'The Root Live' Video: Passing Down Wealth

Webisode 7: Mellody Hobson, Marc Morial and more talk saving money for the next generation.

Posted:
 
passingdownwealth

(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.

Like The Root on Facebook. Follow us on Twitter.

Comments
The Root encourages respectful debate and dialogue in our commenting community. To improve the commenting experience for all our readers we will be experimenting with some new formats over the next few weeks. During this transition period the comments section will be unavailable to users.

We apologize for any inconvenience and appreciate your continued support of The Root.

While we are experimenting, please feel free to leave feedback below about your past experiences commenting at The Root.
Must-See Family Attractions
July 29 2014 2:13 PM