Money Musings 💭 History of the racial wealth gap
Pandemics and times of economic upheaval (like we’re experiencing today) exacerbate inequities that were already there.
Data shows that Black women are bearing the brunt of this recession.
Black women already face one of the largest gender pay gaps (only Native American women and Latina pay are lower), are more likely to be overlooked for raises and promotions, and have a much harder time getting a job in the first place. They are now experiencing the highest increase in unemployment numbers.
This of course is not new. The racial wealth gap in our country dates back to slavery, when white America built its economy (and wealth) with the free labor of kidnapped slaves.
Throughout history, over and over again, the Black community has been stripped of wealth through policies, massacres and illegal scandals.
Many of our history classes skipped over these important pieces of our country’s past (I know mine did). It’s time we learn the history behind the racial wealth gap in America. Read up on it here.
MONEY MOVE OF THE WEEK
Rank your spending with your values. Last month we wrote our values statement (ICYMI, learn how to do it here). This month we’re going to put that values statement into action. List out each of the items you spend money on (or reference your budget or a few bank or credit card statements). Score each item based on how aligned it is with your values on a scale of 1-10 (1 being not aligned at all, 10 being as aligned as possible).
This is of course subjective and will look different for each of us. Make sure to think about the item or experience itself as well as the companies you are supporting with your dollars. For example, you might decide that your phone bill is very aligned with your values because it allows you to communicate with friends and family and/or do work that’s important to you. What about the phone company itself? Do they have women and POC on their Boards and management teams? Do they treat their employees well? Invest in causes that you believe in? Include that in the ranking.
YOU GOTTA SEE THIS
Let’s be money voyeurs. Are you curious what other people are spending their money on? 🙋♀️ We often have no idea how our spending compares with others because money isn’t something we talk about with friends and colleagues. One of people’s favorite parts of our Money Parties is getting to hear (anonymously) what others are spending. You told me what categories you were most curious about and we’re gathering the info. Share your spending (anonymously) here! I’m excited to tell you the results!