A year ago #BankBlack was born, and our world changed!
We want to thank rapper Killer Mike for his call to action to our community to move our money to Black owned banks. Thank you for being such a strong advocate for Black owned businesses and for your continued call for our community to BankBlack. Over the past 12 months, over $50 million in deposits has moved to Black owned banks!
It seems the stars are aligned…literally…between the bookends of Killer Mike’s call to action in July 2016 and Jay Z’s 4:44 in July 2017. Both artists are sending the Black community a clear message to use our $1.2 trillion in annual spending more purposefully. Both artists are promoting collective economics!
The Jay Z album, 4:44, is full of rich financial literacy lessons throughout its lyrics that we have been advocating through the #BankBlack movement. Here are just a few:
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A loss ain't a loss, it's a lesson Appreciate the pain, it's a blessin – Smile, Jay Z 4:44
Yes, whether you haven’t saved, have a ChexSystems record or just feel broke, it’s never too late for a new beginning. You can take the #BankBlack Challenge and open a savings account, then set up an automatic savings plan by directly depositing whatever you can afford every week or month. Before you know it, you’ll have a rainy/sunny day fund! Or you can open a second chance checking account if you have a ChexSystems record and manage your bank accounts online and more responsibly.
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You wanna know what's more important than throwin' away money at a strip club? Credit. – The Story of O.J., Jay Z 4:44
Many of us experienced a “bump in the road” during the Great Recession such as a loss of job, divorce, illness, loss of business, foreclosure and even bankruptcy that tanked our credit score. And yes, credit is important. That’s why OneUnited Bank offers the UNITY Visa secured credit card and “How to Rebuild Credit Program” to help rebuild credit.
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I coulda bought a place in Dumbo before it was Dumbo, For like 2 million. That same building today is worth 25 million. Guess how I'm feelin? Dumbo. – The Story of O.J., Jay Z 4:44
The biggest difference between black and white wealth today is the value of home equity. There are many historic reasons why the Black community has significantly less home equity including “redlining,” where banks refused to lend in Black communities (literally drew red lines around Black communities on a map), to predatory lending, where lenders offered mortgages at disadvantageous terms in Black communities that resulted in higher foreclosures rates and loss of Black wealth. Yet, we have another opportunity to build wealth as inner city communities have become “popular” again. OneUnited Bank President & COO, Teri Williams, encourages the Black community to buy in urban communities, “even if you have to buy a hut!” We offer home loans in Boston, Miami and Los Angeles and will be sharing the real deal on the home loan process in our next Facebook Live event. Stay tuned…
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But I'm tryin' to give you a million dollars worth of game for $9.99. – The Story of O.J., Jay Z 4:44
Finally, a rap artist sharing wisdom on investing, credit and making good financial decisions (and yes, life decisions…the apology was nice)! Today, we celebrate the 1st anniversary of the #BankBlack and #BuyBlack movement…as we witness its evolution. We know 4:44 will be more than a moment, but a movement where hip-hop teaches our children that it’s not how much you make and spend, but how much you invest, build and leave for the next generation!
Our children will NOT be “livin’ rich, but dyin’ broke!”
