How and where you choose to spend your money is a surprisingly powerful thing. Every day you make a choice in who your spending supports - small businesses versus big box stores, charities or organizations that fund important causes, locally-owned restaurants or national chains, organic produce or non-organic produce, the list goes on and on.
With that being said, one mindful way to support the Black community is through your spending. Here are five ways that you can make a difference and show your support.
Buy from Black-Owned Businesses
Support Black individuals’ creative and business endeavors. Around two million businesses are Black-owned, with even more community members selling their goods or services as a hobby or side hustle.1 Start your search locally and see if there are businesses or local artists that you can support in your area, but feel free to look online for goods or services available elsewhere as well.
If you are looking for a new restaurant, there are online resources, such as EatOkra, that can help you find Black-owned restaurants in your city.
Purchase Books from Black Authors
Buy books by Black authors. Whether you’re interested in hearing about our nation’s history from a different perspective or you enjoy a more casual read, there are plenty of options available. Book cataloging websites like Goodreads offer filtered lists to find books by Black authors.
Donate to Black-Centered Organizations
If charitable contributions are a component of your financial plan, consider donating to organizations focused on protecting and bettering the Black community. As you consider which may be right for you, use third-party checkers like Charity Navigator to determine an organization’s validity.
Consider Investing in a Black-Owned Business
Only about one percent of Black business owners obtain a business loan in their first year of business. By comparison, about seven percent of white business owners do. Furthermore, only 18 percent of Black business owners report receiving assistance when filling out an application, compared to a reported 58 percent of white business owners.2
Black business owners are put at a disadvantage from the start, meaning they must often use other means to fund their business - like racking up credit card debt, pulling from their savings or asking friends and family for financial assistance.
If you’ve been looking for an investment opportunity or a new business venture to fund, you may want to consider working with Black business owners in your area. The decision to invest in a business shouldn’t be taken lightly, and you’ll want to work with your financial professional to determine if this is the right move for you.
Buy from Businesses that Support the Black Community
When shopping online or in your area, research brands and companies first. You may find that some businesses donate a percentage of proceeds to important social justice causes. If you were going to buy a product anyway, focusing your spending on companies like this can be an easy way to support an important cause.
As you spend, be mindful of where your money is going and what you’re doing to be an active uplifter of the Black community.
This content is developed from sources believed to be providing accurate information, and provided by Twenty Over Ten. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.