In this episode, Zach and Ade discuss the role of education and building wealth with Accenture senior strategy consultant, Richard Odior.

Length: 00:33:33 Hosts: Ade | Zach

BeyondtheBag #BankAccount #21

Umbrellas Don’t Make it Rain: Why Studying and Working Hard Isn’t Enough for Black Americans http://www.insightcced.org/wp-content...

Richard Odior Contact: email: [email protected] Instagram : https://www.instagram.com/r.odior/?hl=en LinkedIn : https://www.linkedin.com/in/richard-o... Shout outs: @IA_Fund https://twitter.com/IA_Fund @kelloggschool https://twitter.com/KelloggSchool @mltorg https://twitter.com/MLTOrg @uhbauercollege https://twitter.com/UHBauerCollege Glazed Donuts https://www.instagram.com/eatglazed/?...

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TRANSCRIPT OF INTRO

Ade: “Research and public policy have traditionally focused on education and income as drivers of upward mobility. There is compelling evidence, however, that education alone does little to explain the source of different levels of economic well-being, especially across race. Observing an association between higher levels of educational attainment and higher levels of net wealth and concluding that education produces wealth is tantamount to observing an association between the presence of umbrellas during rainfalls and concluding that umbrellas cause the rain. It is more likely that the relative wealth of different races explains the educational attainment differences across race groups.”

This is from “Umbrellas Don’t Make it Rain: Why Studying and Working Hard Isn’t Enough for Black Americans” a joint report between The New School, Duke Center for Social Equality, and Insight, a non-profit research entity.

What does this mean for people of color trying to secure the bag? What role, if any, does education play in affecting our income? And if education won’t secure the bag, what will?