The System Is Rigged: 3 Bold Ways Blacks Can Break Free and Build Wealth
Blacks against the World
Blaming the System has not worked and never will; though in one way or another wealth creation can be linked to inequality caused by the System.
Is the System truly responsible for how wealthy one is from their neighbours? Is it responsible for why statistically Blacks are financially worse off than other ethnicities around the world?
If the data is right then Blacks have a unique problem. However, some Blacks have identified this problem and done well for themselves while the vast majority continue to blame the System.
Are you still stuck in the blame game?
What the data is saying
The data (we’ll present them below) say Blacks around the world are at the bottom of the food chain. In the United Kingdom (UK), the United States of America (USA), and Canada, for generations Blacks have had it harder to grow wealth compared to white families.
The United Kingdom (UK)
For instance, 79% of Blacks (household income) in the UK earn less than £1000 per week, only 22% earn above £1,000 compared to White households where 71% earn below £1,000, and 29% earn above £1,000. We, the Blacks, are doing high on the less and less on what matters. Remarkably though despite the System, some ethnicities tower above all others - e.g. the Indians and the Chinese.
Graph created with data on https://www.ons.gov.uk/
The United States of America (USA)
This data from the 60s to date by the US Government show that Blacks have always remained at the bottom of the income disparity, lower than everyone else while again, Asians remain at the top.
Canada
According to the Canada Centre for Policy Alternatives (2019), the total average employment income for Blacks is lower than most other ethnicities. Blacks earn $69,717while other groups earn nearly $100,000.
Generated from data on DOCUMENT TITLE (policyalternatives.ca
What the System is responsible for and what not
The System is responsible for the odds stacked against Blacks only to the extent that other minorities beat it. Yes, we are faced with the same System as other minorities but the outcome for Blacks is so different across nations and continents. Why? The answer is in what the other minorities do that Blacks don't or what they don't do that Blacks do.
While the thriving minorities continually create wealth, many of us are stuck in the limitations of the System and hardly look beyond our noses. We continue to repeat the mistakes of generations past and are slow in learning about money, building and strengthening our community network, and sheering clear financial discipline. Wealth creation begins with understanding these basics.
What Thriving Minorities Know about Wealth
Wealth is the money you have left after expenses - money you can keep aside and exist comfortably. In another sense it refers to the money that continues to come to you even when you are not working. the variable to wealth creation are:
Income
The money you earn through active (work) or passive (investments, royalties, etc.) means.
Improving Income
Many in the Black community have not actively sought ways to increase income through skills development or education. Stagnant wages are a reality, but so is the failure to pursue higher-paying roles or entrepreneurial ventures.
Other ethnicities prioritize high-demand fields like technology, finance, and medicine. Are we strategically positioning ourselves to do the same?
Expenses
The money you spend to maintain your lifestyle and obligations.
Reducing Expenses
Poor financial planning often leads to unnecessary expenses—lavish lifestyles that do not align with income.
Many fail to budget or distinguish between needs and wants, leading to paycheck-to-paycheck living. How often do we reassess our spending habits?
Savings/Surplus The amount left after covering your expenses.
Building Savings
Savings rates among Blacks are alarmingly low. Many focus on immediate gratification instead of saving for emergencies or investment opportunities.
Without savings, wealth creation remains out of reach, leaving individuals vulnerable to financial shocks. How much are we setting aside?
Passive Income Money that flows in regardless of your active work (e.g., investments, dividends, rental income).
Creating Passive Income
Few Blacks capitalize on talents, skills, or investments to create passive income streams.
Side hustles, property investments, or even small-scale business ventures are often underutilized compared to other groups who prioritize wealth-building strategies. What steps are being taken to diversify income?
Comfortable Lifestyle
A subjective balance between spending and saving while maintaining quality of life.
Living Within Means
A culture of consumerism often overshadows the importance of frugality. Many are trapped in cycles of debt, funding lifestyles they cannot sustain.
Overspending on liabilities rather than investing in assets leads to financial stagnation. Are we aligning our lifestyles with our financial goals?
The above elements are responsible for the wealth of anyone. if you can influence any of the above elements, the level of your wealth is affected considerably.
Whether the System is designed unconsciously or consciously it might only be responsible for only the income element of wealth creation.
Answers That Makes All the Difference
I believe that the same inequalities affect other minorities just as much as they affect Blacks. Our being at the bottom of the food-chain is within our control just as other ethnicities are above the ‘Whiteness’ or ‘Privileged’ threshold.
The questions for you are:
- How much has your income increased within the last 12 months?
- How have you reduced your expenses since last year?
- How much have you stacked up in your savings?
- Do you consistently earn money from other sources, such as talents, dividends, or investments, in addition to your salary, job, or direct income?
- How well are you living within your means? When all is said and done, who and what share your hard-earned pay/salary/wealth?
Move From Blame to Wealth
Blaming the System, while valid in acknowledging historical and structural inequalities, has not proven sufficient to close the racial wealth gap for most Black communities. The data from the UK, USA, and Canada reveal a troubling trend: despite facing the same systemic challenges, other minority groups like Indians and Chinese consistently thrive while Black communities remain at the bottom of the socioeconomic ladder.
While systemic barriers exist, the core issue lies in educational attainment, socioeconomic background, and lack of community support that fosters entrepreneurship and financial literacy.
Groups like Indians and some other Asians outperform despite systemic challenges and often emphasize higher education, financial discipline, and intergenerational wealth building.
Blacks are emotional spenders. We spend on family and friends at the expense of our future. We spend time on ceremonies and festivities like there will be no tomorrow. We indulge in instant gratification like luxury items, cars, apartments, and furnishing, without consideration of its effects on our finances. This is the true bane of Black wealth.
Begin Today!
Seek Resources to Educate Yourself and Your Family: You must deliberately buy or download free books, and other materials like audio and videos about money and wealth creation. Join our StandTall Finance Academy.
Build a Community Network: Surround yourself with like-minded individuals on the journey to wealth creation. do not be caught up with instant gratification, ‘owan-be’, and the extravaganza that comes naturally to the Black mind. Join entrepreneurial groups like StandTall Finance Academy.
Adopt Financial Discipline: Track your expenses, avoid high-interest debt, and prioritize saving and investing over immediate gratification. Commit to creating an emergency fund and building a foundation for wealth accumulation.
Final Thought
Progress starts with you. Of course, it’s time to move beyond blame, adopt proven strategies, and take bold steps to transform your life and community. Every small change you make today sets the foundation for a more prosperous tomorrow for you, yours, and Blacks everywhere. Let’s take action—together! Click here
Feel free to engage me and others in the comment section below.
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