When Alexander K. Austin learned of the Black Wealth Summit taking place at the Jericho City of Praise Family Ministries Campus in Landover, Maryland from Oct. 26-28, he decided to attend the event not just as the president of the Prince George’s Chamber of Commerce, but as someone interested in growing African American wealth.
“I came here to learn,” Austin, 44, said. “This is a very pivotal moment in our community. I could not miss a summit where people of color are discussing Black wealth and possibly exploring a partnership in the future.”
Austin was joined by hundreds of people at the Black Wealth Summit (BWS) led by Cedric Nash, a wealth coach, investor, founder, and CEO of the Oakland Consulting Group headquartered in Lanham, Maryland and author of “Why Should the White Guys Have All of the Wealth: How You Can Become a Millionaire Starting from the Bottom.”
“The overwhelming majority of wealth in America (84%) is in the hands of white households,” said Nash.
“Black households own an estimated 4% of wealth in the country,” Nash continued. “Black Americans can build wealth in spite of the odds. You can create your own wealth journey, even if you’re starting from the bottom using a systematic and specific approach that is short on empty promises and long on techniques. By taking what you have, earn considerably more, building up your investment capital, and making what I call ‘Millionaire Money Moves’ to accumulate appreciating assets that generate income and wealth, you will set the foundation for genuine generational wealth that you and your loved ones can continue building upon for years to come.”
The Summit Features Major Corporations and Gov. Wes Moore
The summit featured presentations by experts and professionals in the fields of real estate, banking, insurance, investing and entrepreneurship. Corporations such as New York Life, Truist, Morgan Stanley, and Charles Schwab Bank had information tables in the lobby with literature for participants to learn more information and employees with whom they were able to engage.
Maryland Gov. Wes Moore served as one of the guest speakers.
“If we are not talking about wealth, I don’t know what we are talking about,” Moore, 45, said on Oct. 27. “This is one of the main reasons I ran for governor. I am interested in closing the racial wealth gap in Maryland.”
Moore stated a list of hurdles instituted by public and private entities such as redlining, unfair home appraisals, racist implementation of the GI Bill, predatory lending and bigoted procurement practices that hinder African American wealth. He said those practices were done intentionally by governments and private sector companies. Nevertheless, Moore stressed the importance of the “ownership society” in which owning assets become the key ingredient for economic growth and acquisition. He said people who own homes and businesses tend to be more diligent citizens.
“Tom Friedman, the economist said ‘no one washes a rented car,’” the governor said.
Moore emphasized the importance of generational wealth, encouraging participants to “pass something off to our children, grandchildren and great-grandchildren.”