Building Black Wealth: How Carter Cofield and George Acheampong Are Transforming Finances for the Culture

Melanin Money is looking to build wealth in Black communities.

Carter Cofield and George Acheampong aim to close the wealth gap and empower the Black community through financial literacy and strategic wealth building.

As a CPA and tax advisor, Cofield combines his expertise with cultural pride to provide tools, resources, and strategies through Melanin Money, the #1 Black wealth brand he co-founded with Acheampong. Together, they help individuals and families create lasting legacies by offering innovative financial solutions tailored to the community’s unique needs.

BLACK ENTERPRISE sat down with Carter and George to discuss their groundbreaking work, the inspiration behind Melanin Money, and their vision for achieving financial freedom and equity in the Black community.

BE: As the founders of Melanin Money, what inspired you to create a platform dedicated to building Black wealth, and how does it differ from traditional financial education?

Melanin Money was born out of urgency and purpose. One day, we discovered an article predicting that Black wealth would hit $0 by 2053. While alarming, it highlighted a real issue—our community’s lack of advanced financial literacy. We’re not just talking about budgeting and saving but higher-level concepts like investing, tax-saving strategies, and entrepreneurship. What sets Melanin Money apart is the expertise we bring. George is the #1 financial advisor in North Carolina, and I (Carter) am among the top certified public accountants in the country. We’ve built a platform rooted in authentic, expert-driven education designed to equip our community with tools to thrive financially.

BE: The wealth gap remains a persistent issue. What do you believe are the key steps the Black community can take to break generational cycles and build financial security?

It all starts with exposure—showing our community what financial freedom looks like and making them believe it’s attainable. “You cannot be what you cannot see.” Once that belief is instilled, we can begin educating on the actionable steps to achieve wealth. It’s equally essential to normalize conversations around money. That’s why we launched the Melanin Money Awards, celebrating our clients for attaining net worth milestones ranging from $100,000 to $10 million. By showcasing these successes, we’re breaking the taboo and proving that true wealth is within reach for people of color.

BE: Your work integrates tax strategy into wealth-building discussions. What are some overlooked tax tips that can significantly benefit individuals and small business owners in our community?

Our philosophy is simple: “It’s not about how much money you make; it’s about how much you keep.” Contributing to employer retirement accounts—especially Roth 401(k) options—is an excellent way for individuals to build tax-free wealth. Additionally, real estate can be a game-changer for W-2 employees by providing strategies to offset taxable income.

The tax code is your ally for business owners. IRS Section 162(a) deducts ordinary and necessary business expenses. When structured correctly, personal costs like rent, car payments, travel, and meals can become legitimate business deductions. These strategies are just the beginning of what’s possible for wealth-building through tax optimization.

BE: Financial literacy is often not taught in schools. What role should education systems and community organizations play in fostering wealth-building knowledge for the next generation?

While we believe financial literacy is critical, we’ve realized that schools are designed to create workers, not wealth builders. As a result, it’s up to individuals and community organizations to take the lead. This means seeking financial education independently and leveraging platforms like ours to fill the gap. Schools haven’t taught financial literacy for over a century, and they will unlikely start now. We have the responsibility to empower ourselves and future generations.

BE: In your experience, what are the most common financial mistakes people make, and how do you guide them to turn these into opportunities for growth?

Overspending and a lack of urgency around investing are the two biggest pitfalls. Many people spend more than they earn and delay investing, which keeps them on the wrong side of compound interest—paying it instead of earning it. The key is to live within your means and start investing early. Even small, consistent investments can grow exponentially, leading to financial freedom.

BE: Cultural representation in the financial industry is often limited. How does Melanin Money challenge stereotypes and create space for Black voices in finance?

We’ve created The Melanin Money Show, a podcast featuring top Black financial experts across various specialties. This platform highlights their expertise and demonstrates to the community that we have brilliant minds leading the charge in financial literacy. By amplifying these voices, we’re changing the narrative and expanding what representation in finance looks like.

BE: What does success look like for you, as CPAs and entrepreneurs and as leaders in a movement to transform how the Black community approaches money and wealth?

Our success is evident: We aim to decrease the wealth gap by $100 billion and create 100,000 Black millionaires. In just three years, we’ve helped our clients increase their net worth by over $100 million. Our ultimate goal is to prove the 2053 prediction wrong—not just slightly, but by $100 billion.

BE: What’s next for you?

The future is exciting. First, we’re focused on making the Melanin Money Awards the biggest celebration of Black wealth in history. Second, we want The Melanin Money Show to become the #1 financial literacy platform for people of color. Lastly, we’re doubling down on our mission to educate, empower, and equip our community to achieve the financial freedom we all deserve.

To learn more about Melanin Money, visit www.MelaninMoney.com.