How to Create a New Generation of Black Millionaires: An Introduction to SUSU Economics
There is an estimated 37 million African Americans in the United States. If everyone of us gave 3 cents to a black owned business tomorrow, that person would be a millionaire ($1,110,000). If we did this every month, we'd create 12 millionaires at a yearly cost of .36 cents per person. To take it even further, an entire year of doing this daily would create 365 new millionaires at a cost of $10.95 a year.
With such a simple concept could we really recreate Black Wall Street? I understand that the group economics equation above is a feat too difficult to pull off as there would be a whole list of barriers to success. Some would just hate, their lack of faith would manifest as lack of support. Others may not have the funds to contribute. And lastly, total unity where everyone of us follows one initiative is a pillar of success that neither Malcolm nor Martin could obtain. But at the core of this idea, focused and timely targeted investing by a large group, can be something the black community could do to really build significant economic strides and empowerment. SUSU economics and the Money March uses the principles and philosophies of group economics just like the example above. In fact, the name SUSU is an estimated 100,000 year old practice of pooling resources for the betterment of a community. First documented in Africa, some believe that SUSU economics helped build monuments and temples as well as gave rise to Black civilization 30,000 years ago. This is our historical method of economic empowerment. With the dawn of technology, SUSU Movement faithfully believes that this can be recreated in the digital world.
What we plan on doing next:
- Spread the word to as many people who are interested in black economic empowerment to fight the injustices we see daily
- Work with entrepreneurs to grow their business and economic success through digital communities and scaling
- Partner with black owned businesses that also have a community component to their business plans. An example is a company that gives a portion of their proceeds to a non-profit or community organization.
- Money Marches
- Share the results with everyone. Then explore the effectiveness of the strategy and find areas of improvement.
How you can help:
- Spread the word if you feel so inclined!
- Are you looking to get involved? Have a skill that can support the movement? Send us a message on how you'd like to support.
- For all of our people looking to work in the startup space, check out the internship page.
With Love and Light,