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By Ray’Chel Wilson, CFEI
Let’s be real: economic uncertainty isn’t just a buzzword you hear on the news—it’s something you feel in your bones, especially if you’re part of Cleveland’s Black community. The legacy of redlining, the sting of predatory lending, and the constant hustle to make ends meet are all too familiar.
But if there’s one thing our history and faith have taught us, it’s that we know how to make a way out of no way. When the economy gets shaky, we don’t just survive—we find new ways to thrive, together.
Here are three practical, faith-rooted steps to help you and your neighbors build and protect wealth, even when the future feels up in the air.
- Balance Your Fiscal Capital: Diversify and De-Risk
When the market’s on a rollercoaster and the headlines are all doom and gloom, it’s tempting to just stash your cash under the mattress.
But as Larry Fink, CEO of BlackRock, put it in his 2025 annual letter, “Diversification has often been referred to as the ‘only free lunch.’ This concept was the driving force behind Nobel laureates like Harry Markowitz and Bill Sharpe, who formulated Modern Portfolio Theory” (Yahoo! Finance).
Translation: don’t put all your eggs in one basket. Spread your money across different types of investments—mutual funds, global funds, and good old-fashioned savings accounts—to help cushion the blow when things get rough.
If you’re just getting started, here’s what you can do:
- Build up an emergency fund with three to six months’ worth of expenses, so you don’t have to rely on high-interest loans when life throws you a curveball.
- Consider investing in bonds or bond funds, which are generally lower risk than stocks.
- Look for mutual funds or Exchange-Traded Funds (ETFs) that invest in a mix of U.S. and international companies.
As one local investment coach told me, “The earlier you start, the longer you have to let your money work for you.” And if you’re worried about risk, remember: “It’s not about timing the market, it’s about time in the market.”
Of course, every financial situation is unique. That’s why it’s crucial to have trusted professionals, like a financial advisor or a certified public accountant (CPA), on your financial team. CPAs optimize your tax outcomes, while financial advisors invest on behalf of your financial goals.
Fellow financial professionals, like Certified Financial Education Instructors and Financial Therapists, can provide holistic perspectives on building wealth and sustaining it, even in economic uncertainty. Before making any big moves, consider consulting with these professionals to make sure your strategy fits your needs and goals.
- Dodge the Usual Money Traps: Build Knowledge
Let’s talk about the elephant in the room: systemic barriers. Redlining and predatory lending didn’t just happen in the past—they’re still shaping who gets access to credit and homeownership today. But you can take steps to protect yourself and set up a strong financial foundation.
Here’s how:
- Increase your financial knowledge. The three-part “Black Wealth Freedom” workbook series by Raise the Bar Investments is an easy-to-understand and easy-to-apply financial literacy journey for the family.
- Check your credit report every year (it’s free!) and dispute anything that looks off.
- Steer clear of payday lenders and check-cashing places that charge sky-high fees. Instead, look for local credit unions or community banks that want to see you win.
- Take advantage of free financial literacy workshops from local nonprofits, churches, or your library.
If you’re looking for a place to get real, practical money advice from people who know Cleveland, tune in to “The All Things Money Radio” every Thursday from 11 a.m. to noon on 95.9-FM WOVU. Hosts Ras Asan, entrepreneur-in-residence at the City of Cleveland, and Sharron Murphy-Williams, director of the Phe’be Foundation, bring in a lineup of guests to talk about all money topics, and how money is connected to all things. It’s a space where you can hear from local experts, ask questions, and get the financial knowledge tailored to our community.
As the team at Phe’be Foundation’s All Things Money team says, “We’re here to break down the money topics that matter most, right here in Cleveland.” So if you want to build credit, avoid common traps, and get your questions answered, make it a weekly habit to tune in and join the conversation.
Remember, wealth-building is a journey, not a sprint. And if you stumble along the way? There’s always another Thursday to get back on track
- Build and Reinforce Social Capital: Invest in Relationships
Here’s the secret sauce: your network is just as important as your net worth. In tough times, it’s the people around you—family, friends, church folks, neighbors—who help you get by and get ahead.
Dr. Donna Coletrane Battle, who teaches Prophetic Ministry: Shaping Communities of Justice at Duke Divinity, puts it this way: “Relational one-on-ones are the foundation of resilient communities.” In other words, real change starts with real relationships.
So what does that look like in practice?
- Join or start a small group focused on financial empowerment, entrepreneurship, or homeownership. “When we share what we know, we all get stronger,” says a local business owner.
- Make it a point to support Black-owned businesses—every dollar you spend locally helps keep wealth circulating in the community. “Buying Black isn’t just a hashtag. It’s an investment in our future,” says a Cleveland entrepreneur.
- Get involved in co-ops, land trusts, or local investment funds. These collective efforts help build shared wealth and give everyone a stake in the community’s success.
Faith-based leadership calls us to “do justice, love kindness, and walk humbly” (Micah 6:8). That means looking out for each other, mentoring the next generation, and pushing for policies that make it easier for everyone to build wealth, not just a lucky few.
Why This Matters for Cleveland
Cleveland’s Black community has faced generations of economic exclusion, but that’s not the end of the story. By balancing your fiscal capital, dodging financial traps, and investing in relationships, you can help write a new chapter—one rooted in faith, resilience, and collective action.
A Metropolitan Baptist Church pastor once shared, “Wealth isn’t just about money. It’s about legacy, opportunity, and the freedom to dream bigger for our kids.” So, what step will you take today to build wealth for yourself and your community?
Writer’s Bio
Ray’Chel Wilson is the author of the internationally selling “Black Wealth Freedom” workbook series and CEO of ForOurLastNames, a technology turning financial trauma into financial action for first-generation wealth builders. She is currently a graduate student at Duke Divinity School
