It’s no secret that Black Women face some of the greatest economic and wealth disparities in our society, but on the other hand – Black Women are leading the path in today’s wealth building. Black Women and their buying power has not only become a trendsetter for pop culture, but has contributed to the shaping of today’s wealth building in many ways.
We know how much of an asset Black Women are to the economy and despite making up only 14% of the total country’s female population, Black Women play a vital role in influencing pop culture, fashion, music, beauty and so much more. Here are 4 ways Black Women are leading the path in today’s wealth building.
4 Ways Black Women are Leading the Path in Today’s Wealth Building
- Black Women’s influence on social media is at an all-time high – Deliberately said, Black Women’s influence on the culture is undeniable. Black women are constantly sharing their products and opinions and services on social media and many people come directly to social media for their advice when making a purchase. Plainly said, what Black Women purchase, other women are also purchasing.
- Black Women are willing to pay more for higher quality items – Although Black Women’s dollars are overlooked by many, they are still willing to pay more for higher quality products. This just goes to show that regardless of the roadblocks Black women are faced with, they still find a way to ensure they receive the best of the best.
- Black Women entrepreneurs have the highest rate of growth – In a study conducted by the U.S. Census, it showed that black female entrepreneurs had the highest rate of growth (67%) out of other groups in the number of firms they held primary ownership over. If that doesn’t scream wealth building, we don’t know what does! Black women own more than 1.5 million businesses with more than $42 billion in sales and these numbers only continue to grow.
- Black Women diversify their streams of income – There’s nothing like a Black Woman with a diverse and multi-stream income. Having diverse streams of income provides financial stability and reduces risks for not only yourself, but for your business too.
Reimagining wealth may look different for some, but for Black Women, we continue to lead down the path of wealth building not only for ourselves, but for our families, children, and grandchildren. Wealth building isn’t a one track or one-size fits all, but knowing your place in society and the importance of the influence you have on wealth building, truly makes all the difference. For more tips and tricks about wealth building, visit https://bosswomen.org/blog/.
One Response
This post is inspiring in more ways than one. Seeing the impact that we have, not only on our community, but the world at large, is proof of our ability to thrive in any environment and make the absolute best lemonade out of the lemons we’re handed. I love our perseverance, our commitment to treating ourselves like the MVPs we know we are, and putting the highest level of respect on our own names. These changes in mindset help us get closer and closer to creating a place where our future generations will undoubtedly know their worth from day 1 and use that to secure wealth to be passed down for generations to come. There’s a lesson learned with every generation and I’m so proud of the lessons we’ve learned thus far and the updated lessons we are teaching.