In 2022, the median White household held $284,310 in wealth, while the median Black household held $44,100 in wealth. This is not by accident—systemic barriers, lower-paying jobs, and fewer career opportunities have widened the racial wealth gap for generations. To make things worse, the rollback of Diversity, Equity, and Inclusion (DEI) efforts—many of which primarily benefited White women—has left Black professionals even more vulnerable in both federal and private sectors.
The reality is clear: No one is coming to save us. It’s time for a reckoning within the Black community. If we want to secure our financial futures, we must take control of our careers, build wealth, and create lasting opportunities for future generations. That starts now—with strategic moves in career advancement, financial independence, and retirement planning.
1. Advance in Your Job and Career
Most workers don’t want to rock the boat at work. They do their job and go home. However, this is not how you get promoted, make more money, and better secure your financial future.
“I just keep my head down. I don’t talk to anybody. I go in, do my job, have lunch at my desk, and go home”, Catherine said.
Catherine was in a highly technical position in Washington, DC for the federal government.
She said, “When management comes to ask me questions about my job, I run them over with complicated terminology that they can’t understand.”
Catherine grew up learning from her family that you go to work, put in your eight hours, and go home.
The problem with this is people don’t know you at work. They also don’t know what you do.
It’s easier to lay people off when they stay below the radar, especially if they work remotely.
You don’t have to broadcast what you do to everyone, but make sure the right people know. People who believe in you, who have influence in the company, and who will advocate for you.
Here are a few insider tips that most workers don’t do but will make you stand out from your colleagues.
First, make sure management knows that you’re busy, you bring value, and that you’re making their life easier.
For example, each week, put in writing to your manager everything you’re working on and what you’ve completed.
This simple action lets your manager know that you’re getting things done, that you want to be effective, and that you’re open and honest about what you’re doing.
Connect with senior leaders through mentoring, meetings, and casual side conversations in the office and talk about key projects you’re working on.
Find those people in the company who are in contact with senior leaders and build relationships. They may not be executives, but they have influence with leaders.
Building this network helps you:
(1) Understand and navigate company politics
(2) Gets you on the list for high visibility projects
(3) Grow your career faster
These are foundational pieces to getting promotions and asking for raises.
Look for people who give positive feedback about you as potential sponsors/champions within the company. You want influential people, no matter the position, to advocate for you, even when you’re not in the room.
There are always conversations about who should be promoted, who should get important projects, and who should be laid off. This is why having champions is so important.
Be your biggest advocate and continually show how you bring value to your team and the company.
Stay up-to-date on what’s happening in the company. Are there any new acquisitions, contracts that have been awarded, public announcements, new partnerships, etc.
In essence, if you want to make more money and increase your net worth, you have to act like an entrepreneur.
Leadership often promotes people who are informed, highly effective, and work with all types of workers to get things done.
In 20+ years of my career, where I’ve worked my way up from a factory engineer to vice president, one thing that has allowed me to advance, make more money, and survive lay-offs is my ability to execute and communicate how I help my manager look good to their executive team.
Be adaptable, have strong executive-level oral and writing communication skills, connect with people, and execute consistently.
Focus on your top strengths that you get highly rated on, and improve the skills you want to improve.
For example, if you feel like you’re being pulled in different directions at the end of the work day but don’t get much done, focus on reducing distractions, prioritizing tasks, and time blocking.
Struggling with getting responses from team members on a project? Put time on their calendar to get a response. You’d be amazed how quickly people respond when they’re invited to a meeting.
Whatever situation you’re having at work, be creative in solving problems. This is a top capability that leadership values – getting things done through people in nebulous scenarios.
With that in mind, while you’re working hard for your money, it’s even more important to save and grow that money.
Exercise:
(a) Identify your top 3 strengths that are useful in your job and write down opportunities to use those strengths in projects at work.
(b) Schedule a 15 minute meeting with someone you respect at work and ask about projects that they’re working on to build a relationship.
(c) Put together a simple template that shows the projects you’re working on and actions you’ve completed each week and share with your manager.
2. Focus on Personal Finances
“Why do we keep supporting these expensive name brands that don’t like us?”, Angela asked her friend, Candice.
Candice looked into the distance shrugging her shoulders and said, “I don’t know why, but I just feel better about myself when I buy a Gucci or Louis Vuitton purse”.
Remember when Oprah was denied by a shop salesperson to look at a $38,000 bag in Switzerland? Stories like this happen often – Blacks being watched by security at high end shops.
In 2019, non-white ethnic groups, including Black consumers, accounted for approximately 20% of luxury spending in the U.S., a figure projected to rise to 25-30% by 2025, according to a Bain Survey.
Compared to the 20% we spend on luxury brands, we are only about 11% of the US population. We need to increase our financial literacy and reduce the pleasure we get from buying these expensive brands.
Blacks are paid less than their White colleagues leading to the big gap in their household wealth.
This problem is being further worsened by the massive layoffs that are happening in the US federal government, rising inflation, higher gas prices, expensive housing and overall cost of living.
Plus, the average person can’t pay for an emergency because they only have about $400 in their savings account.
Taking all of this into account – the discrimination in hiring and pay, spending habits, and lower net worth, it’s time for a change within the Black community.
What can you do to increase your wealth? Increase your knowledge of personal finances, budget, and invest wisely. The US Government provides resources for financial education, even if you’re just starting out.
It’s not good enough to bridge the racial wealth gap but increase our assets tremendously so that we can invest in our communities, raise strong and confident children, and promote family and generational wealth.
Insurance policies are a good start, but we can do more.
Imagine a future where your kids can buy a home in a good school district, where your grandchildren can have an excellent education, which enables them to go to good colleges, get good paying jobs and empower their own children to succeed.
Your children could get a head start with money and investments from their parents and grandparents, which will help them build wealth faster and create stronger families and communities.
In addition to insurance policies, there are many options for investing – index funds (which often have lower expenses compared to actively traded mutual funds), individual stocks, municipal bonds, real estate, etc.
You must understand the risk associated with these choices before investing. A fee-based financial planner who doesn’t get commissions for selling to their clients would be a good start. They will meet with you, review your portfolio, and make investment suggestions.
If you choose to work with an advisor, be sure to meet with several of them and that you can trust this person with your money.
For example, Jim was a financial planner at a large investment broker.
He invited David to sit down in his office and looked over David’s portfolio.
Jim raised his eyebrows and said, “I’m impressed that you have this much money saved!”. David felt a little suspicious about Jim.
Jim’s clothes were not very professional. He talked too much, and he seemed to get excited about how much David had in his accounts.
David couldn’t put his finger on it, but he didn’t trust Jim.
He got the feeling that Jim might be like one of those scandalous wealth managers who skim money from their client’s accounts. He decided to work with another planner that he could trust.
In the Black community, there are specific challenges that we face in finding trustworthy financial advisors. First, ask your colleagues/contacts for personal recommendations.
Another option is to use a robo-advisor provided at investment companies like Fidelity or Vanguard.
There are other options to increase your wealth besides investing in the stock market. There is purchasing and renting out homes, tax liens, buying a small business, selling digital products online, selling services, etc.
All of these options have risks associated with them. Make sure you understand them, and choose the investment that fits your short and long-term financial goals.
Exercise:
(a) Calculate your current net worth to understand your assets (include all cash, savings, stocks, real estate, etc.)
(b) Develop a net worth goal for the next 12 months that you want to reach
This leads to the next topic – your long-term retirement plan.
3. Prepare for Your Retirement, No Matter Your Age
Are you on track to retire comfortably? Retirement can seem a long time for now, but it will come quicker than you think.
Have a plan for:
(1) what activities you want to do,
(2) where you will live,
(3) how much money you need to make, and
(4) if you will need to work to pay for your lifestyle.
We don’t know what’s going to happen with social security, so plan your retirement as if you won’t receive it. I know this may seem extreme, but never base your life on what you expect to receive. And if you do receive social security, that means you’ll have more money in the bank.
Here’s a comprehensive guide for step-by-step planning for retirement. Don’t skip this step. Here is a short retirement quiz to score where you are today in terms of money you plan to have when you retire.
There are many people in retirement who didn’t have enough money saved and had to start working again in their 60s and 70s.
For background, Black men and women have the lowest 401(k) savings as compared to other groups: $145K for Black men and $130K for Black women.
Black women often contribute the least to their 401(k) retirement accounts. Of course, lower salaries and high costs of living contribute to this gap. If you have the option to invest in a 401(k) at your job, contribute at least as much to get what the company matches. It’s free money toward your retirement.
For example, if your company pays a 4% matching contribution, put in at least enough from your pay to get that contribution. One accountant stated that it’s like “free money”.
Saving for retirement using a 401(k) reduces your taxable income and lets your money grow until the required distribution age.
Each year, try to contribute 1% more than the year before. Some expenses may have to be reduced to hit this goal, but it’s worth it for you and your family.
There are simple 401(k) calculators that can help you determine how much to take out of your pay. Of course, it’s better to start saving as early as possible, but you can begin at any time.
Consider the following items for your retirement (Of course they are estimates, but it’s important to do this now):
- How many years will you plan to be in retirement?
- Where will you live?
- What type of housing will you reside in?
- How much will you need medical care and prescriptions?
- Will you need a car or use public transportation where you live?
- How much will you spend on trips, leisure, and recreation?
- Will you be willing to work during your retirement, and if so, how much money can you make?
- How much money will you need to live how you want to?
You want to be conservative with these numbers to make sure you plan properly.
Carve out some time each week and put a retirement plan together.
Again, there have been systemic barriers faced by Black people so it’s important to plan not only for you but your children.
Exercise:
(a) Calculate how much you have in your 401(k), pensions, etc.
(b) Calculate how much you will need to retire
With that said, it’s important to take care of yourself in terms of mental health, physical wellness, and relationships.
4. Take Time Out for Yourself
This is one area that is often neglected due to work, commitments, and family. Many people work a full-time job and have a side hustle or business. Working hard is important but taking time to care for yourself is just as important.
Blacks experience more stress and overall health issues due to the systematic barriers, and it’s important to proactively take care of your health before chronic illnesses happen.
Prioritize Self-Care and Well-Being:
First, schedule annual wellness exams and check-ups. If you don’t have insurance coverage, contact a local doctor to find out if they have reduced rates for people without insurance or allow you to pay it off over time. It’s worth every penny to find health issues as early as possible.
One of my relatives has a lifelong disability that could have been prevented if they had gone for a check-up. Now, it’s extremely time-consuming and expensive to take care of them now, and they no longer have a real quality of life anymore.
Besides regular medical, eye, and dental office visits, take time out to reduce stress and relax.
Sometimes taking a long car ride, going out for dinner by yourself, watching your favorite movie alone, playing sports with friends, or lounging in front of the television catching up on popular shows are just some ideas for winding down and enjoying life.
Do you make time each week to do nothing but have fun? It could be reserving an hour for yourself after the kids go to bed to have some of your favorite snacks, have a glass of wine, or sit in peace listening to music.
Whatever lights you up, do it consistently.
It’s going to allow you to enjoy life more, be more relaxed, and make tough times during the week a little easier, not to mention reducing stress on your body.
Here’s an example of a day of self-care:
Morning:
– Wake up 10 to 15 minutes early and pray or read your Bible
– Breathe 10 slow, deep breaths
– Get up, stretch for 5 minutes
Lunch:
-Take a 10 minute slow stroll to get your body moving
After Dinner (when the house is quiet):
-Do some light stretching for 5 minutes
-Try some low impact exercises for 20 minutes
-Shower and relax in your favorite chair reading, listening to music, or talking on the phone to a friend/family member.
Of course, you want to check with your doctor for your exercise program, but create a plan that works for you. You can see that in just a few minutes a day, you can feel better and have more energy.
It’s important to take care of yourself, no matter how busy your schedule is. Even a few minutes taken throughout the day can make a difference.
Exercise:
(a) Identify a day and time slot each week that you will schedule in your calendar to do something fun and relaxing
(b) Work with your doctor or professional to develop a practical workout routine that keeps you in shape and have energy
Stimulate Your Mind
“The man who does not read good books has no advantage over the man who cannot read them.” – Mark Twain
Sometimes you can read a steamy novel about romance. But you also want to read to increase your knowledge, improve your mindset, and discover different ways of thinking.
As Black people, most of our history is not taught in schools. We go out into the world without understanding our heritage, accomplishments, and what we bring to the world.
For example, some highly rated books about Black history include:
The 1619 Project – collection of writings about Blacks from slavery to present day
Black AF History: The Un-Whitewashed Story of America by Michael Harriot
From Slavery to Freedom by John Hope Franklin & Evelyn Brooks Higginbotham
You could also read about entrepreneurism, financial independence, career growth, parenting, relationships, wellness, etc. The point is to expose yourself to new ways of thinking.
If you want to be at peace, happiness, health, wealth, etc., there are books out there to help you through the process. Look online at your local library and start reading or listening to audio books.
Exercise:
(a) Pick a non-fiction book that interests you and read 15 minutes a day to expand your mind
5. Navigate Dating and Relationships
Relationships can cause significant stress, and if you don’t choose someone who is right for you, it can hurt you in the long run.
The dating scene can be intense. There are so many negative influences online – podcasts denigrating women and how people can play games and manipulate each other.
How many posts have you seen online like these?
- “Would you go on a first date with a man if he takes you to the Cheesecake Factory?”
- “I tried dating Black women but they don’t act right, and that’s why I date white women”.
- “I’d rather sleep with a dog than a Black woman”.
It’s getting old, and we need to stop listening to this demoralizing content. Focus on how to become better and have positive dating and relationships.
What really makes relationships last?
Based on proven research, what makes happy, long-term relationships include:
1. According to John Gottman, relationship expert, the number one predictor is how you handle conflict.
2. Dr. Sue Johnson’s research shows that how couples show up for each other emotionally and prioritize each other needs
3. Shared core values and long-term goals including lifestyle, religion, values, money habits, and outlook on commitment (I would add politics because that speaks to your view of the world.)
4. Ratio of positive to negative interactions
5. Mutual respect and admiration
6. Ability to go through change together
7. Friendship and enjoyment of each other’s company
8. Willingness to grow and improve together
The initial attraction or “spark” is what most people want, like the people who participate in the Pop The Balloon or Find Love YouTube show. However, research suggests that it does not mean being initially attracted to someone will lead to lasting love and relationship success.
If you meet someone, and you don’t have an initial attraction, it doesn’t mean a strong relationship can’t happen.
People who are respectful, responsible, mature and have character and integrity are extremely hard to find. It doesn’t matter how dark or light-skinned they are, how they dress, their height, how much money they make, what restaurant you go to for a date, or what type of car they drive.
Don’t miss the right person because you’re focusing on things that don’t matter in the long run.
Keep an open mind when you’re meeting people. If you can have a conversation with them and you like their personality, give it a chance. Grab a coffee with them and take it from there.
Exercise:
(a) If you’re single and want to date/get married, write down the top 5 values that you must have in a partner that will lead to a long-term relationship
(b) Make this first list. Write down 20 things that you judge the opposite sex for including weight, how they look, how they dress, their height, money, job, their feet, their hands, their body shape, material possessions, etc.
(c) Make this second list. To the right of the first list, start a second list. At the top of this second list write, “If the person is nice, can have a conversation, you enjoy being around them, and they the same morals and values as me, am I willing to let them go for…” After you write this phrase at the top of the second list, write down next to each item from the first list “Yes” or “No”.
The purpose of this exercise is to measure how you may be passing perfectly good matches that you could have a long-term, loving relationship for surface level things.
(c) Pick a non-fiction book that interests you and read 15 minutes a day to expand your mind
Conclusion
The time for waiting is over. The obstacles are real, but so is our power to break them down. We can no longer afford to play small, to stay silent, or to let fear hold us back. Whether it’s negotiating for that promotion, making smart financial moves, building lasting wealth, or taking care of yourself, every choice we make today shapes our tomorrow.
We owe it to ourselves—and the generations that come after us—to take charge of our careers, our finances, and our futures. Let’s stop just getting by and start thriving. The blueprint is here. The power is in our hands. Now, it’s time to build.
For the smart, driven, and feisty 
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