More than ever, African-Americans are having conversations about economic unity and empowerment. For black millennials, who are in the driver’s seat of economic contribution for our race, we must start executing group economics and we must start now. Here are a few things black millennials can do economically together:
Form a money “keh”
The term “keh” describes the Korean informal lending system where a community contributes to a nominal sum of money into a pool that is loaned to a single person or family to help them get on their feet. Everyone who contributes in this system receives the pool at some point throughout the lending cycle and it never ends. This system allows a community to help their own on a regular basis. Today, people can form these types of money pools online with sites like eMoneyPool that will allow you to form a community fund for virtually anything.
Invest in the stock market
Black people have a minimal presence in the stock investing world because of the huge financial requirements to make a meaningful impact. But, what if communities pooled their funds together to invest as a group? This is very possible through investment groups or clubs. Investing in stock is as simple as creating a brokerage through a discount broker like E*TRADE.
Buy real estate
Nothing is more pivotal to group economic success than ownership of the land a community occupies. In America, African-Americans have one of the lowest percentages of land ownership. Again, working together and pooling our funds together, groups of black millennials can buy up many acres of land and do whatever they wish with it.
Form partnerships and form business startups
Dame Dash said it best, “when you cop as a group, the bag is cheaper.” By “copping,” Dame is referring to a group of people forming a partnership to start businesses. The power of numbers are always visible in the entrepreneurial field. If we practiced this dynamic, there's nothing we can't accomplish in business.
Consolidate existing businesses
Another perspective of entrepreneurial partnerships is consolidation where two businesses merge to form an empire. The benefits are immense when experts can unite to build a larger company that will create more revenue opportunities.
