‘Wealth is not just about what you can buy, it determines who gets economic and social justice – the resistance can be financial…’
WASHINGTON, Feb. 6, 2023 /PRNewswire/ — As a steadfast advocate of Black excellence in sports, music, art and more, Cayman Kelly recently spoke out about the importance of increasing financial literacy within the Black community and remembering the sustained resistance it takes to ensure an equitable society. Intensely conscious of the racial disparity around wealth in America, Kelly renewed his focus on his legacy after facing his own mortality with a near-fatal stroke last year. He also pointed out those who continue to help guide others into a better financial future – educators and Black leaders like Will Roundtree and Cedric Nash.
“Black History Month is important for a lot of reasons, but we’re not going to have a history if we’re all drowning in debt and struggling just to pay our bills,” said Kelly. “Generational wealth and financial literacy are huge issues for me, my kids, and our community in general. Sometimes it can feel like we sweep all this under the rug, or we don’t want to talk about these issues because it seems tacky to be concerned with money. But we have to get over that. The wealth gap is a glaring issue, of profound significance, and it literally defines who has and who does not have power in our society.”
Analyzing policies that help address these wealth gaps, researchers William Darity Jr. and Darrick Hamilton wrote:
“Wealthier families are far better positioned to finance elite independent school and college education, access capital to start a business, finance expensive medical procedures, reside in higher amenity neighborhoods, lower health hazards, etc.; exert political influence through campaign financing; purchase better counsel if confronted with the legal system, leave a bequest, and/or withstand financial hardship resulting from any number of emergencies….”
“I think the main point here is pretty clear: those who have the wealth have the power,” said Kelly. “And for that reason, it’s no mistake that wealth is concentrated among so few, with so many of them being White. Too many Black folks spend their lives on a never-ending hamster wheel of hard work, small incomes, debt, debt, and more debt. They die exhausted and broke – their great potentials unrealized. This is why our kids have got to start thinking more about their future. They must begin by understanding basic concepts like income-to-debt ratios, structured versus unstructured debt, and more. And we have to guide them to this.”
“People like Cedric, Will, and I understand what it’s like to start at the bottom. We each have abundant experience with building something from nothing – without anything being handed to us. And we are able to share that knowledge. We’re also truthful about the fact that nothing happens overnight; it requires time and patience to build wealth. After meeting both these guys, we all realized that we have very similar passions in helping our community thrive. And that is something that needs to spread. We have to start breaking down some of the barriers to trust in our communities. We need to work together as a network and begin sharing our collective blessings with others who are still struggling. Check our Will and Cedric’s work, and you’ll see what I mean.”
Black Leaders Making a Difference
Will Roundtree, author of Full Time CEO: The $H!T They Don’t Tell You – Will’s personal story and how he changed his mindset, going from homeless to millionaire.
Cedric Nash, author of Why Should White Guys Have All the Wealth – Discusses the “Millionaire Money Moves, Wealth Building System.”
And read the story of Cayman’s life in the #1 Bestselling Amazon memoir, “From $6 an Hour to a Million Dollar Dream.”
About Cayman Kelly: The National Voice of ESPN
Cayman Kelly is the imaging voice for multiple radio stations and continues to be the national voice for ESPN – the first African American to achieve that position – while also serving as the new imaging voice for the NHL and the NBA. Learn more about his life and work at: www.CaymanKelly.com. And follow Cayman Kelly on social media: Facebook, Instagram, Twitter, LinkedIn.
*Facts sourced from AmericanProgress.org, “Can ‘Baby Bonds’ Eliminate the Racial Wealth Gap in Putative Post-Racial America?” via SagePub.com, and FederalReserve.gov.
Robin Steinfeld, Buchwald Talent Agent
SOURCE Cayman Kelly