5 Ways to Support the Black Community Through Your Spending
James Zahansky, AWMA®
Principal/Managing Partner, Investment Advisor & Chief Goals Strategist
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.
As we celebrate Black History Month, it’s a great time to consider how you can be mindful and make a difference to the Black community through your spending all year long.
Buy from Black-Owned Businesses
Around two million businesses are Black owned, with even more community members selling their goods or services as a hobby or side hustle. 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.
We at Weiss, Hale and Zahansky (WHZ) did just that this holiday season, by making the decision to purchase gifts for colleagues and clients from black-owned businesses. It was a wonderful and easy way to give even more meaning and impact to our gift giving and to the holiday season.
Purchase Books from Black Authors
This is a great way to support Black authors and voices and in some cases to also gain new insight into the Black experience. 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. At WHZ, we provide scholarship support to help underprivileged Black children experience summer camp at the Hale YMCA in our local community.
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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.
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.
At Weiss, Hale and Zahansky Strategic Wealth Advisors we pride ourselves on our commitment to helping others to Live Well – not just our clients, but the wider community as well, including through a strong commitment to diversity, equity and inclusion. None of us can live to our fullest potential without helping each other and helping those that may need more to reach opportunity. That's why we're committed to serving our community – the whole community – so that we can all Live Well together. To learn more about our mission and values, including our commitment to diversity, equity and inclusion, visit our website.
Presented by Principal/Managing Partner James Zahansky, AWMA®. Securities and advisory services offered through Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Adviser. These materials are general in nature and do not address your specific situation. For your specific investment needs, please discuss your individual circumstances with your representative. Weiss, Hale & Zahansky Strategic Wealth Advisors does not provide tax or legal advice, and nothing in the accompanying pages should be construed as specific tax or legal advice. 697 Pomfret Street, Pomfret Center, CT 06259, 860-928-2341. http://www.whzwealth.com.