JPMorgan is using the Advancing Black Wealth Tour to promote financial literacy | Job Binary

JPMorgan Chase brings its Advancing Black Wealth Tour to Philadelphia on October 8, 2022.

Photo: Stephen Siu Taylor and Salim Weldon of Stephen Taylor Photography

A new attempt JPMorgan Chase trying to help close the racial wealth gap.

The bank’s Black Wealth Development Tour, launched this spring, aims to give participants the tools they need to manage their finances and build lasting wealth — even with the threat of a possible recession on the horizon.

The most recent tour stop was in Philadelphia earlier this month. Previous stops included Los Angeles and New Orleans. More events are planned for 2023.

“Looking at the black community historically, there has been a very significant gap in terms of awareness of how to grow wealth,” said Justin Grant, executive director of JPMorgan’s Advancing Black Pathways Education and Training Program. The tour is a collaboration between Advancing Black Pathways and local Chase bank executives.

“We want it to be actionable,” Grant said. “We don’t want to just talk to people, inspire them, and then they go away and forget everything. We give them very constructive tools and resources so they can take what they learn and act on it.”

The racial wealth gap describes the gap in wealth between black and white households in the United States. It’s important: According to the Federal Reserve Bank of St. Louis, in the first quarter of 2022, a black family owned 24 cents for every dollar of white family wealth.

William A. Jr., director of Duke University’s Samuel DuBois Cook Center for Social Equity. Combined, racial wealth is worth at least $14 trillion, according to Darity. The gap has grown to $11 trillion in 2020 due to the disruption of the Covid-19 pandemic, he said.

Business efforts to bridge the gap

JPMorgan’s Black Wealth Development Tour is part of the bank’s $30 billion, five-year commitment to empower black and Latino communities by 2020. Other elements of his plans include expanding mortgage and banking access for underserved communities.

From October 2020 to the end of 2021, JPMorgan has spent or allocated more than $18 billion to this end.

The bank is one of several large companies has made similar commitments to closing the racial wealth gap in recent years. Here are some of them:

  • Salesforce Sponsors the National Black Business Month Block Party Summit, which offers panels and discussions on building and scaling black businesses. In 2020, the software giant committed $410 million to efforts to address racial inequality and announced in September that it had met its goal of doubling black representation in U.S. leadership positions by 2020.
  • Microsoft launched the Black Partner Growth Initiative Accelerator in January to support black tech companies and entrepreneurs and committed to spending $500 million with black suppliers by 2025.
  • Walmart commits $100 million to address “systemic disparities” through its Center for Racial Equity. In 2021, it announced a partnership with C2FO to provide early payments to Black and various Walmart suppliers to help them increase working capital and expand their businesses.
Black homeownership declines 3% since 2000 as racial wealth gap widens

Darity, founding director of the Network for the Study of Racial and Ethnic Inequality at Duke, said such business efforts can help the black community, but closing the racial wealth gap will require a multifaceted approach that includes direct federal action.

Get ready for the “feast after the famine”.

JPMorgan Chase brings its Advancing Black Wealth Tour to Philadelphia on October 8, 2022.

Photo: Stephen Siu Taylor and Salim Weldon of Stephen Taylor Photography

Bank executives and financial influencers shared the stage Saturday morning and gave insights to more than 300 people during a recent Black Wealth tour stop in Philadelphia. Many of the presentations focused on how participants can preserve and build wealth even in difficult economic times.

“Since the beginning of time, whenever there was a famine, there was a feast after the famine,” said financial coach Lynn Richardson in one of the first sessions of the day. “We have to be ready for the future, whether it’s in storage, whether it’s in real estate, whether it’s in other investments.

In another presentation, Milan Harris, founder and CEO of clothing brand Milano Di Rouge, shares her entrepreneurial journey. His company started with a single shirt in 2012 and has grown into a retail outlet, an online store and a streetwear brand with millions in sales, according to the company’s website.

“If I sleep with a purpose, I wake up with a purpose,” Harris told the crowd. “I want you to see a young black girl in the ‘hood and know that if I can do it, you can do it too.

Here are six financial solutions to help close the racial wealth gap

Financial influencer Ian Dunlap, also known as The Master Investor, has focused on the power of investing and building wealth for future generations. Dunlap urged the audience to diversify their finances to protect against potential economic downturns.

“You want to have access to the four main investments that you want to be,” he said during the session, encouraging participants to create their own investment portfolio.

Dunlap told CNBC that his goal is to break down barriers between black investors and institutions.

“I want to build a financial supply chain,” Dunlap said. “If we want to have financial freedom and financial literacy, where do we take our money after we earn it?

“I want to restore the relationship between the client and the bank or institution,” he said. “I think we’re pretty broke. The big long-term win from the institutional side is to have a bigger client base that’s more loyal. Less anxiety and worry for the investor.”

More than personal finance:
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Your “personal inflation rate” will vary depending on where you live, among other factors
Even with inflation and recession, there are opportunities to build wealth, top advisers say

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