00:01Hi there, Invested Inquiry Institute. This is Lauren Simmons from Money Diaries. How can I help you?
00:09Hi, Lauren. Mallory here. I was reading an article about the Juneteenth holiday coming up, and a question popped up.
00:16Is Juneteenth connected to the racial wealth gap that we see today? What happened?
00:21Well, Mallory, many things. How much time do you have?
00:32Juneteenth is a holiday celebrated to commemorate the emancipation or freedom of enslaved people in the U.S.
00:40Despite the Emancipation Proclamation being issued in 1863, it took two whole years after to free every enslaved person in
00:47America.
00:48On June 19, 1865, federal troops finally freed the last enslaved Americans in Galveston, Texas. This is now Juneteenth.
00:57Right away, the Black community began organizing, forming mutual aid societies, and eventually creating Black-owned banks.
01:06Places like Weeksville, Brooklyn became thriving centers of commerce and culture where Blacks owned land and established communities.
01:14But this wasn't without opposition. All around the country, Black people were blocked from exercising their right to vote and
01:21from certain career paths.
01:22Laws were passed that prevented White businessmen from selling property to Blacks.
01:27This era of marginalization lasted for decades, creating the racial wealth divide that we see today.
01:33What does that mean?
01:35I mean, from systemic loan denials, federal redlining of neighborhoods, Black people were aggressively denied the right to cultivate wealth
01:42for their families.
01:44Does that still affect Black people today?
01:45This created systemic segregation and a snowball effect of poverty that's still felt to this day.
01:51I was afraid that was the case.
01:53Well, we can't change history, but what can we do to avoid it from repeating itself?
01:59There really is no easy answer, but remember, money talks.
02:03If and when you invest, focus on choices that support Black-owned or led corporations, or businesses that help disenfranchise
02:11communities in a tangible way.
02:13CSR refers to initiatives that tackle environmental and social issues that positively influences the community and its shareholders.
02:21Be conscious of where you spend your money daily instead of getting your coffee at a corporate chain.
02:26Why not support a local Black business?
02:29That's an easy change for sure.
02:31I think I'm in one now.
02:32Okay, Mallory, that was a lot of info.
02:35So let's just quickly review some of those terms.
02:38The difference in assets among various racial and ethnic groups reflecting disparities in opportunities and resources.
02:45Are their executives diverse?
02:47Do they align with your values?
02:49If they are a public company, do they have any board members who are Black?
02:53A form of private business regulation which contributes to societal goals.
02:58At the end of the day, invest in companies that you believe in.
03:01When you do, it ends up positively impacting the community and those around you.
03:06Thanks for going through this with me, Lauren.
03:09A tough history for sure.
03:11But with an awareness of it combined with mindful daily decisions will only help Black and Brown communities going forward.
03:17And that's exactly right, Mallory.
03:19Take care and I want you to give us a buzz anytime for any other questions.
03:23Bye.
03:27People of color have shown year after year that we shape the zeitgeist of culture, art, and politics.
03:33Let's redirect that same influence and power to grow collective Black wealth.
03:37Your money holds the power.
03:39But in keeping with the spirit of Juneteenth, remember, true wealth comes in the form of freedom.
03:45So, you know what?
03:46I got to take this.
03:48Until next time.
03:50Hello, Invest in Agree Institute.
