’t just measured in dollars and cents. It’s about having options, choices, and the ability to shape our destinies. It’s about breaking the cycles of financial insecurity that have persisted for far too long. But Black wealth is about more than just personal success; it’s about creating a legacy. It’s the aspiration to leave behind something tangible, something that our great-grandchildren will remember us by. It’s about planting seeds today so that the harvest can benefit not just us but our entire family tree. Imagine a future where your name isn’t just a memory but a beacon of inspiration. It’s about passing down knowledge, resources, and opportunities that will empower your descendants to reach for the stars. It’s about ensuring that they have a solid foundation to build upon, a foundation that you helped lay. Black wealth is a journey, one that requires education, smart financial choices, and, most importantly, the determination to break through barriers. It’s about leveraging the past struggles as a source of strength and resilience. So, let’s redefine Black wealth as a commitment to not only achieving financial success but also to uplift our entire community. Let’s make choices today that will echo through the generations, leaving a legacy that ensures our great-grandchildren remember our names with pride, knowing that we left them something to build on. 🌟 Black Economic Council of Massachusetts, Inc. #LegacyBuilding #BlackWealth #futuregenerations #BostonRealEstate #FinancialLiteracy #HomeOwnershipEducation #BostonHomeBuyer #MAPropertyInvesting #BostonRealty #WealthBuildingBoston #BostonFinancialFitness #InvestInBoston #EmpowerThroughProperty #TaylaMadeRealEstateEasy #BostonBuyer #BostonRealEstate #BostonHomeBuyer #InvestInBoston #FinancialLiteracy #WealthBuildingBoston #BostonFinancialFitness

As we celebrate #BlackBusinessMonth, we must do more to invest in Black entrepreneurship, which is crucial to closing the Black-white wealth gap and increasing economic equity. Black businesses with more than one employee make up only 2% of the businesses in the United States. Black entrepreneurs disproportionately lack access to financial capital, credit, and business networks, resulting in dramatic racial gaps in successful entrepreneurship. JFF’s Center for Racial Economic Equity offers actions and policies for financial institutions, investors, and educators to invest in Black entrepreneurs, help close the racial wealth gap, and increase economic mobility for all. https://lnkd.in/efn9Uymp

Last year, our work at Atlanta Wealth Building Initiative started to reimagine the possibilities of building Black Wealth and stretching ourselves beyond the borders of closing a racial wealth divide. This was a very deliberate approach, grounded in data, framed by experiences. The reality is wealth begets wealth, so the wealth divide will widen without a targeted approach. The Federal Reserve Bank of St. Louis recently released Wealth Inequality data and the findings are quite clear, while Black wealth grew by 66% since 2019, the Black-White Median Wealth Gap has soared to $242,000, accounting for the largest dollar gaps since the data set began. Wealth is not stagnant. We need targeted and substantial investments to bolster Black wealth. We also fundamentally need to interrogate our North Star. We do not want to replicate harm. We know that centuries of systemic racism, oppression and extraction created this divide. It’s time to reimagine bold investments that allow more Black people to produce, own, and thrive in our economies and democracies.