Awareness: Action-Oriented Economic Re-Education that Prioritizes the Black Experience
Black Generational Wealth Program at Ramapo College
On March 9, DIFFvelopment’s Programs Administrator, Nneke Lumengo Baye, conducted DIFFvelopment’s Black Generational Wealth Program workshop, Black Disparity & How to Overcome It, at Ramapo College to educate students about financial literacy and its importance in their post-college lives. The workshop aimed to address the chronic underemployment and financial strain faced by young Black people.
During the workshop, Baye highlighted the disparities between Black and White students and employees, emphasizing the historical context of the Black-White wealth gap resulting from slavery and colonialism. According to a McKinsey & Company report, the median Black household has only about one-eighth of the wealth of the median White household. Additionally, Baye discussed the education sector’s disparities, with a significant percentage of Black students relying on loans for education financing compared to their White counterparts.
Baye emphasized the significance of socioeconomic status in students’ financial situations and their journey to wealth building. She presented the concept of generational wealth, drawing insights from the film “Generation One: The Search for Black Wealth,” which highlights the difference between the financial behaviors of working-class individuals and wealthy individuals, and categorized wealth building into five stages: Undebting, Saving, Growing, Securing, and Building. Attendees received personalized tips based on their Wealth Status Survey scores, ranging from debt repayment strategies to investment and insurance recommendations.
Baye also introduced entrepreneurship as a viable career alternative for Black individuals facing underemployment and unemployment. She addressed the challenges faced by Black people in the labor market and highlighted the potential of business ownership to bridge the wealth gap. Citing data from the Association for Enterprise Opportunity, Baye demonstrated that the wealth disparity between Black and White individuals significantly decreases for business owners, with Black business owners having a median net worth 12 times higher than that of Black non-business owners.
Read “Financial literacy presentation uplifts Black college students” by The Ramapo News for the full story.
Photo of Nneke Lumengo Baye at Ramapo College by Rebecca Gathercole
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Advancement: Activated & Hungry to Effect Change
NYU Diaspora’s Journey Home Networking Panel Brunch
On April 23rd, DIFFvelopment CTO & Co-Founder, Peter Markeeo Gillo, participated as a speaker on an inspiring panel discussion held at The Africa Center in New York City, where NYU’s prestigious Association for African Development held its Diaspora’s Journey Home Networking Panel Brunch. For the benefit of NYU students and beyond, Peter represented DIFFvelopment alongside other Black leaders from Ifetayo Cultural Arts Academy, Endeavor Impact, NYU Langone and African Communities Together. They shared invaluable insights into the journey of the African diaspora and discussed the role of nonprofit organizations like DIFFvelopment in driving positive change. Additional topics covered included the power collaboration and innovation have to create lasting impact in Africa and beyond.
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Transformation: Developing Their World DIFFerently
Monthly Alumni Events
Every month, our alumni community comes together alongside the greater public to learn about and discuss important issues related to the Black experience and what it takes to become a visionary leader. This past Financial Literacy Month, Alexandra Gayle ’18 and Dasia Miles-Langaigne ’19 shared their best practices around managing personal and business finances by taking advantage of valuable tools and strategic planning.
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Organizational Updates
Fundraising Progress
- DIFFvelopment received a grant of $10,000 from Santander Bank to support its mission of promoting financial literacy and wealth building among Black college students. The grant term is from July 1, 2023, to June 30, 2024. The funds are intended to assist Black college students in understanding their socioeconomic status, assessing their position in wealth building, and acquiring financial planning skills and knowledge.
- We are currently pursuing funding opportunities from a wide range of funders and welcome the opportunity to be connected to prospective donors and funders who are interested in learning more about our mission and impact. Get in touch with us to share relevant opportunities!
How You Can Support Our Efforts
- If our work resonates with you, we invite you to invest in our growth so we can empower more aspiring Black visionaries to develop their world differently through historical re-education that promotes personal, generational and communal wealth building.
- Visit our Matching Gifts Page to see how you can double your donation!
- Fill out our Professional Mentorship & Fundraising Collective Enrollment Form and let us know how you’d like to get involved with DIFFvelopment.