Ujamaa: A Note on Cooperative Economics for Black Women
Habari gani? (What’s the news?)
Today is the fourth day of Kwanzaa.
This is a great time to make some wise plans for your wallet and make sound investments in your family and community. Most times have to begin with an investment in yourself.
These years have not been widely prosperous for many Americans. To top this off, Black Americans still face financial and employment discrimination — for the most part the old adage “last hired, first fired” is still a partial truth — Black people who are getting hired are experiencing disparities in salary and advancement compared to their counterparts. This is especially true for Black women. Knowing that, you’re going to have to consider a smart savings plan and a strategic spending plan to give you and your prosperity some security. Let’s shine the spotlight on two Black women who should be a regular reference point in the New Year.
Michelle Singletary has been giving excellent pointers through her expertise and real-life family anecdotes for a long time. I love Singletary’s 21-day Financial Fast. It’s an empowering way to start the New Year and you will be surprised and proud with the changes you can make within a month. The fast is not easy, but stay strong, it literally paysoff and the peace of mind of having even a simple savings and spending plan sheds a layer of stress off your soul. Follow Singletary’s column in the Washington post throughout the year as she doles out other tips and advice in The Color of Money column.
These plans and habits will be the foundation of a history of money for your children, your great grandchildren, their children, and ultimately for your community.
Another inspiring individual I would like to point out is Melody Hobson, president of Ariel Investments, one of the largest Black-owned money management firms in America. In her 2014 TED Talk she states:
“…The numbers show clearly that there are significant disparities in household wealth, income, job opportunity, and much more. As just one example, white men are 30% of the US population, and have 70% of all corporate board seats. There are only 7 minority CEOs in the Fortune 250, and of thousands of publicly traded companies, only two are chaired by black women. “And you’re looking at one of them.”
The disparity in income and employment opportunities is a gap that I don’t predict closing in my lifetime. Just last year, it was revealed that democrats were paying Black staffers less than their white counterparts. These may be the facts of our current situation, but they don’t have to be our permanent condition. Don’t abandon hope, your work ethic, or your financial goals. If you kill off the idea that you can live debt free, financially comfortable, and in a job with growth potential, you ultimately kill the goal for your children and the ambition rots within your family, and taints your community. Understand that the plans you lay today will carry into a legacy for generations, and that’s worth every penny.
What if Hobson gave up on her goals because of the barriers she knew she would face? What if she didn’t have the willingness to talk about those barriers when she was in a position of power?
What are your financial goals in the New Year and how will you support, educate, and advocate for financial success in your community? Don’t forget to write it down! The pen brings many things to light and to life!
