My first mental model of Black wealth was created in 2003, when I visited Prince George’s County, Maryland after entering the U.S. Naval Academy. “PG county” as its affectionately known, is predominately Black and predominately wealthy.
Its safe to say, that before my visit, I had never seen anything like it. In fact, PG County was so awe inspiring its the model for my goals. The successful families, big beautiful houses, nice cars, and the good schools. I want that for my community and PG county is the standard in my opinion.
However in 2003, I had no clue how to obtain it until Jay-Z blessed us with The Black Album. That album, specifically the song, Moment of Clarity, has resonated with me for almost 20 years. The following verse was etched into my soul the moment I heard it:
When your sense got that much in common And you been hustling since, your inception, fuck perception Go with what makes sense Since I know what I'm up against We as rappers must decide what's most important And I can't help the poor if I'm one of them So I got rich and gave back, to me, that's the win, win So next time you see the homie and his rims spin Just know my mind is working just like them (The rims that is)
From the time I left home in 2002, until my Mom’s passing in 2011, my Brother and I were financially responsible for her wellbeing. So as a 19 year old kid, hearing the words, “I can’t help the poor if I’m one of them. So I got rich and gave back, to me, that’s the win, win,” changed my life.
The concept of obtaining wealth to help others was powerful for me. Giving back, living a life of service, and achieving a goal for the greater good has been my motivation then and remains so today.
Today, the wealth gap is increasing at unreal rate and Black communities are falling behind.
Black communities have been the victims of redlining, discriminatory appraisal practices, have had less access to mortgages, loans, grants, and generalized investments into our communities, and now in 2021 our home ownership rates are similar to the 1960s. Add in gentrification and you get a capitalistic society that has largely excluded Black communities, but stands to profit off Black community efforts.
These things have led some to dislike capitalism and its for-profit mentality. However Black Capitalism is different.
It’s saving our community by our folks. It’s not helping the poor by being poor but obtaining wealth and giving back. It’s the Moment of Clarity , we all need.
The COVID19 pandemic put a microscope on the inequities present in our society. We have a great chance to change the future of our communities if we can adopt a mindset and purpose of wealth building in our community. Promotion of ownership, equity, investing, and financial literacy is a must and as a result WE SHOULD ALL BE BLACK CAPITALISTS.
As always if you have questions or concerns regarding creating an emergency fund, investing, real estate, insurance, or planning for the future, don’t be afraid to speak with qualified financial advisor. Smart Asset has a great tool to find an advisor in your area or feel free to email me (contact@surgifi.com) to help you on your path to financial independence.
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