The wealth gap in the United States refers to the difference in the distribution of assets among American households. This can be inequity between social classes (i.e. middle class versus high-income households), as well as inequity between races, such as the gap between the median wealth of Black households versus white ones. In 2016, this gap showed that the wealth of a typical white family was 10x that of the typical Black family.
According to The Brookings Institute wealth is defined as the sum total of resources available to a household at any point in time. So while wealth is determined by a number of factors, including level of spending and even inheritances, income is the greatest determinant of resource allocation. So if you can increase your income, you can increase your family’s wealth!
Have a business idea or a skill that can be turned into a business? Think you need access to startup capital for your business to get ahead? Think again!
In the latest episode of The Momentum Advisors Show, we talk about the wealth gap between Black and white households and how you can increase your income to help close it. Check out some of our business ideas below that you can start TUH-DAY! And in case you missed it, be sure to listen to Episode 18: An LLC Is Not A Business to hear our six steps for starting a business!
Examples of businesses we started in the past:
1. Campus barbershop
2. Party promoter in college
3. Sponsorship manager for party promoters
4. Brand management/web developer
5. Gyms
15 businesses we’d start right now if we had the time.
Bookkeeper. Free listing on Find-a-ProAdvisor, which creates almost a quarter-million leads annually worldwide. Unlimited phone, chat, and email support. Enjoy free and discounted products and supplies, and hands-on help from our top customer support agents. Discounted email marketing services from Constant Contact. Cost is $449/yr for software. Training is free and certification exam is $150.
Tax preparer
Dog sitter
Dogwalker: Love pets and getting some exercise? Dog walking is an easy business to start. Pet business insurance will make up the majority of your expenses, which usually cost $200 to 400 a month, according to one pet business insurance provider. Dog walkers typically make $8 to $20 an hour, with an average age of $12.03. Check out Rover.com and WagWalking.com
Dry cleaning pickup and delivery
Restaurant linen service
Mobile massage
Mobile barber
Mobile chef
Social media manager
Mobile car wash
Power-washer
Zoom game night promoter
Personal trainer
Tutor
19: Good Ass Ways to Make Money