Eugene Mitchell and New York Life are creating $50 billion in Black wealth
If Black lives matter, then Black wealth should certainly matter, too.
That's the motto that
Since 2011, Mitchell has been on a mission to create wealth -
"We are on mission to create
Mitchell continued: "Without economics, without college saving plans in place, without down payments for new homes, folks struggle to move to the next level. What we've put together is a community empowerment plan that's about financial literacy."
Mitchell said that leveraging financial tools to really make a difference is what's important.
The equation is quite simple: multiply 200,000 families by
Instead of thinking of life insurance as just a means to cover funeral expenses, Mitchell urges Black families to consider life insurance as protection and an investment for future generations.
Mitchell based his plan on four principles: Protect what you own and those you love; prioritize financial goals; plan for major life events; and pass on assets to individuals and institutions you care about.
"We're not only trying to create wealth, but to spend it in the right place; to build upon it and protect it and leverage it for the future and pass it on, so that money is never an issue," said Mitchell. "Knowing collectively that we've created
McSween, who served as the treasurer of the
"So, it made me think about valuing my life. If someone got on the bus and was acting up, it taught me to move to the other side, for example," he said. "You tend to take better care of yourself, your children and your family and make better decisions, when you know you're worth a million dollars or more."
Other races, particularly Whites, inherit their wealth, most through life insurance payouts, he said.
"You really can't work your way to wealth, you have to invest your earnings somewhere," said Mitchell. "It's time to consider tools like life insurance, as well as, looking at places where we can find money to invest."
Mitchell continued: "We could empower ourselves, and send more kids to school, create endowments, lessen crime and create more home ownership, collectively."
Buying life insurance isn't a government handout, or someone else doing for the community, Mitchell said.
"It's us, getting ourselves together with what we have," explained Mitchell. "To teach our children better, to act better ourselves, and to use these tools that are readily available that have been underleveraged in our community, so that we can raise expectations and create a new legacy for generations to come."
Quite simply, life insurance isn't a lottery ticket, Mitchell stressed.
"We can insure our parents, ourselves and our children to build this within our own families. By getting our mindset and spending habits right, we can start setting up college savings plans and down payments for homes like others," he said.
Mitchell explained: "If you had inherited
Already, after just six years, the plan is nearing its goal.
In 2016 alone,
"The NNPA forthrightly salutes
Mitchell and others, including
"The
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