Earlier today, we told you about the news that Beyoncé has officially reached billionaire status, and while we couldn’t be happier that Queen Bey has secured such a hefty bag, the news got us thinking about how the rest of us can get (and keep) our own little piece of the pie.
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Dec. 29 is the fourth day of Kwanzaa, an annual seven-day celebration of Black history and culture rooted in seven principles. Today’s principle, Ujamaa, is all about cooperative economics, the idea of building and circulating wealth within our communities to promote economic self-sufficiency and uplift our friends and neighbors.
As we light the fourth candle on the kinara, here are a few ways you can honor the principle of Ujamaa, promoting cooperative economics and building wealth that will last for generations to come.
Create in Your Community
“If you sell a drum in your own village, you get the money and keep the sound,” – Malagasy proverb.
Ujamaa is all about building and maintaining our own wealth. One of the best ways to build wealth is to use your talents to create a business in your community. Use your musical talent to teach others or open a restaurant to share your favorite family recipes. And once your business is up and running, you can continue to circulate wealth through your community by hiring your friends and neighbors.
Support Who/What Supports You
Keep the dollars circulating in your community by supporting local Black-owned and operated businesses. From beauty brands to bakeries, you can make a powerful statement by choosing to support your friends and neighbors and spend within your community, especially when so many businesses are rolling back DEI policies.
Keeping your money in Black-owned banks and credit unions is another way to maintain our wealth and take advantage of lower fees and a more personalized banking experience.
Teach Financial Literacy
Part of our collective responsibility is to do what we can to make sure the next generation can thrive, which is why it is so important to teach financial literacy to our children. It’s never too early to have conversations with your kids about the importance of saving, investing and spending with purpose. If you don’t think you have the tools, there are plenty of resources to help, like “Do I Look Like an ATM?: A Parent’s Guide to Raising Financially Responsible African American Children,” a book by Sabrina Lamb and “Your First Million: Why You Don’t Have to Be Born into a Legacy of Wealth to Leave One Behind,” by Arlan Hamilton and Rachel L. Nelson.
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