OneUnited Bank, the largest Black-owned banking institution in the U.S., is running the #OneTransaction campaign. For its work to empower Black Americans and close the wealth gap, the campaign aims to help people make a life-changing, "strategic transaction" that will ultimately appreciate over time.
"We call it the One Transaction program because in today's dollars, that gap, even though it seems significant, it's really not that significant, and a single well-executed transaction can close that gap," Kevin Cohee, CEO of OneUnited, told Cheddar.
According to figures from the Federal Reserve, on average white Americans hold ten times the net worth of Black Americans at approximately $171,000 compared to just $17,000.
Examples of life-changing purchases, according to Cohee, include home buying, stock investments, and insurance. He also suggested that Black families take time to establish their last will and testaments as only "28 percent of Black families" have them.
OneUnited is set to hold a virtual conference that will act as a guide for those looking to change their financial situation. The conference will focus on teaching techniques to build net worth and how to earn multiple streams of income so families are able "to not just survive but to thrive in our society."
The goal of the program, Cohee said, is to normalize conversations about money and wealth building among Black Americans.
"This initiative is a systematic approach that really works. We're not guessing about this. These are the transactions you need to know how to do in order to build net worth," he added.
Neiman Marcus Group CEO Geoffroy van Raemdonck talks luxury shopping and TikTok, why the company prefers to be private for now, and the benefits of flexible work arrangements.
Rebecca Walser, founder and CEO of Walser Wealth Management, discusses how geopolitical conditions, the bifurcated economy, and other volatility could weigh on markets.
The video announcement Friday came after weeks of speculation spread on social media about her whereabouts and health since she was hospitalized in January for unspecified abdominal surgery.
Chip Giller, co-founder, and Amy Seidenwurm, Chief of Programs and Strategy at Agog: The Immersive Media Institute, discuss how the organization uses the virtual world to make real change.
Luminary founder and CEO Cate Luzio shares some of the company’s latest Women’s History Month events and why there’s so much to celebrate about women in the workplace.
WSJ reporter Ray Smith breaks down why more companies are offering ‘dry’ promotions – a responsibility or title bump with no pay raise – and the pros and cons of accepting them.
