Cliff Goins IV, an investor and entrepreneur who recently published “Minding the Wealth Gap: Our Playbook to Close It Together,” , was a recent guest on “A Matter of Faith: A Presby Podcast.” Listen to Goins’ hourlong conversation with hosts Simon Doong and the Rev. Lee Catoe here.
In his book, Goins shares insights from in-depth interviews with management consultants, bankers, a lawyer turned entrepreneur and others focused on scaling small- and medium-sized businesses into large enterprises.
On the podcast, Catoe asks the first questions: How do we address the wealth gap between Black households and white households when wealth is intersectional with other issues that Black people face? How do we know where to start?
“On the one hand, it’s a big problem, and facing it would seem to be vital to our communities and our nation,” Goins said. It’s also a complex problem. “It’s a tension that either causes people to throw up their hands and say, ‘Good luck with that, Cliff,’ or to say, ‘It wasn’t my fault. That was way back then. Why are you talking about it now?’”
“But I think we do ourselves a disservice if we take that approach,” he said. It’s more than pointing out disparate statistics. “It’s really about the stark difference in life’s reality that a lot of Black households face.” Think of it as “not just a Black problem, but an American problem,” he said. “I would love to see us break the cycle together. I think that unlocking the economic potential of 15 million households creates a more prosperous nation for us all.”
As to the getting started part of the question, Goins said measuring wealth “gives us the best window into some pervasive and persistent problems we face in communities. I actually think it’s a blessing,” he said, because it’s linked to other justice issues, including inferior educational opportunities, housing instability and poor access to health care.
“We find Black Americans are behind the 8-ball no matter how you cut it,” he said. Because the problems are so pervasive, “this allows us as fellow Americans to all jump in on the problem, to activate solutions from where you are. If you’re passionate about education, you can make some commitments there. If you believe in health equity, you can spend your time and resources in that way. If you believe in entrepreneurship like me, you can put your energy there.”
“I think there’s an invitation in all of the intricacy of this particular issue,” he said. “If we come together and put together our collective efforts, that’s how we can make meaningful progress.”
There are “small things we can all do tied to our personal situation,” Goins said. “At the same time, some of us have more influence, more ability, more access. We know it’s through large-scale partnerships that the needle really moves.”
While some people call for required classes in personal finance literacy, Goins called that “a component” of what’s needed, “but that’s not what created this wealth gap.”
“Ultimately,” he said, “it’s a multilayered, multigenerational problem.”
The wealth gap is “a problem 400 years in the making. If we stay at the same pace of closure, it would take another 400 years to get close to closure,” Goins said, suggesting people stick with their “passion areas” for helping to close the wealth gap. The wealth issue has economic, political and social components. “If you’re a [person of faith] who’s in the political realm, maybe it’s standing up to some of the momentum that’s going the other way around [Diversity, Equity and Inclusion] and things of that nature.”
“At the end of the day we’re talking about people. What can we appeal to in human nature that will compel people to help solve this problem?” Goins asked. “I want us to imagine a world where every child, regardless of their ZIP code, has a chance to thrive.”
“I have a lot of hope and faith in the American people,” Goins said. “I think it’s something we can get done.”
Mike Ferguson, Editor, Presbyterian News Service, Interim Unified Agency (Click here to read original PNS Story)
Let us join in prayer for:
Jeanie Schmuckie, Legal Assistant, Presbyterian Foundation
Rose Schoene, Client Service Specialist, Presbyterian Foundation
Let us pray:
Dear God, help us to dream big and not limit ourselves when reaching out to others. Remind us that nothing is impossible in you. Guide our hearts and minds to be more open to those in need of mercy, compassion and love. Amen.
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