Ep. 347: Making (Shelf) Space for Black-Owned Businesses

HerMoney with Jean Chatzky

Jean Chatzky Her Money

Investing, Business

4.7 • 1.5K Ratings

🗓️ 30 November 2022

⏱️ 49 minutes

🔗️ Recording | iTunes | RSS

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Summary

One of the most powerful ways to create social change is to do it with your wallet. And that’s why, on this HerMoney episode, we’re talking about how to support Black-owned businesses this holiday season. Joining us is LaToya Williams-Belfort, the executive director of the Fifteen Percent Pledge, which has called on retailers to dedicate 15% of their purchasing power to Black-owned businesses. We discuss what it really means for companies to support racial justice, and how consumers can continue to invest in Black entrepreneurs into 2023. In Mailbag, we answer questions about I-bonds and teaching investing to the next generation. In Thrive, a beginner’s guide to donor-advised funds. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	You're listening to an AirWave Media Podcast.
0:07.0	There is an idea for people who are kind of just coming to the understanding of why buying black is important or the buy black movement.
0:15.0	That the movement is centered around black consumers, right? That black entrepreneurs make products for black consumers.
0:22.0	Being committed to the buy black movement is not just for black people.
0:26.0	It is for all people and products made by black entrepreneurs have a universal appeal as well.
0:37.0	Your life, it's going to change.
0:39.0	Jobs, kids, houses, are you financially ready to enjoy the ride?
0:44.0	Visit planefe.com slash her money to schedule a free appointment with a financial advisor today
0:50.0	because you've got a lot to look forward to, but it definitely helps to be prepared.
0:55.0	Hey, everybody, I'm Jean Chatsky. Thank you so much for joining me today on her money.
1:00.0	We are right now in the middle of holiday shopping season, which is why it is the perfect time, I think, to pause for a second.
1:10.0	Think about where our money is going, what kinds of businesses we're supporting.
1:16.0	Consumers have made it very clear that we care about a company's values.
1:21.0	A recent Harris poll survey found 82% of shoppers want a brand's values to match their own values
1:30.0	and they are not afraid to vote with their wallets.
1:33.0	And we know how powerful it can be when we use our money to stand up for our values.
1:39.0	When we support women own businesses and black own businesses.
1:45.0	Black own businesses, by the way, contribute over $200 billion to our economy every year.
1:52.0	And yet only 1% of the venture capital funding in the US goes to black entrepreneurs.
1:59.0	17% of black women are in the process of starting a new business, which makes them the fastest growing group of entrepreneurs in the country.
2:10.0	But with this tremendous lack of access to funding, only 3% of those women are still running their businesses at the five year mark.
2:20.0	And this inequality in business and entrepreneurship, it just feeds into the overall wealth gap between white and black families, which has been far too great for far too long.
	...

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