Over the decades, white families have accumulated on average about eight times the net worth of black families. And about five times the assets of Hispanic families. These differences in family wealth are often attributed to home ownership and reliable jobs supported by the union.
But a family business can also create opportunities for the next generation.
Guest host Chris Farrell explored how small businesses owned by Blacks, Latinos and Indigenous people can create wealth and how consumers can turn their charitable contributions into spending to better support small businesses.
Bruce corrie is Professor of Economics and Associate Vice-President for University Relations at Concordia University in Saint Paul.
Nneka Constantino is Assistant Vice President and Senior Financial Advisor at Merrill Lynch Wealth Management. She also hosts the weekly Financial Fitness program on KMOJ radio.
Marvin Smith owns Bogar Construction in Minneapolis and is president of the Upper Midwest chapter of the National Association of Minority Contractors.
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