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This Black Ad Exec Wants To Create 1 Million New Black Millionaires

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Brian Lee

Black professionals in corporate business structures are notoriously cut out of senior-level positions and opportunities to move higher. For Fortune 500 companies, less than 1% of CEOs are black with only 3% of Black professionals holding executive and senior manager level roles. This awareness has elevated even more with the current protests over racial injustice and police brutality sparking new conversations about racism. One advertising executive wants to change that by creating a new platform with the mission of creating 1 million new Black millionaires.

Brian Lee is a seasoned executive that has worked behind the scenes on advertising campaigns from brands like Verizon, Microsoft, and numerous others. Coming from humble beginnings, his own struggles moving up the corporate ladder inspired him to create his own platform called Black Health and Wealth that helps guide Black professionals through corporate America and venturing into entrepreneurship. His goal is to create one million Black millionaires, creating a new Black Wall Street for our modern society.

According to We Buy Black, Lee plans to roll out his plan through a series of phases. Under phase one, Lee will be providing education and professional development to professionals within the network dedicated to helping them navigate through corporate settings in addition to resources for those looking to create their own company. In phase two, the company will introduce a Black business network to centralize all Black businesses to an easy-to-access network in addition to new initiatives to hold companies accountable for their diversity policies.

Lee hopes the current movement of uplifting Black businesses and the celebration of holidays like Juneteenth will inspire others in the community to become a part of the network to continue to help Black business owners and professionals thrive.

 

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Let’s buy black and support our own today and moving forward.

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Lyron Foster is a Hawaii based African American Musician, Author, Actor, Blogger, Filmmaker, Philanthropist and Multinational Serial Tech Entrepreneur.

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One pandemic, two recoveries: New Yorkers are three times more likely to be jobless than Nebraskans

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It’s going to take a long time to get out of this economic mess, but we’re making progress: Since the end of April, the economy has added more than 10 million jobs and the unemployment rate has fallen from its peak of 14.7% to 8.4%.

But that national recovery is unequal. Employment in some states is back to pre-pandemic levels, while others are at mass joblessness levels surpassing the 2007-09 Great Recession.

When the pandemic hit, the jobless rate in Nebraska soared from 4% in March to 8.7% in April. But the state’s nearly fully reopened economy has helped push the jobless rate back to 4% as of August.

The picture in New York, the epicenter of the pandemic in the spring, is far less rosy. It saw its jobless rate climb from 4.1% in March to a staggering 15.3% by April. It has since improved to 12.5% in August—a figure that is still above the U.S. peak of 8.9% jobless rate during the Great Recession era.

How can a New Yorker be three times more likely to be jobless than a Nebraskan?

States like Nebraska that are more rural and haven’t been as hard hit by the pandemic have almost fully reopened. Earlier this month Nebraska allowed outdoor gatherings to reopen at 100%, including sports stadiums and fairgrounds. And places like bars and tattoo parlors were reopened weeks ago.

Northeast states like New Jersey, New York, and Connecticut were hit hard by the virus in the spring and are reopening businesses at much slower rates. Case in point: Indoor dinning in New York City doesn’t start back until September 30, and that’s only at 25% capacity. That cautious approach explains why New York’s jobless rate remains so high.

While New York leads the nation at 33,092 lives lost to the pandemic, its case load and deaths are plummeting, according to Johns Hopkins University data. Only .9% of COVID-19 tests in New York are coming back positive compared to over 50% at one point in April. Nebraska has far fewer COVID-19 deaths (452), however, its positive rate is 12.6%—which is above the 10% threshold that adds incoming travelers to New York’s 14-day quarantine.

And joblessness in New York is also elevated by its large leisure and hospitality concentration. That sector was smashed by the pandemic, and has yet to rebound. Leisure and hospitality jobs in New York City alone are still down 48%. And that’s also why joblessness is still so high in tourism heavy California (11.4%), Hawaii (12.5%), and Nevada (13.2%).

While Florida also has a massive tourism industry, its jobless rate is only 7.4% in August which can be chalked up to a more aggressive reopening plan than states like Nevada or New York.

More must-read finance coverage from Fortune:

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