By Phillip Washington
Dallas Weekly Magazine
In today’s discussion, we delve into the pressing issue of closing the wealth gap in Black America. Wealth in business and investing exists at the intersection of faith in the future and individual passions. It is important to distinguish between the collective mindset and the individual mindset when addressing topics such as race, sex, or other classification. While the collective mindset shapes the beliefs and mindset of a particular group, the individual mindset empowers each person to claim their own power and intelligence. In this article we are discussing the collective mindset.
Belief Systems and the Evolution of Wealth
Each generation brings forth new ideas that shape the economy and solve the problems of the previous generation. This perpetual cycle of question and answer drives progress and innovation. For example, as we strive for faster and more efficient communication, we witness the evolution from telephones to email, text messages, instant messaging, and social media platforms. With each new idea comes a new form of wealth.
The wealthiest individuals in society are often entrepreneurs who bring innovative business ideas to life, along with the investors who provide the necessary capital. The combination of entrepreneurship and investment is a powerful force in wealth creation. However, it is important to recognize the coexistence of the old and new economies. The old economy relies on manipulation and debt to reshuffle wealth, while the new economy creates wealth where it previously did not exist.
The old economy, with its reliance on debt and manipulation, perpetuates a scarcity mindset. When too many individuals engage in this game, it becomes a competition for a limited pie, leading to conflicts and even wars. On the other hand, the new economy operates in a realm of abundance. Industries such as bitcoin, space, AI, Airbnb hosting, podcasting, gaming, and influencer marketing offer boundless opportunities for wealth creation.
In these new economies, barriers to entry are minimal, and individuals are primarily focused on seizing opportunities rather than being hindered by concerns of race or sex. The internet has democratized access to information, and more people than ever are participating in these new economies. However, the biggest resistance to wealth creation today lies within the individual and collective mindset. Overcoming the fear of the unknown and embracing the uncharted territory of new ideas is essential for progress.
The Power of the Individual in Closing the Wealth Gap
As we navigate the uncharted territory of the new economy, we must recognize that there is no proven path or playbook. We are writing the rules as we go along. This may seem daunting, but it is also an area where many individuals, especially black people, are excelling. The gap in Black America’s wealth will only be closed when more individuals run to the edges and actively participate in these new economies.
It is encouraging to witness the increasing number of black individuals engaging in new media, finance, AI, and other emerging industries. The momentum is in our favor, and we are living in a time when the collective world mind is becoming more open to diverse perspectives. The dominance of the old Eurocentric perspective is gradually fading, making it the greatest time ever to be Black.
Implications and Potential Impact
The implications of embracing the new economy and closing the wealth gap are far-reaching. By actively participating in the edges of innovation, black individuals can become cooperative components of the global movement forward. This movement brings not only wealth but also happiness, peace, and joy. It is an opportunity to shape the future and contribute to a more inclusive and prosperous society.
Closing the wealth gap also has broader societal implications. When individuals from all backgrounds have equal access to wealth creation opportunities, it fosters a more equitable society. It dismantles the barriers that have historically hindered marginalized communities from achieving economic success. By embracing the new economy, Black America can rewrite the narrative and redefine what is possible.
The Lesson
The journey towards closing the wealth gap in Black America requires a continued collective shift in mindset. While external resistance has historically impeded progress, the internet has provided access to information and opportunities like never before. The resistance we face today is primarily internal, rooted in fear of the unknown.
Are there still biased people in positions of power? Of course. There always will be in any majority class’s perspective regardless of race, sex, or other classification. The point is the world is moving fast towards a more diverse perspective and the perceived power of those with a eurocentric perspective is no longer as strong as most believe it to be. Those of us playing at the edges see nothing but space and opportunity. No biases out here, but our own brought in from past memories and stories passed down.
Phillip Washington, Jr. is a registered investment adviser and host of the Wealth Building Made Simple Podcast. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.