African American Income Disparities has gained widespread attention over the last decade in many publications. The root of the problem of income disparities may be solved by creating an early track for financial empowerment for future generations. Mr. Earl Graves of Black Enterprise in the past has called upon all African Americans to make a declaration of financial independence and to become homeowners by the age of 25. I agree with Mr. Graves’ philosophy and I was fortunate to become a homeowner at the age of 25. Home ownership is one of the major areas where we can make a dent in the income gap that we currently have compared to other groups.
I would also encourage all African Americans to begin to cultivate financial literacy in their offspring at an early age. Percy Sutton made a statement that affected my life at an early age; he stated, “we don’t grow up in a of business.” He also said, “All of my life I have had access to people of ability, but I did not have access to capital, I believe anything is possible in life if one has access to capital and people of ability.” His statement encouraged me so much that I begin talking to a few co-workers about opening the Haircut Hut Barbershop Franchise, I immediately responded “ let’s get some investors.” Oftentimes, in life what we can’t do alone we can do together as a team. Business often needs different mindsets, skill sets, and people with different financial means to get a business off the ground. (Huffington Post)