5 Ways to Spend Money With Impact, If Racial Justice is on Your Holiday List
End of year gift-buying and joy-driven spending are here. And there is a social, economic and racial crisis that is relevant to your holiday season: America’s massive wealth gap. Want to make a dent in it? Read on.
Wherever you live in the United States, the wealth gap is real — and abysmal. According to the Fed, in 2016, the median wealth of white households in the U.S. was $171,000. 10 times the wealth of Black households ($17,100). The wealth gap for Latinx families? Almost as bad.
Wealth gets created when people own things and the value of those things increases. Right?
So that’s why I am buying more and more from Black and Latinx businesses — with increasing diligence, purpose and volume. The value of Black and Latinx owned businesses can increase if they get access not only to transactional dollars here or there — but also if they get access to entirely new social networks and market segments. These businesses are also much more likely to hire people of color than the average American business, an important consideration in a labor economy that is tight overall but still plagued by high unemployment in the inner city and among Blacks and Latinx men and women.
I have spent real money on goods and services from Black and Latinx-owned businesses this year myself — from breakfasts, lunches and dinners to graphic design, books, toothpaste, a wallet and a watch, jewelry, clothing, and other things too. Heck — even chutney (the perfect hostess gift…)! And I have personally directed thousands more in purchases to businesses owned by people of color, either through clients or via organizations where I am affiliated: photography, architecture and design, website development, catering, cupcakes, IT services and more.
If racial justice is on your holiday list — here are 5 ways you can have real impact.
1. Cater your holiday party. Intentionally. Make a statement with the tasty, creative, customer-centric stylings of any one of a number of Black-owned catering companies in your city. In my hometown of greater Boston try Fresh Food Generation, Lyndigo Spice, ZaZ and Jamaica Mi Hungry. In your hometown — ask around or use your favorite search engine to create some options for yourself.
2. Eat dessert first. It’s a good investment. Customers of Boston’s Sweet Teez Bakery know that Teresa Maynard’s cupcakes, cakes and pies are king. And she operates a nut-free bakery so if that matters to you and you are anywhere near the 617 — get on it! Recently Sweet Teez became a featured partner at Whole Foods. You can custom order anything from them too — corporate players like WeWork, KPMG, and Capital One have been impressed. Another Boston area idea: Nobody ever got trouble for ordering from Petsi Pies in Cambridge and Somerville, owned by Renee “Petsi” McLeod. My favorite Yelp review of Petsi Pies: “For what they do, there is simply no better choice.” Wherever you live and work — do some research and find yourself some new choices in the marketplace.
3. Take the time to get somebody a nice — reasonably priced — watch. The orange banded watch I got this year from Talley & Twine Watch Company of Portsmouth, Virginia has earned me many compliments. The quality is top notch and the design too. And consider this about their name, quoted from founder and CEO Randy Williams on the website: “Our name comes from an intersection that was formerly the center of a notorious, crime-riddled neighborhood in Virginia. In recent years, the neighborhood has been completely revitalized and those same families now have the opportunity to own. A place with a dark past now has a bright future; Talley & Twine represents that future. It’s not about how you start, it’s about how you finish.”
4. Buying a kid a new backpack? Or a whole new wardrobe for an athlete? Have you seen the 1954 line from Blended Designs of Jacksonville, Florida? There are many who would be psyched to have one of these beautifully designed “for kids who aren’t afraid to be different.” I saw these bags promoted on twitter by Arlan Hamilton of Backstage Capital of Los Angeles, which in 2015, “set the audacious goal to invest in 100 high-quality startups led by underrepresented founders by 2020” and since then is turning heads and setting trends. Why not buy a whole bunch of these and donate as many of them as you can to youth organizations?
And how about custom clothing and a style coach for someone on your list with an athletic build? Check out E-Lete. Here is their pitch: “As athletes it’s a challenge to find professional attire off the rack which fits our build and personal brand. With E-LETE we make it easy to create your styles, find the perfect fit and look your best on and off the field.”
5. Take your friends out for dinner. Or lunch. Nothing says I love you like a really great free meal in good atmosphere. In Boston, try Mida, Cesaria, Dona Habana, Merengue, ZaZ — all favorites of mine. None of these will disappoint. What are some local favorites in other cities?
Here’s the rub: We need to be more conscious of the impact a dollar can have for an entire region if it travels to corners of the economy that years and years of social, political and racial barriers have isolated from the vast majority of economic activity. Top-line revenue means economic vitality and the possibility of greater social and financial power over time.
The quality of what is available in the so-called “Black and Brown” entrepreneurial economy is outstanding — a reflection of the vitality, ingenuity, creativity, skill, insight, intelligence and resilience of the people creating great products, services and businesses. In greater Boston, see Black Market, Black Economic Council of Massachusetts, Temple Israel of Boston. Also — check out a dynamic national platform of creative Black owned businesses at Street2Ivy. AND Find out what the options are near you. A quick google will find you lists made with Latinx or Black-owned business holiday shopping in mind.
P.S. I am hardly the expert at this — just motivated to learn more and do more. Please add ideas in the comments -links, names of companies, etc. Let’s do some business. Oh — and one more idea — African American history museum stores in Boston and in Washington, DC offer fantastic selections of gift items, many of which are made by Black-owned businesses.
Andy Tarsy is founder and principal of Emblem Strategic.