Aug 13, 2018
In this episode, we discuss personal finance and social issues as it relates to black America.
Balck Americans are systemically discriminated upon. They have fewer employment opportunities, and when they get employed, they earn less than their white counterparts. And black women get paid proportionally less than white women. They are also charged higher interest for mortgages or other loans. They get arrested more often, many cases without cause as we can see in the Starbucks case. and when they get sentenced, they get harsher penalties. In short, personal finance is a lot more difficult for a black person than for a white person in North America.
Obviously, Michelle and I didn't find the solution for these socioeconomic problems, but we are doing our part by bringing the conversation forward. This is a topic that has to brought up over and over again until equality and justice is predominant.
Michelle is a life and business coach who provides platforms for women in business to connect with themselves, with one another and the resources for their success.
When a white person speaks about economic difficulties, they speak about their individual experience; when a black person speaks about economic difficulties, they speak about the collective experience of blacks in America.
Blacks suffer from discrimination when are searching for financial services: Why Blacks and Hispanics Have Such Expensive Mortgages. High-cost lenders are targeting these communities, preventing them from building wealth to pass on to their children.
White men are paid more than black men, even when the men share similar educational backgrounds. Women are paid less than men and black women are paid less than white women for the same job.
During the 1921 Tulsa race riot, white people destroyed a neighborhood of black people because they were doing too well economically.
Every day there are countless examples of racial discrimination in North America. In this video, Two black men get arrested for being black at a Starbucks coffee shop. The manager called the police 120 seconds after the two men arrived.
Many white people set up business meetings in coffee shops. This same privilege is out of reach for some black people.
These two black people were saved because someone filmed the incident. If the incident was not filmed, these two back men could have gone to court, got charged and got branded with a criminal record, which would have made it more difficult for them to get a job. Therefore making personal finance for blacks way more difficult.