By 2053, just 10 years after the country is projected to become majority non-white, black median families will own zero wealth if current trends continue. But we have money. It is not working for us. African-American consumers spend $1.1 trillion a year. And as a consumer group, if it were a nation, would rank as the 16th wealthiest in the world. As consumers you can check the box. We have to unlock the economic and entrepreneurial power of black America. Covid-19 is creating challenges for us in the financial, employment and health areas. People of color are number 1 on the Covid hit squad.
Focusing on your spending and decision making can give you control over your life. The decision to live within your means is a game changer. You can not control the decisions of employers or the Federal Reserve. Focusing on what you can control can give you the following:
- Retire with a sizeable nest egg
- Visit foreign countries
- Own all your possessions including home and cars
Joining us for our discussion on Coping With Covid-19 in Year 3 is George Fraser who is calling in from his Cleveland Ohio office. George C. Fraser is chairman and CEO of Frasernet, Inc., a company he founded over 25 years ago with the vision to lead a global networking movement that brings together diverse human resources to increase opportunities for people of african descent. He is considered by many to be a new voice for African Americans and one of the foremost authorities on economic development, networking and building effective relationships. He is the author of multiple books and the latest is “Click: Ten Truths For Building Extraordinary Relationships”
Welcome back to Mastering Your Money, George Fraser.