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How Greenwood plans to even the financial playing field

November 30, 2021 00:00 AM UTC
- Updated December 08, 2021 16:07 PM UTC

Chidiebere Kalu and Michael “Killer Mike” Render of Greenwood discuss building generational wealth.

Transcript
I'm thinking, you know, generational wealth, you say that in the past people have not necessarily listen to the needs and it's about hearing what people need and responding to them. Um, that's that you do have investors from some of those pigs who, ironically have not listened in the past, you have Jpmorgan, right? You have, uh, you do have Wells Fargo in the mix, Jpmorgan particular has been accused of pulling out of places that are even block dominated in population, but our affluent. So there doesn't seem to be a really financial reason for it. How does it make you feel in this moment to be backed by these big banks that maybe have understood that have underserved populations in the past? Uh, you know, I would say whatever you did in the past that happened, right. But the fact that you took the step today is what matters most, right? And the thing about building generational wealth. Um, so I, I attended the Naval Academy before I went to Morehouse. And one thing that we used to talk about all the time is you're only as strong as the weakest link, right? So if you have these communities that are weak, how can America grow? So now that they're taking that step to understand that hey, like something needs to be done here, I'm okay with that. I'm happy. Yeah, I'm, I am a foreign believer, um, that when the african american community is strong economically, the wider community is strong. That's just the proof. I remember being 18 years old, Going to a sneaker convention and this is before sneaker heads at conventions. This is when the power brokers were just there like these are gonna be our product. And a man from Reebok said if we can convince an 18 year old Um guy from 18 to 34 years old to buy a sneaker, we know they'll sell anywhere in the world. And what I know about my community is when the black dollar is strong and it circulates within that community, it creates not only a stronger community in their outside. You know when the west side of Atlanta was stronger, economically rich isn't Greenbriar mall was stronger economically JC Penney's was stronger. Sears and robots were stronger. Um amazon is delivering two doors daily there. So I believe that these banks, like any other business in a capitalistic society know that if this community is banked fairly by us and if we have people now guiding us for how to get through these communities that we're gonna be able to rebuild our relationship with Wells Fargo. No, that they were not good in our community. A few years ago, after we called for a black banking pivot, Wells Fargo found $60 million for black mortgages, not people of color, not people who are whatever the trigger words that give you on CNN and MSNBC and Fox, they said black black folks, we want you buying houses. We got 60 million. That was significant because homeowners came out of that more stable um neighborhoods came out of that and school started to get better in those communities where that happened Jpmorgan chase. I'm bank with them. I was appalled to see them pull out of black communities physical locations. But what I'm seeing now is then pivot the greenwood to say how can we repair that? I don't know if we're gonna do physical locations, but what I do know is that a phone in the hand of black Children on west side of Atlanta equals an account. And instead of those Children having to go to the liquor store to cash a check, those kids will be able to do that in their phones. And if they wish to be our ally in that, I welcome that ally ship because when our community is stronger economically, the greater community is stronger economic and not and not just the unbanked, there was also the underserved right? Because When you think about the black and brown community, 40% of them are in the middle class, right? And they need to know what to do with their money right there. They're sitting on it. They're like, how can I build wells, like how can I grow it? And you know, with that application, we're giving them the tools that they need in order to invest those funds in order to grow that wealth over time and not just sit on that on that cash. You know, I grew up in south Carolina, excuse me, I grew up in south Carolina and no, my parents were like, hey, save your money, put it in the bank to save it. Um, but it didn't grow right. And I had to feel the effects of that when I, when I became an adult and now it's like, hey, how can we change that narrative? So you're not just saving, you're not just putting it under your mattress, But no, instead, you're growing that wealth for generations to come put in the stock market, maybe get a credit card. Absolutely. If he's from south Carolina, old people say, buy some land bottomland, they ain't making more of that baby.