How to further create black wealth

Financial literacy is what can propel the black community to financial emancipation. Credit: Twitter

Discussions surrounding the black man’s success commonly boil down to economic emancipation and supporting one another in business.

Building generational wealth is possible; however, it does require sound financial literacy. This is what quantitative analyst Katlego Lesejane emphasises will be the foundation of a wealthier and prosperous black community. “It is important for the youth to understand how to manage their finances and more equally important how to ensure that they make wise investment decisions that bring about the economic freedom we seek,” she says.

Through being financially literate, she believes that this can eradicate many of the problems that are unique to the black community. “A more financially savvy community can enable the elimination of ‘black tax’. When you have a society that moves away from being consumers to wealth creators then you begin to see the changing tides for a young black child to dream more, to do more and to become more,” she explains.

Also see: The Black Business School: Investing

A well known fact is that majority of poor families in South Africa are black families and that the income inequality has been on a rise for a number of years. “That is where you find movements like #FeesMustFall because as a black community, due to the past injustices we find ourselves more often than not in a position of lack,” Lesejane says.

Income inequality and the forces against us can be reversed. Credit: OtherWords.org

Although having economic emancipation won’t happen overnight, she believes that saving money and investing it is a step in the right direction if not for yourself, for future generations.

“There’s a saying, ‘Rome was not build in a day’ but...everyday Rome was built. So too, as a black community we need to be taking active steps to ensure a more financially prosperous future,” she elaborates.

Her overall advice to any black person seeking financial freedom is to “save and invest! Start now. There is no better time that the present”.