I read Antonio Moore’s article Black Wealth Hardly Exists, Even When You Include NBA, NFL And Rap Stars and found it to be spot-on in its analysis of the current situation of the average Black family and their lack of wealth the dearth of Black home ownership and a true path forward. One of the first things that struck me in his article was the fact the so many Black celebrities fame and wealth are talked about in the news and on social media, but only upon in-depth research are you able to find the reality of Black social and economic daily life. I think about the Black people that I know are on the front line of this battle for economic empowerment and the pursuit of the American dream of home ownership.
As I read the data that is out there about the poor and declining state of Black American and the inner-cities. As I live in one of those neighborhoods on a daily basis that lacks access to fresh healthy food options, pharmacy’s, and desirable retail option. Home ownership is dismally low, crime is high and educational attainment is relatively low. These dark and gloomy social realities at their root stem from poverty, which is a of wealth. I have written in the past about how redlining and other discriminatory local, state, and federal government policies have retarded the development of Black wealth and how it will take decades to right these social and economic wrongs. But we have to live today and take care of our families. So we need to build strategies in flight to turn this tide on the bleak realities of Black wealth in 2018.
Black Impact Investing
I think of another writer that is deeply engaged in the fight for the growth and development of Black wealth and that is Dr. Michael Isimbabi author of the seminal book Pooling Our Resources to Foster Black Progress: An Entrepreneurship and Impact Investing Framework that outlines things we, as a community can do to pool our immense financial resources to organically build our communities and inter-generational Black wealth through entrepreneurship and impact investing. One of the areas of overlap I find between Mr. Moore and Dr. Isimbabi is the desire to tap the high net worth celebrities to have them pool their wealth in the form of impact investment funds that would provide professional management, diversity, and focused investment objective on Black business creation and real estate investment.
Buy The Block
Lynn P. the Black female serial entrepreneur that raised over $110,000 to build out the first Black owned real estate crowdfunding platform Buy The Block that provides a super low entry fee of $100 that lowers the barrier of entry for many of the people in the Black community to make their first foray into the world of real estate investing. This Serial Entrepreneur founded Buy the Block in a tool shed in Cincinnati in 2013. The company allowed her to couple her two passions, real estate investing and teaching others the art and science of real estate investment, into a seamless online crowd investing experience for the Black community. Buy the Block has solved two of the major issues of the Black community.
The first is access to capital for businesses and real estate development and the second is an investment platform with a low barrier to entry to facilitate the building of community equity and Black wealth at the same time. Buy The Block now serves investors and developers all over the US and is thrilled to be a part of the global crowd investing and alternative finance industry.By bringing investors together with entrepreneurs, we are not just building stronger communities; we are building wealthier communities. In that wealth lies the only real independence.
Black people in the United States have a combined purchasing power of $1.3 trillion which would make us the 13th largest economy in the world, yet our wealth is encroaching zero as our income and education attainment continue to rise. We must as a community embrace the crowd economy pool our immense financial resources through impact investing, crowd investing, and entrepreneurship to create companies and build inter-generational wealth. Please Mr. Moore, and Dr. Isimbabi. Visit Buy The Block today and Join the Movement.