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Creating Generational Wealth

The mission of MWG is to minimize and eliminate the Wealth Gap through a “War on Poverty” in the Black and Hispanic Community. Black and Hispanic families have difficulty ascending the economic ladder. Black and Hispanic communities have high numbers of unbanked or underbanked populationsThis problem worsened after the crisis of 2008, when 93% of all bank closings occurred in low-income neighborhoods. Banking deserts are left vulnerable to high cost pay lenders, title lenders, and other fringe banks. This exposes vulnerable people to devastating financial shocks like bankruptcy, eviction, and lawsuits. Such lawsuits further ratchet up the financial pressure through wage garnishments, aggressive collection practices, and criminal prosecutions. A wage garnishment can feel like extortion, but increasingly, creditors are using actual extortion.

At the average rate, it would take Black families 228 years and Latino families 84 years to amass the same amount of wealth that White families have today. Wealth is not only about income, jobs and wages; it’s about assets. MWG works to ensure that minority communities build wealth and financial security to transfer generational wealth to their families. If minorities have stable housing, wellness, physical fitness, access to mental health services, mentorship and career networking, stable childcare facilities, and needed personal and business financial support, we can narrow the wealth gap sooner than later. We cannot do it alone! We need your help! There are several ways to support Minority Wealth Gap;

  1. Online donations. We accept payments through PayPal (@minoritywealthgap), Venmo (Minoritywealthgap), GoFundMe, credit card, Square (MinorityWealthGap), and Zelle.

  2. Corporate charitable matching contributions

  3. Sponsors of events and grants

We cannot do this work alone. MWG will work with sponsors, partnerships, members, networks and other NGOs to target marginalized and underrepresented communities, lifting out of poverty one family at a time. Sign up to receive news and updates. If you would like to partner and advance the mission of Minority Wealth Gap through subscriptions, networks, sponsorships and/or volunteer opportunities, please sign up below, and the MWG team will get back to you shortly.

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Minority Wealth Gap

Thrilled to have participated in the 2024 meet-up with LAEDC, CJF, and the LA County Climate Fund! #MinorityWealthGap

1 comentario

Sofee Ahmed
Sofee Ahmed
10 oct 2022

Amazing! Thank you all for the great work! So inspirational!

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