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By: Portia M. Wood, Esq.
Introduction:
The foundation of any strong financial plan is a well-structured budget. But for Black and Brown communities in the United States, budgeting isn't just a tool—it's a crucial step towards bridging the racial wealth gap.
The Stark Reality of Racial Wealth Disparities:
Recent studies have painted a concerning picture of wealth disparities in the U.S. In just over a generation, median Black and Latino households saw their net worth decrease by 75% and 50%, respectively, while median White households saw their net worth increase by 14%. This has resulted in a wealth divide where the median White household has over $115,000 more than Black and Latino households.