BlackFem Inc - Building Wealth For Women Of Color

Published: Feb. 22, 2018, 11 a.m.

Are you ready for an astounding statistic? The median net worth of women of color is $0. And for a sizable portion of the population, they have a *negative* net worth due to various forms of debt. If you think back to your elementary or high school experience, financial literacy wasn’t something that got a lot of attention. It isn’t mandatory in curricula across the country, and with rising income inequality, this problem isn’t getting any better. Enter BlackFem Inc., a 501(c)3 non-profit dedicated to teaching wealth management skills to low income women of color. Advisors on Wall Street would charge hundreds of dollars per hour for the critical concepts BlackFem integrates into their curriculum, but the classes are completely free for students. Founded by Chloe McKenzie, BlackFem takes complicated ideas and breaks them down into simple bite-sized real-world examples for children as young as three years old. Currently, BlackFem has a presence in NYC, Detroit, and Chicago, and they have plans to rapidly scale up in the near future. We had the opportunity to speak with Chloe about the history of BlackFem, their work over the past year, and the exciting successes they’ve had both in the classroom and out.