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.
Jason Moser, analyst and adviser at the Motley Fool, shares thoughts on recent tech earnings, including what’s behind Google’s share price drop and why A.I. could be Microsoft’s ‘iPhone moment.’
CEOs of social media platforms like Facebook, TikTok, and more meet with lawmakers Wednesday about how they are protecting children from sexual exploitation.
San Francisco 49ers president Al Guido discusses what goes into preparing for Super Bowl LVIII, building a championship-ready team, and how Taylor Swift and streaming are both bringing new fans to the NFL.
A $1 billion loss from a six-week strike did not crash GM's net income last year, which instead rose 12% — and the automaker expects improvement in 2024, too.
Accrue CEO and founder Michael Hershfield explains why Americans' credit card delinquencies are on the rise, advice on what can help, and the key difference between Boomers and Gen Z when it comes to money.
Senior Economist at Morning Consult Kayla Bruun shares thoughts on what to expect from the Fed's January meeting and where monetary policy is headed, as well as how consumers are faring.
Former Medtronic CEO and author of 'True North' Bill George explains the steps Boeing leadership must take to regain client and consumer trust after 737 Max 9 production was stopped.
Amazon blamed "regulatory hurdles" for calling off its proposed acquisition of robot vacuum maker iRobot. Not even a Roomba could clean up the deal's antitrust scrutiny.
To celebrate Flutter Entertainment's debut on the NYSE, FanDuel CEO Amy Howe shares her thoughts on the company's plans for growth, the future of online sportsbetting, and Super Bowl Sunday.
