Financial literacy, and building personal wealth is key for women to address poverty and economic insecurity. This workshop is taught throughout the program, and connects young women with financial planners and mentors who will help build their success. The goal of the workshop is to teach young women how to manage their finances, investments, purchasing real estate and property, planning for retirement, and building wealth. By building wealth for young women and in our economy, we address poverty, systemic racism, homelessness, financial instability, credit difficulties and more.
The wealth gap is not just an income storyHow to build Black wealth
Studies demonstrate the income and wealth disparities between Black and white families, which are influenced over time. While many individuals can increase their wealth over time, research shows that Black people have a greater risk to decrease their wealth and reduce their net worth. According to the website, How to Build Black Wealth addressing the wealth gap requires:
- an examination of structural racism which has denied opportunities for Black people to generate wealth with ease
- creating greater opportunities for access to higher education- which may also look at early intervention supports to keep Black children engaged and included within the educational system and remove the “school to prison pipeline” process
- increased financial literacy education and greater focus on building wealth
|Understanding how money works||Improve financial literacy to generate savings|
|Understanding investments||Planning for retirement, developing wealth|
|Understand real estate and qualifying for a mortage||Purchase their own home and improve home ownership|
|Understanding how credit works||Build credit history, understand how to maintain credit|
|Understanding interest rates and finances||Borrowing wisely, and escaping overwhelming debt|
|Creating your own business & wealth||Develop entrepreneurism & alternate income sources|
Workshops consist of: online and one-hour in person workshops, mentoring with a financial advisor, and group support.