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The Racial Wealth Divide In America Continues To Widen
Posted
May 11, 2022
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May 11, 2022
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2:48Now PlayingThe racial wealth divide in America is wider than it has ever been. Check out the video to learn what to look for!
Welcome back to Bold TV with Philip Michael. Be sure to like, comment, and subscribe to Bold TV for other crypto news, and all things Bold.
There is currently a 30-point disparity between white and black American homeowners.
This is larger than when discrimination was permitted in the 1960s, according to CNBC. According to Duke University, the absence of homeownership is the primary cause of the racial wealth divide. Not to mention the fact that around 90% of billionaires are made by just owning their own home over time.
So what is the solution to this?
Number one is all about understanding financial literacy.
It all starts with credit; ensure that you have decent credit and that you've built it up to the point where lenders are willing to lend to you. This is what will enable you to go out and purchase a home.
Understanding numerous programs such as the FHA, which allows you to purchase a property with just 3.5 percent down and up to four units.
Let's imagine you live in a market where a four-unit home can be purchased for $400,000. You put down $3500, live in one unit, rent the other three out, and live rent-free, correct? You don't have to pay rent since your tenants pay your mortgage and then more, and you have an asset that appreciates over time, putting you in a position to become one of the 90% of people who become billionaires simply by owning a home. Having assets also sets you up for generational wealth.
You can then pass on the skills and knowledge gained by having good credit, building credit, and owning a home.
Overall, you should ensure that you are financially literate, have established credit, and are familiar with the various programs that allow you to own a home for very little money while also allowing you to save money, accumulate wealth, increase your net worth over time, and leave something to your children.
And that is one way we can start to close the wealth gap and make this a more egalitarian society for everyone.
However, before you can change the macro, you must first adjust the micro, and before you know it, the numbers are down.
What are your thoughts on banks? Let us know in the comments!
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