Wealth gap between blacks and whites has widened to a 24-year high. 6 tips to help close the gap

Share this!


Here are some simple ways you can help create wealth for your household:

Here are some simple ways you can help create wealth for your household:

The wealth gap between black and white households has widened to a 24-year high, according to new figures from the Pew Research Center. The median wealth of black households dropped to $11,000, a 34 percent drop from 2010 to 2013, while the median wealth of white households grew to $141,900. That’s 13 times higher than black households. Here are some simple ways you can help create wealth for your household:

  • Track your spending. Write down everything you and your family buys, no matter how insignificant. After a month of dedicated tracking, you will see how much is going out, and what you need versus impulse buying.
  • Can your change. Each day, put your extra coins in a jar with the lid glued (sans the coin opening). At the end of the year, open it and see how much you have saved.
  • Cut the credit. Find the credit cards with the highest interest rates, and pay them off first. Also consider moving those balances to a card with a lower interest rate. After you’ve paid them off, put the same monthly payment into a savings account.
  • Increase your income. With mounting bills, especially after the holidays, think about taking on a second job.  Be creative and think about what you can do to earn extra money.
  • Join food co-ops.  To cut your food bill, consider a co-op that supplies meat, cheeses, produce, bulk items and more. New York has hundreds of co-ops, depending on your location and budget.
  • Find frugal fun. Entertainment is a big expense for many households, so find more cost-effective or free ways to have fun. Get rid of cable and switch to internet accessed services like Netflix or Hulu. Instead of the movies, rent new releases from Redbox.
Share this!

Leave a Reply

Your email address will not be published. Required fields are marked *