“Disrupting Wealth Disparity” - Closing Black Family Wealth Gap

Southern Soul - Live Stream

Apr 14 2022 • 53 mins

“To me, developing a positive relationship with money means overcoming financial trauma,” explains Yolanda Mukombe, MBA of YGM Consulting. In today’s episode, host D-Rich, Yolanda, and Steve Canty of Canty Insurance, sit down to talk about wealth disparity and how to close to Black family wealth gap.

Black families have long been left out of financial institutions such as banking and home ownership. Throughout history, they haven’t been able to acquire the same equity as white families and have since been left to catch up. According to the panel, learning how to make your money work for you can be the difference between a traumatic financial situation and security. While learning how to navigate financial systems such as loans, life insurance, and mortgages can be overwhelming, it is a crucial step towards building generational wealth and closing the racial wealth gap.

Join Yolanda Mukombe and Steve Canty on this week’s episode of Southern Soul Live Stream - Podshow as they shed light on the issues surrounding wealth disparity in Black communities. Learn more about the importance of building equity, homeownership, and life insurance so you can begin to make your money work for you.

Quotes

• “It's easy for me to tell other people how to do it. But my God, when I was in the middle of it, it felt so difficult. And having that experience really opened my eyes to having compassion to help people navigate through financially traumatic situations.” (5:45-6:03 | Yolanda)

• “I try to help people rebound from financially traumatic situations, develop a plan, and then start to plan in preparation for kids. Even if nothing chaotic never happens, it is so much better to have a plan in place. Just like you have life insurance, or insurance on your cell phone, or your car,  you need to have insurance on your financial security so that you can pivot if something does happen.” (7:40-8:04 | Yolanda)

• “Developing a positive relationship with money, means to overcome financial trauma. Instead of your money telling you what to do, you are in control of your money.” (10:33-10:47 | Yolanda)

• “We’ve been locked out of a lot of the financial vehicles that allow us to build equity that we can transfer to future generations.” (22:47-22:57 | Steve)

• “Life insurance is critical. And people really need to not be shy or be embarrassed about what they don't know. If you can let your hair down, you can learn something new” (30:13-30:31 | Steve)

Links

Connect with Yolanda Mukombe, MBA::

Schedule a FREE Consultation with Yolanda at: https://calendly.com/ygmconsultingllc/consulting-session-special

Create a positive relationship with money with Yolanda at: https://ygmconsultingllc.com/

Connect with Steve Canty:

Website: https://cantyins.com/

Facebook - https://www.facebook.com/stevesmyagent/

About with Southern Soul Live Stream - Podshow

Witty, thought-provoking, and uplifting, Southern Soul Livestream - Podshow is the program that you’ll invite friends over to watch every week, where you’ll learn about fascinating speakers and get to share in their exciting experiences. Tune in each Thursday at 8 pm eastern to connect with guests from across the generations and to laugh with our "cast of characters," hosts who are as charming as they are talented!

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