by Deborah Owens
Every year the Pew Research Center comes out with a study giving us a snapshot of how wide the wealth gap is between minorities and white Americans. The fact is that the wealth is so concentrated in the top one percent that we need to focus less on race and more on socioeconomics. There are a larger number of white people living in poverty then there are black or brown people. So I’m taking race off the table for purposes of this discussion.
The fact is that wealthy people think, act and manage their finances differently, which is why they get a different result. So let’s define what wealth is– Assets-Liabilities=Net worth and a positive number equals wealth.
Secondly, the report points out that the gap was narrowing as home ownership by minorities increased however, declining real estate values have wiped out the gains by minorities.
Next, since wealth has to be created we have to become entrepreneurial minded. The same talents that we use within organizations can create scalable businesses that are sustainable and create jobs. Business owners have the highest net worth in this country.
Finally, we have to develop what I call a “wealthy outlook” or the habit of adding value, which means exceeding expectations and doing more than what’s expected. There is apathy within our community that only we ourselves can address. Doing just enough will put you in the land of not enough. Wealth is not a McMansion, Mercedes and six-figure income. Real wealth is the ability to create opportunities for others through entrepreneurship, knowledge and innovation that can be transferred from generation to generation.
Deborah Owens is a financial expert who is on a mission to engage, enlighten and equip people of all incomes to build wealth. She is a twenty-year veteran of the financial services industry and a former vice president with Fidelity Investments. She is the author of Confident Investing and Nickel and Dime Your Way to Wealth. Her latest book, A Purse Of Your Own: The Easy Guide to Financial Security was published by Simon and Schuster and has been featured on CNN, ABC News Now, PBS, The Washington Post, The New York Times and Essence Magazine. Visit her website at http://deborahowens.com