Being a little girl in a family that was all about supporting black owned businesses, turned me into a very unique person. I valued the hard work entrepreneurs of any race put into their business, and I always defaulted to spending my allowance and teenage paycheck with people that I knew. When these things are part of your upbringing, you’re able to easily invest in your community. This is a life lesson anyone can learn from the African American community; how to easily invest in your community, and ensure you’re all making your money grow.
Take Advantage Of Social Media
In this day and age, it’s even easier to keep your dollars within your community, thanks to social media. You would think that the internet would prevent us from wisely investing in our local community or our inner circles, but that’s not the case. If you are on the hunt for a product or service, ask your social media friends first. Hop onto Facebook, and ask away. According to a nationwide survey from MassMutual, 88 percent of African Americans agree that community involvement is important to their well-being. I know many African American entrepreneurs that attribute their thriving business to the community they’re a part of, and I am definitely one of them. I’ve been able to continue my business through being tagged on social media threads when acquaintances are in need of something I offer.
Do you talk freely about finances with your community members? Talking money used to be taboo in most societies, even within the African American community. It wasn’t awkward to hear my mom and her friends (my “aunties”) talking about how much money they saved on an item, how much money they have in savings, their possible promotions and raises, etc. But what was missing was a deep dive into building wealth. Having a good job with benefits is one thing, but sharing the steps a community should take to attain generational wealth is another. The vast majority of the African American community believe it’s important to look out for one another, so talking about their financial ebbs and flows is the best way to do so. How can someone support and help you if you aren’t sharing that you need it? When it’s time to be your brother’s keeper, communication within your community is going to be so important.
If there is one thing you can focus on when looking to invest in your community, it’s philanthropy. Not every investment will be connected to buy from a small business. One of the best ways to truly invest is to give. Giving to your community causes you to not only feel more connected to those that you may see everyday, but it revives you to make more money to give. Philanthropy is a large part of the African American community, and because of this, many members of our community are always looking for way to increase their wealth in order to give. The more money we make means the more money to circulate within our community.
It’s refreshing to see companies like MassMutual taking the time to talk about the benefits of investing in your community, and achieving financial prosperity together. MassMutual shares tangible tips for those interested in becoming more involved in your community, as well as educational materials and tools to explore ways to build financial security, including an option to connect with a financial advisor.
What are a few ways you easily invest in your community? Share with us in the comments below.
This is a sponsored conversation written by me on behalf of Mass Mutual. The opinions and text are all mine.