By Ruthven R. Phillip

ith more than 150 million Americans voting in last year’s election, the right to vote politically is seen as sacred and exercised every two or four years. We elect leaders whose policies will aid and abet personal finances and economics. This is especially true for minorities and people of color. But why our communities perceive and exercise voting rights, power, process and outcomes exclusively in politics, but not more through the financial ecosystem, is a question we must thoroughly examine.

Economically speaking, blacks and other minorities cannot continue to vote economically by supporting institutions or organizations that fail to prize their economic strength, or represent their financial best interest. In the year 2020, the CEO of one financial institution expressed, out loud, that the reason more minorities are not in the organization’s leadership positions is because they cannot find “talented “minorities. Yet minorities continue investing in these institutions.

Votes and Dollars Similarly Dismissed

Like their political contemporaries, lending institutions, faith institutions, vendors, and commercial brands take minority spending power for granted. It was primarily the votes of blacks and minorities that elected the new president and vice-president. It was primarily the votes of blacks and minorities that elected two new Senators from the state of Georgia to the United States Congress. So, if their votes can result in such a seismic shift in the political landscape, why not exercise it economically?

Imagine if people of color, who voted for the new Senators from Georgia, decided not just to vote every two or four years, but on a more consequential basis by spending and investing resources in minority-owned businesses! You see, your economic voting rights should be exercised daily, monthly, and quarterly or annually with those institutions and organizations whose choices align with the biblical principle in Micah 6:8 of doing justly and loving mercy.

So how do blacks vote?

According to a Nielsen Company report issued in 2020, African Americans—who constitute approximately 13% of the country’s population—prefer to spend their money at high-end department stores. Approximately 63% like to spend at Saks Fifth Avenue, 45% at Neiman Marcus, and 24% at Bloomingdale’s. In the beauty supply industry, blacks accounted for 90% of the entire spending. Black spending on beauty and grooming products was approximately $573.6 million, which is 19% higher than any other demographic group in the country.

How else do blacks vote? The black economy is an estimated $1.2 trillion, annually. However, research shows that for some, purchasing decisions tend to favor immediately possessed resources that generate no asset investments for the future. Cash infusions—such as from a tax refund—typically go to furniture and appliances, a visit to a high-end mall, or to finance a new vehicle. According to

The State of Working America

Black people spend 4% more than any other race, despite being the race least represented and the race with the highest poverty rate!

Exit Poll

Will you continue to wait for another two or four years before exercising your economic voting power and rights? Are you going to support high-end stores, vendors and businesses at the extinction of minority-owned businesses? Or, will you invest in institutions and organizations that fail to value and respect your resources and community? Ultimately, the question is will you be wielding or levering your resources and changing your vote?

RUTHVEN R. PHILLIP, Esq., is a tax attorney, Stewardship and Philanthropy Ministry Advisor, and CEO of Give2Getrich, LLC.

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