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.
The World Economic Forum says false and misleading information supercharged with cutting-edge artificial intelligence is the top immediate risk to the global economy.
CES 2024 starts this week in Las Vegas. It's set to feature swaths of the latest advances and gadgets across personal tech, transportation, health care, sustainability and more. Here's a list of the coolest announcements so far.
Astronauts will have to wait until next year before flying to the moon and another few years before landing on it. NASA on Tuesday announced the latest round of delays in its Artemis moon-landing program.
The Biden administration has enacted a new labor rule that aims to prevent the misclassification of workers as independent contractors. The labor department rule going into effect Tuesday replaces a scrapped Trump-era standard that lowered the bar for classifying employees as contractors
The KC-46 was to be the ideal candidate for a fixed-price development program. Instead, it has cost Boeing billions, and made industry wary of such deals.
Dave Long, CEO and Co-Founder of Orangetheory Fitness joins Cheddar to chat trends in the industry for 2024. He updates us on the company's plans to expand and what the state of the economy has meant for business.
One of the world's largest renewable energy developers will be getting hundreds of wind turbines from General Electric spinoff GE Vernova as part of a record equipment order and long-term service deal.
A moon landing attempt by a private US company appears doomed because of a fuel leak on the newly launched spacecraft. Astrobotic Technology managed to orient the lander toward the sun Monday so its solar panel could capture sunlight and charge its onboard battery.
