TTW Staff Report
While inherited wealth is a common denominator in the many communities in this country, it is a rare occurrence among Black people. There is also a severe generational wealth gap. Because so many families live pay check-to-pay check, the idea of setting money aside to pass on to future generations has not been a priority.
One man has decided to take on the mission to help educate Black people on building wealth. The Black Wealth Summit CEO Cedric Nash, President and CEO of Oakland Consulting Group, Inc., is taking the wealth of his experience working for Fortune 500 companies and is sharing it in The Inaugural Black Wealth Summit (BWS), an all-inclusive virtual experience, which started Weds. Oct. 20 through Friday, Oct. 22, 2021.
Billed as “unapologetically invested in the Prosperity of Black People,” the non-profit entity is an inclusive experience focused on offering every Black person access to knowledge that can be used to build real generational wealth for their families and their community.
“A large number of African Americans never discuss wealth-building in the home,” Nash said. “”Financial and wealth literacy is not a priority.”
The lack of financial knowledge has exacerbated the wealth gap between black and white communities. “The media net worth for Caucasians is 17 times that of African Americans. That number will continue to rise unless we develop a learning experience tailored to our particular financial interests.”
The Black Wealth Summit seeks to meet participants “where they are” in their wealth-building journey.
“There has never been a greater need for African Americans to take their financial destiny into their own hands. The pandemic has shown the disparities in health care, police violence and food insecurity in even starker reality. There’s never been a more critical time to have the Black Wealth Summit.” For more, visit blackwealthsummit.com.