These pandemic-induced times have produced a great deal of anxiety when it comes to money matters. So just how can Black female professionals and entrepreneurs set a course to realize their financial goals?
If you seek valuable insights and advice to guide you through this process, your must-attend the virtual session “Wealth-building Strategies for Black Women” hosted by JPMorgan Chase, which is part of the inaugural BLACK ENTERPRISE Women of Power Tech Virtual Conference.
The panel will be held Wednesday, Sept. 23 at 1:30 p.m. ET and feature leading financial experts Racquel Oden, head of national sales and support, JP Morgan Chase Consumer Bank; Mayra Cardozo, head of content strategy and innovation for U.S. wealth management, JP Morgan Chase; and Tosh Ernest, head of wealth, Advancing Black Pathways (ABP), JP Morgan Chase.
For Black women, the session could not be more significant given their current wealth status.
“Having the tools needed to build wealth effectively in these trying times is ever more critical as we navigate our new virtual reality. Black women have made significant strides yet face more hurdles than any other group in the United States,” says Ernest, who serves as the session’s moderator and one of the leaders driving ABP, Chase’s multi-prong initiative to help African Americans achieve financial success and empowerment.
In communicating the urgency of the topic, Ernest also provides the following eye-opening statistics:
- The median wealth for the average Black woman is only $200 versus about $16,000 for the average White woman.
- The average White woman has 10 times more assets than the average Black woman.
- In 2016, White women, on average, had $43,000 more in retirement savings than Black women
- More than 80% of Black mothers serve as household breadwinners compared to only 50% of White mothers.
With new studies revealing that Black women have higher levels of education, ambition, and diverse ideas in the workplace, the panel seeks to provide an overview of steps and tools available for them to achieve financial success.
“One of the most important things that I had to learn along the way is, do not let perfection get in the way of progress,” Cardozo says. “We can take little baby steps to get to where it is that we want to be with our investments. But if you wait to know everything there is to know about investing—you’ll never get started.”
Session topics include the following:
- Developing habits for successful money management and investing
- Effectively setting and tracking long-term financial goals
- Shoring up your finances through COVID-19 and beyond
- Finding digital tools to start investing and portfolio building
- Successfully managing assets during periods of market volatility
- Developing and executing a comprehensive retirement plan
Oden underscores the value of attending the session, citing that Black women must “plan for unexpected moments, ensure that you’re prepared, and take a pause to have the conversation.”