Senior student loan advisor Lauryn Williams, CFP®, CSLP®, sits down with one of SLP’s newest student loan advisors, James Mwombela, CFP®, to discuss the racial wealth divide and how it has impacted Black Americans’ ability to create wealth. The basis for today’s conversation is a Wall Street Journal article written in August 2021 titled “College Was Supposed to Close the Wealth Gap for Black Americans. The Opposite Happened.”
In today’s episode, you'll find out:
- Why Black college graduates have a lower net worth in the 2020s than in the 1990s
- What is net worth and why does it matter
- Slow income growth and other causes of low net worth for Black households
- How student loan debt is affecting college graduates now versus 30 years ago
- How this phenomenon has impacted the lives of young Black graduates today
- About the history of the racial wealth gap
- Why homeownership is significantly lower for Black graduates
- The role of homeownership in wealth building
- How the lack of financial literacy stops net worth in its tracks
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