Black leaders share advice on how to help black Americans succeed

In celebration of Black History Month, CNBC invests in you is presenting weekly stories from CNBC employees and members of the Financial Welfare Council, including the lessons they learned while growing up, their advice to young black people, their inspirations and how they are working to bridge the racial wealth gap.

More needs to be done to help black Americans achieve financial and professional success, say several black leaders.

This includes providing access to the same financial education resources and job opportunities that white Americans have.

Many black Americans were left behind in the economic recovery. In January, the unemployment rate for black or African-American workers was 9.2%, compared with 5.7% for white workers, according to the Bureau of Labor Statistics. The general unemployment rate was 6.3%.

Here is what CNBC contributors and members of the CNBC Financial Welfare Council have to say on the subject, including their recommendations for those in power and for America’s black youth.

Akbar Gbajabiamila, who was raised in south-central Los Angeles by immigrant parents from Nigeria, firmly believes that financial education can help bridge the racial wealth gap.

“There are so many people in my community that the highest level of investment they know is CDs [certificates of deposit],” he said.

“Knowledge does not exist,” added Gbajabiamila. “There is this lack of confidence.”

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However, to become more informed about money, there must be resources available, said Gbajabiamila, who played football for the Oakland Raiders, San Diego Chargers and Miami Dolphins before becoming co-host of the “American Ninja Warrior”.

“Sometimes I would like to just be the black financial superman and just go to everyone’s house and say, ‘Hey, here are the resources,'” he said.

Gbajabiamila believes that people in power need to work hard and help make financial advice available to everyone.

“We have to tear down that wall,” he said. “I want everyone to come in. I want everyone to win.”

Helima Croft landed on Wall Street after spending the first part of his career at the Central Intelligence Agency.

She hopes that companies will see that adding diversity to the workplace also brings the best opinions and ideas into conversations. For those black men and women who have won a seat at the table in corporate America, Croft wants them to always believe they have a right to be there.

“Silence that voice in your head that says you’re a diversity pick, you don’t belong,” said Croft, managing director and head of global commodities research at RBC Capital Markets and a member of the National Petroleum Council.

“Always know in your heart that you make that room better, that your views, your talent are important to obtain the best results for any organization you belong to.”

Robert Johnson, who became the first black billionaire in the United States when he sold Black Entertainment Television to Viacam in 2001, is calling on powerful entrepreneurs to help black Americans move forward in this country.

“They achieved success by having the opportunity,” said Johnson, now founder and president of The RLJ Companies.

These people can say to black Americans: “We are going to give them the same opportunities that we had, we are going to give them access to the capital we had and we are going to ensure that they have a fair chance and a chance to participate in the American dream and join us to help make this the biggest country on earth, “he said

Black workers hold about 3% of executive or senior positions at Fortune 500 companies, according to the Equal Employment Opportunity Commission.

After becoming successful, it is important to give back to the community, said Jason Snipe, founder and chief investment strategist at Odyssey Capital Advisors

“It’s very easy to forget where you came from,” said Snipe, who was named by Fortune as one of the top 40 wealth managers under 40 in 2020.

“There is a generation that is coming after us and we need to transmit the same knowledge that has been given to us.”

For anyone looking to start a business, be curious, brave and look for mentors who are interested in your success, he added.

To close the racial wealth gap in the country, several things need to happen, said Kourtney Gibson, president and partner at Loop Capital Markets.

“Access has to happen, opportunity has to happen and people have to sponsor, not just mentor, our young people to help them position themselves for growth,” said Gibson.

Average wealth for a white family was $ 188,200 in 2019, compared to $ 24,100 for black families and $ 36,100 for Hispanic families, according to the Federal Reserve’s 2019 Consumer Finance Survey, released in September 2020.

Gibson practices what she preaches. She is a board member of the Dibia Dream Foundation, a program for underprivileged youth, and chairman of the board of the Chicago Scholars Foundation, which selects, trains and mentors students from low-income communities.

Early in his career, Degas Wright, founder and CEO of Decatur Capital Management, knew he had a lot to offer his employers. This belief helped him during a private experience, when he came to an office to do an interview for an analyst position.

“I was very excited about this opportunity,” he said. He was told to sit in the reception area and wait for the manager he was supposed to meet.

“I was the only person sitting there,” recalls Wright. “When the manager entered the reception area, he asked the receptionist, ‘Has Mr Wright left?’

“Look, that manager didn’t see me,” he said. “He did not see that the person sitting at that reception was the same person who was described in the curriculum.

“But it didn’t matter to me, because I knew my worth.”

– Reuters contributed to this report.

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