Today I’m sharing why race plays a huge role when it comes to your personal finances. Many times people say they don’t want to talk politics they just want to focus on money, well it’s important to understand the different hurdles other races may have to overcome in order to start building wealth. Today I will specifically address why the black community is behind when it comes to building wealth.
The NY Times wrote an article titled The Stark Racial Inequality Of Personal Finances In America and they said it perfectly:
Perversely, having less can cost more. Black students borrow more to go to college, don’t finish as often and more frequently default on their student loans. They earn less, and generally have lower credit scores — so they pay higher interest rates. It’s harder for them to save for retirement, and they leave less to the next generation when they die.”