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Life Insurance is one of the keys to Black wealth Stacey M. Brown, For New Pittsburgh Courier CREATING BLACK WEALTH—Eugene Mitchell, the corporate vice president and market manager in the African-American Market Unit for the New York Life Insurance Company, said that investing in life insurance policies can increase wealth in the Black community. (New York Life) 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.
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