Financial Fridays: Mindset and Money Tips from Coach Colette and Sukhtej Singh

Did you know that Black-owned businesses have created over 1 million jobs and generated over $165 billion in revenue? As we're still celebrating Black Business Month, we continue our history lesson on Black entrepreneurship in the US. Black Americans have a long and rich history of entrepreneurship. Within two decades of the abolition of slavery, Black people established several thousand successful businesses that thrived in exclusively Black communities, such as the Black Wall Street of Tulsa, Oklahoma. In this week's Financial Friday episode, we explore the barriers to Black business ownership. For example, a recent study conducted by a team of researchers from the National Community Reinvestment Coalition, Utah State University, Brigham Young University, Rutgers University, and Lubin Research found that banks were three times more likely to request follow-up appointments with white business owners than better-qualified Black business owners, and the Black business owners were subjected to far greater personal and financial scrutiny compared to their equal or less creditworthy white counterparts. Coach Colette also discusses how Black entrepreneurs have been innovators in the use of technology and social media to grow and scale their businesses. In the Unplugged segment, Coach Colette discusses duality and intersectionality. In one week, we experienced the historic moment of Senator Kamala Harris being nominated for Vice President. We also recognized Black Women’s Equal Pay Day, which marks the fact that Black women on average earn just $.62 for the $1.00 that an average white man earns in the US. It takes an extra 8 months and 13 days to earn the same amount. These two instances show us how far we have come, and at the same time, how far we still have to go.  If you enjoyed this episode, why not share it on Instagram and tag @coach_colette! She’ll be sure to share your comments and big takeaways on her Instagram Stories. Or, tweet your thoughts to @Coach_Colette. If you'd like to ask a question or make a topic suggestion, send us a message here. Thanks for listening; and please make sure to give us a review on iTunes, Spotify, Stitcher, or wherever you listen.