HoodRich Training
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Wealth

If we command our wealth, we shall be rich and free. If our wealth commands us, we are poor indeed.

– Edmund Burke –

 National employment, housing, education, and voter discrimination have caused a gap in financial health between P.O.C. and white Americans  (Solomon et al., 2019; Mineo, 2021). Today, white residents with household incomes under $30,000 are three times more likely to have financial health than Black residents (12% compared with 4%), and twice as likely as Latinx residents 6% (Financial Health Network et al., 2023). This gap in financial health is the racial wealth gap. The racial wealth gap is a determinant of financial vulnerability, prevalence of crime, and lifetime earnings for communities of color (C.O.C.) in Chicago, IL. In the city of Chicago, 23% of residents are financially vulnerable, 1.5 times the national level; Black residents attain financial health at a rate of 13% and Latinx residents at a rate 16%, compared to white residents at a rate of 49% (Financial Health Network et al., 2023).

To end this inequity, CoLiberate USA: HoodRich, is a 12-month, three-phase financial health improvement program for people of color (P.O.C.). We believe that financial health is three fold: knowledge, behavior, and emotional response to behavior. 

    1

    Months 1 - 4

     Financial behavior assessment and coaching, financial literacy training, & financial planning 

    2

    Months 4 - 12

    1:1 real estate investor coaching with joint venture property acquisition and renovation

    3

    Months 12+

    Long term mentoring and coaching

    Through this pipeline, we will: (a) improve participant financial health; (b) develop 100 new multifamily property owners, and (c) generate $300,000+ in equity for program participants within five years. From this, we envision communities of color where generational wealth is created by: (a) financial literacy that is accessible over dinner conversations; (b) financial health being the standard in communities of color; (c) real estate investment as a skill passed down within families of color. We envision the racial wealth gap as an inequity remembered in folklore, not felt by present generations.

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