There are vast disparities in finance between white people and people of color due to generational trauma and systemic racism and inequality. The impacts of slavery and deliberate discrimination in education, housing, employment, and investing are still felt today.
In 2019, before the Covid-19 pandemic, the Black poverty rate was around 22%, over twice the white poverty rate. And the average white family has eight times the wealth of the average Black family.
This racial wealth gap is an obstacle in the way to reaching wealth the traditional route. This makes it all the more important for people of color to learn how to become financially free and free from financial discrimination.