(The Root) — The wealth gap between blacks and whites isn’t getting any smaller. On the latest webisode of The Root Live hosted by Harriette Cole and taped on Feb. 11, 2013, guests Mellody Hobson, president of Ariel Investments and ABC News personal-finance expert; Marc Morial, president and CEO of the National Urban League; Donald Smith, manager of financial services for Prudential; and Dedrick Muhammad, executive director of the NAACP’s Financial Freedom Center, talked about ways that African Americans can begin to close that gap.
“People say to me, ‘I’m so stretched. I don’t have the money. I can’t do it,’ ” Hobson said about saving money. “Everyone wastes some amount of money on a daily, weekly or monthly basis. Everyone. The bottled water. Magazines at the newsstand. I always joke that there was that $20 that isn’t there. If we redeployed those assets to retirement savings, we’d be in better shape.”
For more advice, watch the full video below. And tune in Tuesday, Feb. 19, at noon to watch the next segment of The Root Live.