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

Did you know that in 1965, 100 years after Emancipation, black Americans were more than 10% of the population, but held less than 2% of the wealth in the US, and less than 0.1% of the wealth in stocks? Or that in 2016, the average black American family had total wealth of $17,600, about 1/10 the wealth of the average white American family,  which stood at $171,000? It's been estimated that it could take 228 years for black Americans to reach the level of wealth white American households enjoy today.  In this week's Financial Fridays, we explore racial economic inequality, which has primarily been the result of long term investment in some communities, and a lack of investment in others. There have been exclusionary policies and strategies such as limited access to federal mortgage lending and redlining. A study by The Guardian in 2018 showed that minority owned businesses grew 400%. They found that 38% of black-owned businesses were female-owned, which is actually higher than the average of 23%, among all other small business owners. Yet the study showed that minority-owned businesses received lower loan amounts than non-minority businesses. On this week's episode of Unplugged, Coach Colette speaks about racialized trauma. She discusses a theory developed by Resmaa Menakem, who is a therapist and trauma specialist based in Minneapolis, MN. It's called the HIPP Theory; and it stands for historical, intergenerational, persistent institutional, personal traumas. What Resmaa suggests is that it's often so coupled together, that we can't tell the difference. The only thing we notice is the overwhelm. Coach Colette shares some tips to help get some relief and release from our different traumas.  How have you been processing and dealing with your HIPP trauma? If you'd like to share your responses or thoughts, send us a message here. 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. Thanks for listening and please make sure to give us a review on iTunes or Spotify or wherever you listen.