Breaking the Generational Curse: Finance, Black Businesses and Closing the Racial Wealth Gap – Michigan Chronicle
- April 12, 2021
- By: Greenpath Financial Wellness
Michigan Chronicle looks at generational poverty and how people are working to close the ever-widening racial wealth gap.
Gaps in wealth between Black and White households reveal the effects of inequality and differences in opportunity.
Entrepreneurship can help close the increasing gap, but a majority of small businesses are White-owned.
Organizing and figuring out personal finances is a good plan for those looking to start a business.
There are steps you can take forward and you are not alone.
MONEY LESSONS ACROSS A GENERATION
After having her son, Tanisha felt inspired to pay off her debt and purchase a home. By teaming with GreenPath, she was able to achieve her goals which motivated her son, Noah on his own financial journey.
Other Paths To Generational Wealth
During a January virtual roundtable panelist discussion, Millennial Money: The Financial Glow Up, conversations surrounded generational wealth. During the nearly one-hour program, the moderator asked financial experts if there is another path to generational wealth and if there is another path toward the American Dream.
Farmington Hills-based GreenPath Financial Wellness CEO Kristen Holt spoke on the nightmare of debt issues.
“I’m sure many people are buried under, I’m sure, what feels like an insurmountable amount of debt,” Holt said. “We just want you to know that you are not alone … there are ways to move forward and we talk to people every single day who are in that place. And after they get done talking to us, we are able to help them craft a path forward so they can start feeling better and removing that financial stress.”
Holt added that there are steps that everybody can take, especially during COVID-19 where people’s finances have been “thrown a massive curveball.”
Her tips include eliminating any extra expenses that you can and find out what is owed and when it can be paid off.
“This is something GreenPath can help you with, one of our tools like a debt management plan can help you pay off that debt significantly faster than on your own because we are able to renegotiate interest rates,” she said. “There are steps you can take forward and you are not alone.”
Have Questions About Managing Debt?
GreenPath’s NFCC-certified debt counselors can walk you through your options when managing your household finances, including figuring out how to manage debt. 91% of people served by GreenPath feel better prepared to handle their finances. Together let’s make a plan for managing your full financial picture to support your goals.