Eugene Mitchell and New York Life are creating $50 billion in Black wealth
If Black lives matter, then Black wealth should certainly matter, too.
That’s the motto that Eugene Mitchell, a corporate vice president and market manager in the African-American Market Unit for the New York Life Insurance Company, often shares.
Since 2011, Mitchell has been on a mission to create wealth—$50 billion to be exact—in the Black community through an innovative and well-thought out insurance program backed by his employers and the 1,200 African-American insurance agents the company employs.
“We are on mission to create $50 billion of tax-free future income in the Black community,” Mitchell said. “I believe the issues in the Black community are not crime [or] drugs; those are symptoms of a greater and deeper rooted issue, which is about economics.
Mitchell continued: “Without economics, without college saving plans in place, without down payments for new homes, folks struggle to move to the next level. What we’ve put together is a community empowerment plan that’s about financial literacy.”
Mitchell said that leveraging financial tools to really make a difference is what’s important.
The equation is quite simple: multiply 200,000 families by $250,000 in life insurance and that creates $50 billion of tax-free income.