Coming In 2021
"$2DUBS"
[pronounced: Dollars to DUBS]
THE NAKED TRUTH
- Over 70% of the property renters live at or below the federal level of poverty
- Over 30% of the home owners live at or below the federal level of poverty
THE OBJECTIVE
- Youth will gain an opportunity to invest in their future
- Youth will invest 2.5% OR 5% of their earned stipend every week into a interest bearing account
- Youth and parents will interact with peers and professionals to discuss how money works through "compounding interest" and other vehicles.
- GCP and selected premiere banking partner will host fun and engaging activities throughout the year to reinforce financial management concepts for youth and parents
Changing the culture of the community means changing how we think. It cost MORE to live in poverty because of poor financial choices
THE GOAL
- Youth will have an opportunity to reinvest their money annually OR take their funds out
- At the end of a 3 year period teens will receive a substantial Return On Investment (ROI) (over $1000.00)
- Program will launch in 2021. Find out more by contacting us!
what it means to be underbanked and african american
A lack of access to financial services is not just a symptom of the racial wealth gap; it is also a cause. Without the ability to affordably save, invest, and insure themselves against risks, many black families struggle to translate the income they earn into wealth.
How well and long we live
Our decision making processes
The exposure and opportunity we experience in life
The difference between financial success and failure is a choice, but, without proper understanding, we live only for today and tomorrow never comes.
How well and long we live
Our decision making processes
The exposure and opportunity we experience in life
The difference between financial success and failure is a choice, but, without proper understanding, we live only for today and tomorrow never comes.
knowledge is power
.The truth of the matter: Poverty is the greatest threat to a productive life for any race.
Through the course of history, select policies and practices have undermined the financial inclusion of black people to obtain wealth including:
Through the course of history, select policies and practices have undermined the financial inclusion of black people to obtain wealth including:
- Corruption: 1874 - The Freedman Savings & Trust Company was a private corporation chartered by the U.S. government to encourage and guide the economic development of the newly emancipated Negro communities in the post-Civil War period. A series of increasingly speculative investments caused the bank to take on bad debt by 1873, authorized by Congress, which cause caused the banks failure, undermining trust for generations to this day
- Insurance discrimination of 1881: Insurance companies practice explicit discrimination by declaring that policies held by black customers are worth 1/3 that of similar policies held by whites, undermining trust in black communities
- 1921 Black Wall Street: A vibrant community of black owned businesses in Tulsa Oklahoma were destroyed when mobs of white residents, many of them deputized and given weapons by city officials, rioted resulting in two days of bloodshed and destruction. The area had been considered one of the most affluent African American communities in the United States for the early part of the 20th century.
- Social Security Act of 1935: Provides a social safety net for millions of workers but excludes occupations predominantly filled by black workers. The National Labor Relations Act inherently permits unions to exclude people of color from collective bargaining
- 1934 Redlining: The systematic practice of excluding black homeowners from mortgage lending, formally begins with the passing of the National Housing Act. More than 98% of 120Billion goes to white home owners between 1934 - 1962. It also keeps blacks from owning properties in desirable neighborhoods
- Welfare Reform Policies: From 1969 to present, welfare policies exacerbate the racial wealth gap of primarily black families through over exclusionary policies, by stigmatizing black poverty through lens such as The Welfare Queen, and by the shift of responsibility from federal to state management.