“Gucci did what?”
You buy from big brands, but not black ones. You invest in those which constantly invest in the dehumanization of your people but not in ones which advocate on your behalf. You refuse to buy from your friend’s company, because they “charge too much” but are willing to spend $450 on a belt or $210 on some flip flops so that you can feel like Future and F*** someone’s b****. And for what? For a name-brand? For a brand that would not have a name if we didn’t buy from it?
The point is this: Black dollars matter.
As I discussed in Black Finances, “a system of institutionalized oppression has caused [a] rift in wage, wealth and financial literacy” for African Americans. With that being said, it is extremely important that we invest in our people with the money that we do acquire. Not only will investing in a black business help you to accumulate wealth over time, it will assist others in doing the same. ” The financial markets are not very favorable to our needs, thus, much of the potential among our prospective entrepreneurs is never realized. Many aspiring Black business owners, who could be successful, give up and quit because they cannot raise capital; and some businesses that could be grown to scale and employ workers never get the opportunity to do so.”, James E. Clingman notes and according to Rashann Everette, “Black people can control our own destiny…We can make this part of our ‘Internal Reparations’ ”. We can create a new Black Wall Street. We can become our ancestors’ imaginations.
With gentrification harming black communities at exorbitant rates, it is important that we build up our communities on our own. Rather than simply moving out of the hood, we need to invest in the hood. “The poverty, crime and poor education in the Black community can be improved by the support of current and creation of more community-owned, businesses.” and “Black business ownership means residents with roots in the community are involved in key development decisions that shape Black people’s lives and local environment….Research concludes that if we increased revenue generated in Black businesses to just two percent, we could create a million jobs.” (blackdoctor.org). A million jobs means more wealth. More wealth means less poverty, and less poverty means a lower crime rate. Simply investing in our own communities, improves our communities and life for our people for the better. So create Black business, buy from Black business, and Invest in Black business. If they won’t make room for us at their table, we’ll buy wood and create our own.