black people and money

Dr Boyce Watkins: Should black people only do business with other black people?

Dr Boyce Watkins: Should black people only do business with other black people?

One mistake we can make as black people is assuming that building a Black Wall Street means not doing business with other communities. This is a grave mistake, since it means that you’re not receiving the benefits of participating in a global economy.
 
The goal, when you start your business, is not to isolate yourself entirely. In that case, you become like North Korea, a nation that is both impoverished and not connected to much of anything. Instead, your goal is to develop SOVEREIGNTY. This means that you still connect with the world in a meaningful way, but you’ve got your own economic base that belongs entirely to you, sort of like the way China owns a piece of everything, but you will never own all of China.
 
The biggest challenge for black people is that everyone owns us and we own very little of ourselves. So, to reach our economic destination, we must retake ownership of that which is ours, and then own a piece of other parts of the world. This means that, in the next generation, our children will be investing all over the globe so that they can engage in global trade and influence.
 
Investing around the world is not a matter of trying to dominate other people or selling out. It’s one of the standard principles of financial diversification. This allows you to protect your wealth by having a broad range of economic interests such that if one investment goes south, you’ve got others to protect you. Also, rather than constantly competing against the economic successes of other communities, you are benefiting from their prosperity as well as your own.
 
International investing and partnerships should be a critical component of our community’s economic future. This future will be bright for those of us who educate our children, all we have to do is try.
Dr Boyce Watkins is a Finance PhD and founder of The Black Wealth Bootcamp.  To join his course, please visit BlackFinancialLiteracy.com. 

black people and money

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