Document your wins at work and use that to champion your request as well.Find out the salary benchmarks or current market values for your position in your company and industry, and use that documentation to support your request. You have the right to ask for fair, increased compensation if your work validates it. There are also a few strategies to help you when you are ready to ask for a raise. You can implement some savvy strategies that can make living on a small salary manageable, such as finding assistance programs, asking friends and family for help or making small changes to your lifestyle to help save. The Federal Reserve reports in a 2019 Survey of Consumer Finances that Black families’ median and mean wealth was less than 15% that of white families at $24,100 and $142,500, respectively. In the third quarter of 2020, the Black employment rate was 13.2%, while the rate for white people is 7.9%, according to the U.S. During the pandemic, the unemployment rate has only worsened for Black Americans. Since then, the rate has generally been twice as high as the white unemployment rate, as reported by the Center for American Progress.
Bureau of Labor Statistics started collecting data on the African American unemployment rate in 1972. According to its “Raise Anatomy” report, women of color were 19% less likely to have received a raise than white men, and men of color were 25% less likely. When it comes to getting a raise, PayScale reports that people of color are less likely to receive one when asked. Since the 1990s, white applicants received 36% more callbacks than Black applicants with an identical résumé. The Harvard Business review assessed subtle forms of racial stereotypes and unconscious bias has changed very little over time despite increased efforts for diversity and inclusion. In the last 25 years, Black Americans have seen no change in hiring rates.
The National Association of Insurance Commissioners has information to help you choose an insurer in your state.Įmployment discrimination and a lack of hiring opportunities make it difficult for Black families to overcome poverty or build wealth if they’re unemployed or stuck in low-wage jobs.
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To lower your costs even more, consider buying your home and auto policies from the same company for a multi-policy discount, seek out other discounts for professional associations or employers and shop around for the best rates. There are also credit-building tools like Experian Boost that provide positive payment history and allow you to add utility payments to your credit report.Įstablishing and maintaining a good credit record will also help reduce your home insurance costs. If you need help building or boosting your credit, try becoming an authorized user on someone’s card who has a long history of paying on time, using a responsible cosigner or obtaining a secured credit card. You’ll want to fix any incorrect information that may affect your loan qualification or interest rate. Department of Housing and Urban Development (HUD) for alleged violations of the Fair Housing Act.Īlso, know your buying power by obtaining your credit report and reviewing it for accuracy. Report suspected mortgage discrimination or fraud to the Consumer Financial Protection Bureau (CFPB) for alleged violations of the Equal Credit Opportunity Act and the U.S. In the case of mortgage discrimination or scams, such as an inflated mortgage rate or a denied application, applicants have the right to see any negative credit information and dispute it. If prospective homebuyers believe they are discriminated against, they should reach out to organizations such as the Fair Housing Justice Center, or similar nonprofit groups or local human rights commissions. It can also be discrimination if you are being denied a property because of your source of income or you receive public assistance. For example, if an agent is trying to direct you to specific neighborhoods with certain races or religions, or the agent tells you a property is not available when you know it is. Be on the lookout for red flags that indicate discrimination.
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