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The Power of the Black Dollar

Anthony O. Kellum

Anthony O. Kellum – CEO of Kellum Mortgage, LLC Advocate for Access to credit, Speaker, Author NMLS # 1267030 NMLS #1567030 O: 313-263-6388 W: www.Kellumortgage.com

The spending power of the Blackdollar stands at a staggering $1.7 trillion, reflecting immense potential forcommunity growth and economic empowerment. This financial strength, however, isunderutilized, prompting a crucial need for increased and unconditional supportwithin the African-American community. In other words, black people mustsupport each other. The underrepresentation of support for Black-ownedbusinesses becomes a hindrance to community growth. It is time to recognize thepower that lies within our community's economic choices and address thecancerous mentality that hampers our progress. Supporting Blackbusinesses is neither racist nor revolutionary. It should be viewed as acommonplace and essential practice, straightforward and proven over time.However, it is often overlooked, downplayed, or portrayed as radical. By simplyembracing,  and prioritizing buying fromBlack-owned establishments can bring collective benefits to everyone.

The Economic Disparities:

Black households face economicdisparities, earning nearly seven times less than their white counterparts. Tobridge this gap and uplift the community, it is essential to recognize thetransformative potential of supporting Black-owned businesses. By fosteringentrepreneurial ventures, we create a path for black individuals to improvetheir economic and social standing, rather than disparaging the buy black “movement”,it should be seen as an activist form of capitalism.

Spending Power:

In 2021, the spending power ofBlack Americans reached a record $1.6 trillion, representing 9% of the nation'stotal buying power. This immense financial resource, when redirected toBlack-owned businesses, has the potential to elevate entire communities. Realestate, a significant component of wealth-building, plays a crucial role inthis process. Investing in Black-owned properties not only supports individualentrepreneurs but also contributes to closing the racial wealth gap over time.

Empowering Black-Owned Businesses:

Supporting Black-owned businessesis a strategic move toward achieving equality. According to a survey, 58% ofBlack adults believe that "buying Black" is an extremely or veryeffective strategy for advancing Black people. Choosing to spend within ourcommunity is a powerful statement that goes beyond economics; it signifiessupport for black pride, unity, and self-determination.

The Role of Black Entrepreneurship:

Black entrepreneurship emerges as atool for survival in a world where systemic challenges persist. By overcomingodds and supporting Black-owned businesses, we pave the way for a thrivingfuture. This paradigm shift, although intimidating to those benefiting from thestatus quo, promises positive change for both the business community andfamilies.



Building a New Generation:

Supporting Black-owned businessescontributes to the cultivation of a new generation. Through this initiative,young black children can grow up in communities with successful entrepreneursas role models, fostering an environment where everyone has a fair chance atsuccess. It is a collective effort to break free from detrimental narrativesand build a legacy of prosperity and empowerment.

In Summary:

The power of the Black dollarextends beyond mere transactions; it holds the key to community growth,economic empowerment, and the eradication of systemic disparities. Redirectingthis immense financial resource towards Black-owned businesses, especially inreal estate, serves as a catalyst for change. By supporting each other, wedismantle the cancerous mentality that impedes progress and lay the foundationfor a future where everyone can thrive. The economic influence of a $1.7trillion spending capacity equals the combined gross domestic product ofMexico, Canada, and Italy. It is now imperative for the Black community toinitiate a transformative change in our financial habits, emphasizing thecrucial significance of investing in ourselves. Prioritizing self-investmentinvolves directing our spending towards initiatives that directly contribute tothe prosperity of Black households, fostering the transfer of wealth to futuregenerations. Recognizing sustainable homeownership as the primary means ofwealth creation for the majority of Americans further underscores theimportance of this financial strategy.

Property is Power! is a movement to promote home and community ownership.

Studies indicate homeownership leads to higher graduation rates, family wealth, and community involvement.