As we close out another Black History Month I can’t help but to reflect on the state of black wealth in America. Sure this country is built on a legacy of discrimination that has given way to the current wealth gap between whites and blacks and it will take intentional policy changes to bridge the gap. But I wonder. Are there any actions we can take now individually and collectively to build black wealth?

Our income is our greatest source to build wealth. However, if the majority of our income is paying recurring bills and paying down debt, then we have very little, if any, funds left to build wealth and protect our homes. For many, this is our greatest asset. I believe if we can set our incomes free and protect our homes, we will begin to see a change individually and collectively. The biggest culprit that is keeping our incomes enslaved and jeopardizing our homes is our debt. It is gobbling up our incomes and snatching our homes from under us at alarming rates.

It is about time that we reject the normalcy of debt, living at or beyond our means and defining our self-worth by sporting symbols of wealth that have no appreciation value beyond keeping us bound. Yes, we should keep fighting for systematic changes to close the wealth gap and equipping future generations with tools for better chances but simultaneously we must kill the debt monster! 

So this year let’s do something radically different with our $1.3 trillion buying power like getting out of debt and building black wealth. Ultimately, we have the power to control our spending, redefine our self-worth, reduce and eliminate debt, take steps to build wealth and put plans in place to protect our assets. This means we should create a budget, build an emergency fund and engage in estate planning. There are many credible resources to start you on the road to eliminating debt and building wealth. Little by little we can change our narrative and the state of black wealth. No governmental action required.