This post may contain affiliate links, allowing us to earn a commission on the products we would recommend to our families and closest friends. You can find more info on our Legal Stuff page.
There’s no denying that society still has numerous challenges to overcome, and some of those come down to a person’s skin color. It’s no secret that there’s a significant wealth gap between white and non-white people, and it’s something that isn’t going away soon.
Still, it’s not all bad news. Society has come a long way in the past few decades, and there are now more opportunities for non-white people to enjoy the same benefits that white individuals have.
One question you’re likely to have is, how can you build wealth in a society that’s still filled with equality? The following are some actionable steps you can take:
Work for Companies With Proven Equal Pay Policies
It might seem like closing the racial wealth gap is something of a pipe dream if you happen to be an African American or Latinx living in present-day North America. However, what you might find surprising is that more companies have proven equal pay policies.
What that means is employees doing the same jobs within a business get paid the same irrespective of factors such as their skin color, gender, or age. According to an article by Fortune, firms such as Adobe and Starbucks have now achieved full pay parity.
They aren’t the only examples, of course; they’re just two of the best-known brands that have taken steps to pay employees the same salaries according to their job titles.
Start a Business
If you have an entrepreneurial spark inside you, one way to build wealth as a person from a minority group is by starting a business. Running a company is a great way to put your product or service ideas into action and build your wealth.
It’s also worth noting that starting a business also means you can help foster positive change in the 21st century. For example, when you hire people to work for your firm, you can create a diverse and inclusive working environment and promote fair policies like equal pay.
Starting a business is something you can easily do, and if you need to finance your startup, it’s possible to look to outside investment for help. Alternatively, you could research local business grants and low-interest loans to help you get started.
Invest in Real Estate
Lastly, another practical step you can take to grow your wealth is by investing in real estate in your local area. Property is one of the oldest ways of gaining regular returns on investment as everyone obviously needs somewhere to live!
Of course, you can also use your real estate investments as a way of helping to bridge the racial wealth gap. For example, you could create a real estate investment company whose aim is to provide affordable housing to people from ethnic minorities.
Collaborating with other like-minded investors means you can promote real change in your community and build your wealth simultaneously. You and any fellow investors can be a catalyst for ending housing segregation and creating a fairer society for all.
Comments (0)