Level up with Lee – Fixing the Racial Wealth Gap

Key Takeaways

• Start talking to your children about household finances—including mortgage, rent, and bills—by having them write checks to pay bills so they understand money constraints early, a practice many Black families avoid but white families normalize at the dinner table
• Take advantage of employer 401(k) matching up to the company match percentage—this is 'free money' that many employees, even those earning six figures, fail to claim, with only 30% of Black Americans versus 60% of white Americans participating in retirement plans
• Meet with a financial planner even if you don't have significant wealth; many provide free services through churches and community centers, and they can help you understand investing, credit scores, and wealth-building strategies from an early age
• Invest in the stock market; only 30% of Black families invest compared to 60% of white families, and this gap directly contributes to long-term wealth disparity that compounds over decades
• Support policy solutions like baby bonds—government-funded savings accounts giving every child $1,000 annually until age 18 (with lower-income children receiving more)—which Morningstar estimated could cut the racial wealth gap in half