Irie Inspiration

By Makeda White. Read full article @ Bet.com

Kevin Cohee explains how Black people can build wealth to last for generations to come.

Previous and current forms of systematic racism have crippled the Black community’s potential for growth causing the average Black family’s net worth to be 10 times less than the average white family. As the nation’s largest Black-owned bank, OneUnited Bank has decided to address this issue head on with the #OneTransaction campaign. The campaign focuses on the six areas of financial “transactions” that can lead to bonafide wealth.

The six transactions include drawing up a living will, obtaining life insurance, running a profitable business, having savings, making investments, and improving your credit score.

Accompanying the campaign will be a free virtual conference led by some of the nation’s best financial educators; Tiffany “The Budgetnista” Aliche, ABC’s Shark Tank Daymond John, founder of the #BlackoutDay2020 Calvin Martyr, and many more. The conference will take place on Sat. June 19th at 1 pm to commemorate Juneteenth, a day symbolizing Black liberation in which Black people are taught effective ways to gain their financial freedom.

BET.com talked to the CEO and Owner of OneUnited, Kevin Cohee, who explains how making these transactions a part of your life can help you achieve your financial dreams and build the kind of wealth to sustain you, your family and future generations to come. 

RELATED: ‘Shark Tank’ Judge Daymond John Finds Unique Way To Celebrate The Future Of Black Businesses

BET.com: How does the One Transaction Campaign work?

Kevin Cohee: We’ve identified the six transactions that a person needs to understand in order to be motivated to engage in one or more of those transactions as a way to systematically increase their net worth. The idea is to go beyond just talking about it.

How do we get there? We get there by people knowing what they need to do to build their net worth. Building their net worth is not something that one needs to guess about. It can be done systematically. The things that you need to do will be a part of the conference that we are putting together. Now that being said, the teaching part is exactly what is needed, not the selling.

For instance, if you ever had anyone try and sell you insurance, you know that it can be very difficult to understand what the person is talking about, and you ask yourself, ‘can I believe the person?’ and ‘is the person leading me to the right decision or not?’ This information is not about selling; this is in plain English and in simple and easy-to-understand terms explaining to you what these things are. What is insurance? How do you actually buy a home? How do you think about a multi-family home? Is having your own business a reality? What are the opportunities for new business ventures? Read full article @ Bet.com