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Why In A World Of Systemic Racism Financial Literacy Requires A HIGHGER Woke Level Of Consciousness To Be Truly Empowering
By Kamau Austin, Publisher Scoop Publications
In June, 2022 a compelling meme circulated on Facebook alluding to the 400-year head start whites have over Blacks in the US economic system. It was ironic in that it was being shared in a Black group on a social media platform with a leaning towards conservative "pull yourself up by your own bootstraps" types. You know the types - they regurgitate the usual ole tropes about Blacks.
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This Meme On Social Media ignited negative tropes about Black people. |
For instance the following are some stereotypical tropes perpetuated by Black conservatives or financial coaches about the lack of Black financial success:- Blacks can't achieve financial literacy because we're trying to achieve acceptance with consumerism.
- Blacks don't achieve wealth because we don't understand investments and buy real estate.
- Blacks aren't knowledgeable or disciplined in terms of credit.
These tropes, while having some truthful claims about some Blacks, puts the onus of the present inequality in wealth concentration between whites and Blacks squarely on clueless or undisciplined African Americans. These stereotypes side step the fact Blacks, in the past and presently, are fighting systemic economic racism, marginalized business ownership, and industry isolation.
It should be obvious individuals can't beat systems by themselves so financial literacy should evolve beyond just having insights on getting a mortgage, Debt to Income (DTI) ratios, and investing in stocks and bonds. Financial literacy for Blacks should also extend to new technical tools, political, social, and economic advocacy to gain more economic empowerment and collective wealth creation. Let's review a small synopsis of systemic racism in the past and in more present times that contributes to the lack of Black wealth. Let's touch on some solutions beyond the typical ones floated to develop more Black wealth...