Onyx Black Wealth Collective - Expanding Our Reach

Onyx Black Wealth Collective (Onyx) is addressing the critical issue of the widening racial wealth divide, which disproportionately affects Black households. According to the Institute for Policy Studies and Prosperity Now, if left unaddressed, median Black household wealth is projected to hit zero by 2053, even for families earning a middle-class income. While there are multiple factors contributing to this problem, requiring solutions at various levels, Onyx focuses on tackling specific concerns at the individual and family level.

1. Lack of knowledge and application of knowledge: Onyx recognizes that a lack of financial literacy and the inability to apply this knowledge effectively are significant barriers to building wealth. We address this by providing comprehensive financial education, ensuring that individuals not only acquire the necessary knowledge but also learn how to apply it in their daily lives

2. Developing a wealth mindset versus a consumer mindset: Onyx focuses on shifting mindsets from consumerism to wealth creation. We help individuals understand the importance of prioritizing long-term financial goals, making informed spending decisions, and developing a wealth-building mentality.

3. The disconnect in income and wealth: Onyx aims to bridge the gap between income and wealth by teaching individuals how to translate their income into long-term wealth. We provide strategies and tools to help families save, invest, and grow their assets, regardless of their current income level.

4. Sharing knowledge within family and community: Onyx encourages individuals to share their acquired knowledge and experiences with their family members and the wider community. By fostering open dialogue and creating a ripple effect of financial literacy, we aim to empower entire communities to work together towards building collective wealth.

5. The importance of intergenerational wealth transfer: Onyx emphasizes the crucial role of intergenerational wealth transfer in closing the racial wealth divide. We educate families on the significance of passing down knowledge, assets, and financial values to future generations, creating a lasting impact that extends beyond the individual.

6. The purpose of wealth to strengthen the community: Onyx emphasizes that the ultimate goal of wealth creation is to strengthen the Black community as a whole. We highlight the importance of using wealth to invest in community development, support local businesses, and create opportunities for others, ensuring that the benefits of individual financial success are shared and multiplied.

By addressing these specific concerns, Onyx aims to empower individuals and families to break the cycle of financial inequality, build intergenerational wealth, and contribute to the overall economic strength and resilience of the Black community.

Onyx is a nonprofit organization that empowers the Black community to build and sustain intergenerational wealth by creating safe spaces for financial education, open dialogue, and knowledge sharing. We recognize that systemic injustice, cultural taboos around money discussions, misinformation, and a lack of financial sophistication passed down through generations have made it increasingly difficult for Black families to build wealth.

To address these challenges, Onyx has developed a multi-pronged approach that caters to individuals at different stages of their financial journey and with varying levels of financial knowledge. Our solution centers around hosting regular virtual Sunday and Wednesday sessions that provide:

1. Intentionally intergenerational and socio-economically diverse spaces where participants feel safe asking questions and learning from one another's experiences, thereby helping people avoid others’ past pitfalls

2. Opportunities for knowledge sharing across generations and socio-economic levels, fostering a sense of community and collective growth. 

3. Foundational financial lessons taught by vetted professionals, creating a baseline understanding that members can share with their families and promote financial literacy within their immediate circles.

4. Deep dives into complex financial topics, ensuring that members fully grasp the terminology and implications of various financial concepts, empowering them to make informed decisions.

In addition, we launched an online community to provide a space for asynchronous interaction within our community and house content from our sessions. By providing access to online communities that provide reliable financial information, break down generational barriers, foster open dialogue, and counter misinformation, Onyx equips individuals with the tools and knowledge they need to build intergenerational wealth and weather economic shocks. 

In 2023, we also piloted in-person gatherings to increase engagement with Onyx members in Boston and Washington, DC. We need more internal capacity to continue to expand our in-person events. Our ultimate goal is to contribute to a more equitable and financially secure future for the Black community.

Onyx aims to support our members through all of the financial challenges arising in various phases of life. From first-generation college graduates, to mid-career entrepreneurs, and legacy building retirees, we are committed to empowering the Black community to achieve their financial goals and build intergenerational wealth.

Aspiring and first-generation college students, burdened with student loan debt and family obligations, can turn to Onyx for the financial literacy and support needed to break free from the paycheck-to-paycheck cycle. Onyx provides the tools and knowledge they need to build a solid financial foundation, empowering them to pursue their dreams and set healthy boundaries with family members.

Young and mid-career professionals can rely on Onyx for guidance in making wise financial decisions early in their careers, managing finances, saving for major life events, and planning for retirement. We also offer support for those providing financial assistance to elders, helping them avoid scams, organize financial documents, and plan for the transfer of assets upon death.

Entrepreneurs who have built thriving businesses but lack succession plans can turn to Onyx for guidance developing a clear strategy for the future of their family business, ensuring a smooth transition and securing their financial legacy.

As individuals approach retirement, Onyx offers the tools and knowledge needed to create comprehensive financial plans, assess their current situation, set realistic goals, and achieve financial security throughout their golden years. We also help navigate the complexities of estate planning, ensuring they can leave a lasting legacy for their loved ones.

For retirees concerned about the longevity of their retirement funds and potential long-term care needs, Onyx provides peer support and guidance as they analyze spending habits and tailor financial plans to optimize resources and maintain their desired lifestyle. Onyx also allows them the opportunity to provide mentorship to pass on their values and wisdom to the next generation.

Through supportive community and personalized guidance, Onyx equips individuals at every life stage with the resources and confidence needed to overcome financial challenges, achieve their goals, and build a brighter future for themselves and generations to come.

Onyx's team is uniquely positioned to deliver our solution due to our diverse backgrounds, intergenerational perspectives, and deep connections to the communities we serve. Our team members come from various age groups, professions, and socioeconomic backgrounds, reflecting the diversity of the people we aim to empower.

Intergenerational Knowledge Transfer:

At Onyx, we understand the importance of preserving and passing on financial wisdom from one generation to the next. Our team includes senior citizens who are committed to leaving a legacy by sharing their knowledge and expertise with younger generations. These individuals bring decades of experience in navigating financial challenges and building wealth, which they openly share with our community.

We also have young members in their 20’s who are eager to learn from their elders and apply this knowledge to their own financial journeys. This intergenerational exchange of knowledge is at the core of Onyx's mission, as we believe that empowering individuals across generations is key to building and sustaining wealth in our community.

Diverse Skill Sets:

Our founding team brings a wide range of skills and expertise to the table. We have seasoned executives with experience in scaling organizations and providing strategic guidance, finance professionals with knowledge of private equity and deal evaluation, and entrepreneurs who have successfully navigated the challenges of starting and growing businesses.

We also have team members with backgrounds in education, nonprofits, and community leadership, who bring valuable insights into effective communication, programming, and community engagement. Additionally, our team includes legal and tax professionals who provide expertise on asset protection, compliance, and navigating complex financial discussions with family members.

Culturally Relevant Approach:

At Onyx, we understand that financial discussions must be framed in a culturally relevant way to effectively engage and empower our community. Our diverse team allows us to approach financial education and wealth-building strategies from multiple cultural perspectives.

We have team members who have firsthand experience with the unique financial challenges faced by different cultural groups, such as navigating heir property, family business succession planning, and overcoming barriers to financial inclusion. This cultural understanding enables us to create programming and resources that resonate with our community and address their specific needs and concerns.

By leveraging our team's intergenerational wisdom, diverse skill sets, and culturally relevant approach, Onyx is uniquely positioned to deliver a solution that empowers individuals to build and sustain wealth for generations to come.

We selected the "Pilot" stage because Onyx launched our solution in 2020 and has since been iterating on our approach based on feedback from the community. What began as intimate "Sunday Sessions" among friends has since expanded to include an intergenerational and socioeconomically diverse group of participants. 

While still in the early stages, we have seen our model's impact as members have taken key wealth-building actions like purchasing homes, becoming small business owners, participating in their first private equity opportunity, and hiring financial planners, estate attorneys and CPAs, etc.

In August 2023, we mainly focused on the administrative aspects of establishing a nonprofit organization. (For example we formally established the Onyx Black Wealth Collective as a nonprofit, instituted a paid membership model, and started accepting donations and sponsorships). Now we have turned our focus to capacity building, content testing and improving our approach to maximize our community impact before further scaling. In 2023 we held 11 financial education sessions with strong attendance and are on track to host 18.

We believe MIT Solve’s community of innovators can accelerate progress with developing the Onyx business model, scaling our product/service delivery, and accessing the subject matter expertise and financial resources needed to expand our reach and deepen our impact. 

Onyx has two interconnected problems – we need a values-aligned business model that makes us financially sustainable while also ensuring continued access for members with limited financial means. In order to create this sustainability, we need to scale membership, which means developing a product mix that maintains the air of intimacy needed to create a trusted space while serving more people.

With that in mind, Onyx needs support in developing our business model. While we have a clear vision and a strong foundation, access to experienced mentors and guidance on best practices in product-market fit, strategy, and development would help us strengthen our approach and develop a path to long-term sustainability. We also believe to scale effectively, we will need to partner with the right institutions that have audiences who need this information.

Product and service distribution is another key area where we need help because we’ve run into challenges with how to scale our solution effectively. Solve's network of partners and resources could help us overcome the barriers that are hindering our ability to reach individuals beyond our personal networks so we can impact the larger community.

Finally, as a growing organization, Onyx would greatly benefit from financial support as we continue to transition from a volunteer-led community to a nonprofit with a paid staff to provide consistent programming and support. Given the importance of community and relationship building in our past success, we believe MIT Solve’s greatest impact would be in helping us develop strategies to scale effectively.

Onyx's solution is innovative in its communal, intergenerational approach to wealth building for the Black community. Unlike traditional financial education programs that focus on individual success, Onyx emphasizes the importance of community and the sharing of knowledge across generations. This creates a virtuous circle in which each individual is responsible for developing their own financial capacity and sharing their wisdom with others, fostering a sense of collective growth and empowerment.

Central to Onyx's approach is the belief that building wealth requires a fundamental shift in mindset and an understanding of the purpose of wealth. Onyx promotes the idea that financial stability provides a level of freedom, regardless of income level, enabling people to become stronger, more engaged members of their community rather than focusing on creating wealthy individuals, 

Onyx's programming is innovative in its holistic nature, designed to support individuals across the financial continuum. While many existing programs are siloed, catering to specific demographics or life events, Onyx recognizes that financial challenges and opportunities are interconnected. By providing a comprehensive curriculum that addresses the needs of entrepreneurs, small business owners, and individuals at various life stages, Onyx empowers participants to make informed decisions and navigate complex financial situations with confidence.

Another innovative aspect of Onyx's solution is its emphasis on timely access to information and trusted resources. By creating a safe space where individuals can openly discuss financial matters and seek guidance, Onyx enables its community to quickly connect with trusted professionals when faced with challenges or opportunities. This proactive approach helps prevent common pitfalls, such as property loss due to lack of estate planning, predatory lending, and underutilization of employee benefits and tax strategies. It also ensures that future generations are raised with a clear understanding of how to maintain and grow the wealth they inherit.

Ultimately, Onyx's innovation lies in its ability to break cultural taboos surrounding financial discussions within the Black community, foster intergenerational knowledge transfer, and provide a holistic, community-centered approach to wealth building. By empowering individuals to develop financial literacy, share their experiences, and support one another, Onyx is creating a powerful movement that has the potential to transform the financial landscape for generations to come.

Our professional speakers affirm the need for our services within the community, emphasizing the importance of learning together, normalizing financial conversations, and providing access to quality advice. More importantly, we believe the success stemming from our pre-nonprofit Sunday sessions demonstrates the effectiveness of Onyx’s model. These meetings, led by financial planners, estate attorneys, real estate professionals, and featuring honest conversations about personal financial experiences, have already resulted in tangible improvements in our members' lives.

Our tax preparation sessions have empowered young members without a finance background to understand the benefits and consequences of filing taxes consistently and accurately, with one solo practitioner starting from not understanding what it meant to write off expenses to hiring a CPA to make sure she was maximizing her business deductions as a small business owner. One member, a young, single, first-time homebuyer, credits Onyx with the realization she was ready to buy a home, “during an Onyx session on real estate investment, they suggested I purchase a house, I seriously considered the suggestion even though I had never before considered this for myself. Not only did they answer all my questions as I navigated purchasing for myself, they also provided much-needed emotional support and personal perspectives.”  Another member was able to quickly find a business partner for a new endeavor within the Onyx community because our conversations quickly uncovered a shared entrepreneurial spirit, highlighting the power of the trust and relationships fostered through our sessions.

One wealthier couple’s story underscores the importance of intergenerational learning. After a conversation with a younger member about her experience inheriting wealth and becoming an estate trustee, this couple realized “our generation's habit of not discussing estate planning matters with children could cause the very stress we were trying to avoid. The conversation helped us understand how difficult it can be to learn how to manage assets and work with financial and legal professionals while dealing with the emotional pain of losing your parents.” They are working with their child now so she will be ready when the time comes.

These are just a few examples of the real-world impact of Onyx's approach. Our success stories serve as a testament to the transformative power of our approach, and we are confident that with continued support, we can help countless more individuals and families build and sustain wealth for generations to come. By bringing together individuals from different generations and backgrounds, Onyx is poised to create lasting, multi-generational change by breaking down barriers to financial knowledge, fostering a culture of open communication, creating safe spaces to learn, and empowering individuals to take control of their financial futures.

Onyx's impact goals are centered around increasing wealth creation for our members in relation to four primary areas: Financial Planning, Home Ownership/Real Estate, Estate/Legacy Planning, and Investment Strategy and Implementation. We measure our progress towards these goals using a combination of qualitative and quantitative metrics.

Qualitatively, we gather success stories from our members to understand how our sessions, learning resources, network, and knowledge-sharing have impacted their lives and mindsets. These stories demonstrate the transformational impact of our work and align with our core values of Freedom, Communication, Community, Compassion, and Perseverance.

Quantitatively, we conduct annual surveys to track our members' progress in key wealth-building indicators, using their initial responses as a baseline. Some of the metrics we track include:

Financial Planning:

- Number of members who have completed a budget

- Number of members enrolled with a fiduciary financial planner

- Number of members using our tax strategies to file taxes on time

- Number of members maximizing their employee benefits

Estate/Legacy Planning:

- Number of young adults/college students with a basic plan for medical emergencies

- Number of members who have completed an estate plan with an institution or attorney

- Number of members with funded trusts

Home Ownership/Real Estate:

- Number of members who have purchased new homes

- Number of members saving for their first home

Investment Strategy and Implementation:

- Number of members pursuing alternative investments

- Number of members diversifying income streams through business ownership

- Number of members participating in group investments

By tracking these metrics and gathering qualitative feedback, we can assess our impact on breaking down barriers, overcoming obstacles, and ultimately building and sustaining wealth within the Black community. This data-driven approach, combined with the power of storytelling, allows us to demonstrate the transformational impact of our work and continuously refine our strategies to better serve our members.

The core technology powering Onyx's solution is a combination of well-established platforms that enable us to create safe, accessible, and engaging spaces for our community to discuss financial matters and build lasting relationships.

At the heart of our technology stack is Zoom, a widely-used webinar platform that allows us to facilitate discussions with ease. By leveraging Zoom's robust features, we can host interactive discussions, share educational content, and foster meaningful conversations among our diverse participants. This platform ensures that our members, regardless of their location or technological proficiency, can easily access and participate in our sessions.

We’re also using Mighty Networks’ social networking platform to complement our live sessions and cultivate a thriving community beyond the webinars. Mighty Networks serves as a centralized hub for our members to connect, share resources, and continue the conversations sparked during our sessions. Our goal with this platform is to create a safe, supportive environment where our members can ask questions, seek advice, and celebrate each other's successes.

As Onyx grows and evolves, we anticipate expanding our technology stack to include a learning management system (LMS) with built-in accountability features. This addition will enable us to offer more structured educational content, track individual progress, and facilitate the formation of focused working groups. By providing our members with the tools to learn at their own pace, collaborate with others, and hold each other accountable, we can further enhance the impact of our solution.

While the core technology powering Onyx may be tried and true, it is our innovative application of these tools that sets us apart. By leveraging familiar platforms in a purposeful way, we have created a unique, accessible, and impactful solution that empowers our community to take control of their financial futures, build lasting relationships, and create a legacy of wealth and prosperity for generations to come.

We are mainly volunteer-led, with a dedicated team of individuals working to drive our mission forward. Our operations team consists of two part-time consultants providing essential administrative, marketing, and programming support.

Our consultants, three founders, two board members, and two advisors all play a crucial role in shaping the direction of our organization. This group is actively involved in fundraising efforts, strategic planning, programming design, speaker solicitation, and expanding our brand reach.

By leveraging the diverse skills, experiences, and networks of our team, Onyx is able to punch above its weight and deliver high-quality, impactful programming to our community.

While Onyx's official nonprofit status is relatively new (August 2023), our journey began in the summer of 2020 when our founders started discussions on addressing the Black Wealth Gap. For the last three years we’ve been actively iterating on our model, expanding our reach, and refining our approach so we can continue to scale our solution. 

Onyx is a small, mainly volunteer-led nonprofit supported by two part-time consultants. That being said, inclusion is at the core of Onyx's mission and everything we do as an organization.  

We have intentionally assembled a leadership team that reflects the diverse experiences and backgrounds found within the Black community. Our team spans generations, from young professionals in their 20s to retirees in their 70s, bringing a wealth of knowledge and perspectives to our work. We have representation from various life stages and family structures, including married individuals, single people, and single parents. Our team also includes both first-generation college graduates and those who come from families with a legacy of higher education. This diversity allows us to better understand and address the unique financial challenges faced by different segments of our community. This mix enables us to create content and programs that cater to a wide range of educational experiences and learning styles.

Onyx has a few key practices that help to minimize barriers for our team members and promote an inclusive working environment:

1. Open communication and feedback: We foster a culture of open communication and constructive feedback, encouraging team members to share their ideas, challenges, and successes. This supportive environment enhances our organizational effectiveness and helps our volunteers and staff build competencies for future endeavors.

2. Remote and flexible work arrangements: Our volunteers and staff are distributed across the US, and we all have different working styles, preferences, and commitments outside of Onyx. To accommodate this, we work asynchronously and are flexible regarding schedules and task allocation/completion to ensure that everyone can contribute in a way that aligns with their strengths and availability.

3. Mentorship: Continuous learning is integral to the Onyx model, not only in how we serve our community but also in how we operate as an organization. We are committed to providing opportunities for growth and development to all our team members, regardless of their role or level of experience.

As Onyx grows, we remain committed to further diversifying our team and leadership, actively seeking out individuals with backgrounds that aren’t yet represented on our team to ensure that our decision-making reflects our values and the needs of the communities we serve.

Onyx's business model currently consists of three primary revenue streams: paid memberships, individual donations and small business sponsorships, and grant revenue. 

Our paid membership model grants access to our online community, where members can view past sessions, connect with other members, access resources, and soon participate in action circles. This membership structure allows us to foster a sense of community and provide ongoing value to our members.

Individual donations come from members who believe in and want to support our mission. Additionally, we receive small business sponsorships from professionals who present to our members, recognizing the value of our platform and the opportunity to connect with our engaged community.

Grant revenue is another important component of our business model, as it allows us to further develop and expand our programs without placing the financial burden solely on our members.

As we look to the future, we are exploring potential expansion plans to diversify our revenue streams and offer additional value to our members. One such plan is the creation of a high-end membership tier for things like investment circles, which would cater to accredited investors. This circle would connect Black affinity investment groups from highly competitive institutions, making these opportunities accessible to a broader audience. This would build upon a previous private equity investment opportunity from Harvard that several Onyx members participated in.

Another expansion opportunity lies in offering accountability group workshops for specific topics, such as first-time home ownership or navigating estate transition plans with parents. These workshops would provide detailed explanations, hands-on tutorials, and dedicated office hours with a small cohort. The goal is to ensure that participants fully grasp the concepts, create actionable project plans, complete necessary tasks, and correctly implement tools and systems.

By diversifying our revenue streams and continuously adapting to the needs of our community, Onyx aims to build a sustainable business model that allows us to empower the Black community to build and sustain intergenerational wealth.

While Onyx is in the early stages of developing a sustainable business model, we have identified three potential revenue streams: paid memberships, individual donations and business sponsorships, and grants.

In the fall of 2023, we successfully launched our nonprofit and introduced a tiered membership structure with annual and monthly subscription options. While we have seen some initial traction with memberships and donations, primarily from individuals involved in the planning stages of Onyx, we recognize that we need to further refine our approach to ensure long-term financial sustainability.

To achieve this, we are focusing on two key areas: expanding our membership and donor base, and developing a strong grant pipeline by identifying potential funders, crafting compelling proposals, and cultivating connections with decision-makers in the philanthropic space.

We will explore creating targeted marketing campaigns, engage in community outreach, and form strategic partnerships with organizations that can expand our reach and potentially increase our membership base. As we continue to grow, we will also explore additional revenue-generating opportunities that align with our mission, such as offering premium content, hosting events and workshops, and forming strategic partnerships with businesses and organizations serving our target audience.

Our early success in generating $30K in our first quarter with limited fundraising and staffing capacity is evidence that the Onyx community is committed to supporting the sustainability of our work. Their high engagement is also evident in our 50%+ open rate in our email communication and consistent attendance in our online sessions for almost four years. In 2024, we plan to raise $150K through the expansion of our memberships, corporate sponsorships, and donations. We expect to reach this goal by diversifying our revenue streams, expanding our reach, and consistently delivering value to our members and supporters, We view our participation in the Solve program as an opportunity to gain valuable guidance and support as we work to refine and scale our business model.