To focus on the Minority Wealth Gap
The Minority Wealth Gap (MWG) is focused on the minority wealth gap for Hispanic and Black Communities. We believe in changing lives and creating generational wealth within these communities for equitable access to capital and employment opportunities. First, we must address racial inequality and the origin of the Wealth Gap. The focus of MWG is integration, acceptance and inclusion of Black and Hispanic population into the economy. MWG’s mission is to lift Black and Hispanic families out of poverty through networking, mentorship and monetary support.
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.