76% of Americans are living check to check. 69% have less than $1,000 in savings. To break it down even further, 34% don’t have a single penny in savings. 35% have less than $1,000. Meaning Less than ¼ of Americans have enough money saved away for six months worth of their expenses in the event of job loss, or money to cover a medical emergency or unexpected event. Average credit card debt per household is about $15,432. Then most staggering statistic of them all is that approximately only 1-2% of Financial Advisors are African American. Which lets me know that many African Americans don’t work with one or tend to struggle even more with money, simply because they can't find someone to educate them that looks like them! We want to change that; everyone deserves access to quality financial advice to plan out their future. We are on a mission to reduce the racial wealth gap. A study showed that African American households had a median wealth of $1,700, while white households had a median wealth of $116,800 and the difference is widening. Without significant policy reform in America, it would take 228 years for black families to amass the wealth that white families have today, according to a new study. So now more than ever, we must take action on improving the state of the financial well-being of people of color.
We want to change that, everyone deserves access to quality financial advice to plan out their future. We are on a mission to reduce the racial wealth gap. A study showed that African American households had a median wealth of $1,700, while white households had a median wealth of $116,800 and the gap is widening. Without significant policy reform in America, it would take 228 years for black families to amass the wealth that white families have today, according to a new study. So now more than ever, we must take action on improving the state of financial well-being for people of color.
This movement is for people of color and anyone in support of our plight.
Disclaimer: Melanin Money is not a Registered Investment Advisor. Investment advisory services are offered through Capitalwize, LLC. Acheampong Enterprise, LLC DBA "Melanin Money" is a marketing campaign that sells lifestyle apparel and accessories that were created to bring awareness to the movement of helping people of color build wealth. Clients of MC2M or MSF are under no obligation to purchase products from Melanin Money. Additionally, Customers of Melanin Money are under no obligation to become investment advisory clients.
To do our part in changing the narrative of people of color not building wealth; we are charging everyone to help close the racial wealth gap one person at a time. The first goal is to create $100,000,000 of NEW WEALTH among people of color. Beyond that, we will increase financial literacy through community programs and published content on our platforms. We plan to make a strong push for government reform, that have been intentionally or carelessly designed to keep people of color from building wealth.
Now, our goal is to reach the first $100,00,000 within 36 months of our launch.
We will help up 100,000 African Americans invest $1,000 each, which represents just $84.00 dollars per month. For those who can invest more, they should do so, since this directly benefits their own wealth building potential. For those who can't do the $84.00, do what you can. We have set up a world-class platform that gives investors at any level the ability to invest in the stock market for an extremely nominal cost. Traditionally these types of accounts with the services and education you will have access to; are generally only offered to those who have already amassed a decent amount of wealth. However, we are eliminating that barrier and are committed to providing the platform, education, and resources to start building your wealth today.
For most people, it will simply be a matter for redirecting the dollars that were once going elsewhere and now using it to build your wealth. You can set your account up in minutes, and have online an access your account anytime. You can setup automatic deposits so that you can ensure that you pay yourself first. By being apart of our community, you can gain access to resources that will help you manage all areas of your money and personal development. We also want to note that as a company, a portion of all profits will be going back to community organizations that help lead the charge for empowerment for people of color.
If you would like to learn more about the movement, please check out our overview page here.