Ok so my title is bold, but hear me out. I think I have a valid point here, at least for a few of us! If you are financially literate and don’t want to support the cause, then click on another blog, or get in on this issue!

Okay so over the summer, I had to take a finance class for my major. In class, when I wasn’t on Facebook or Instagram, my professor said some things that I have never heard any of my family say...

Savings
Investing
Stock
Bonds

If I surveyed black families I KNOW on finance; I bet the majority of them won’t have a savings account with money in it because the majority of black families I know are living from paycheck to paycheck. Living paycheck to paycheck is the survival skill for individual black families to make ends every month and worry about tomorrow later.

Now there is a small percentage of black people who actually USE their savings, however, sharing their financial knowledge with other black people can be considered uncommon. In other words, as a culture, we don’t share the secrets to becoming wealthy enough. In fact, conversing about finances in a black family is rare.

Why?

Because instead of having beneficial conversations, most black people are worried about whose husband is sleeping with who, or who got to fighting at the club last night.

I'm sorry, but broke people have broke people conversations.

Instead of focusing on who the neighbor’s baby-daddy is, we need to spend time educating each other MORE on savings and investing. Yes, there are programs out there to inform people. Some programs are free; some are not. However, it is time to start educating each other financially!

Anyway, savings, investing, buying stock, etc. are key ways to gain wealth. These strategies separate the poor from the rich. This information is not a secret! It’s just not talked about in low-income homes. The only thing I have ever seen someone save up for is a car or 24" rims.

Not the future, and especially not for retirement.

I also feel as though savings aren’t discussed in the black community MAINLY because some people just don’t want others to know they have money.

We all know it’s true.

Someone always has their hand out the minute they found out that you got one dollar to spare. We wish that if we shared the knowledge to the people who are begging for money, maybe they will start saving as well, but that’s not always the case. Why save, when you can easily have your hand-out?

Now I haven’t grasped savings either, but I'm learning at a young age of the importance of budgeting money. But did you know in your 20’s it’s best to start saving for retirement? Did you know saving can get you that big house and meet those relationship goals you have for yourself? Did you know saving can send your kids to college without any problems because you properly planned for it?

It is rare to prepare for tomorrow. However, other races do! Other races go as far as to set their children’s children up for wealth with bonds! So if you are reading this and you are not familiar with bonds, this is what they do:

Say, for instance, you want to give your grandson a bond, but he has to wait until his 21st birthday to get it. You purchased the bond for 10,000 and when his 21st birthday hits, it will be more.

Guess what though?

You did nothing but invest for 21 years now so that he could have money 21 years from now.

Amazing isn’t it!

What about investing and stocks?

Simple, you spend money, you get money back.

Stock you purchase from a company and become a stockholder, which means you own part of the company depending on how many shares you buy and you will receive dividends (money).

If you are a fan of "Empire", season 2, remember when Hakeem took over the company and he had to explain to the people in the audience how they will receive their money?

Those people were stockholders.

They own parts of Empire's company individually. Hakeem and his family are the ones who implement the plans that will bring money into the business and get the shareholders their money.

Trust me. I didn’t know the importance of the audience until my teacher educated me on the terminology used in Empire.

My point is you can become a stockholder and can receive money as well!

There're so many ways to earn money that people do, “we” just don’t do it!

I know, complaining is easier than actually working toward a stable future.
Even after me telling you this information, some will still only notice the part where I said they had to give their money away to get money.

It’s true! To get money you have to spend money.
Now I must applaud Black America for coming together for what have seemed to be a long time. Over 8,000 people moved their money to African-American banks a part of the #BlackLivesMatter movement in July 2016.

Now for my readers who are non-black, I want to be clear I am not just pro-black, I’m pro everybody, but most importantly I am a supporter of BlackLivesMatter, and my people came together and stood for something TOGETHER, and it deserves a prominent recognition.

Anyway, what else should happen is if we can get 8,000 people to move their money, we can get 8,000 people educated on bonds, savings, investments, and stock.

Did you know a 20-year-old can become a millionaire or well off by the time they reach 60 from savings? Did you know there are people who can show you strategies to get you out of debt?

Listen, I am encouraging these types of conversation to happen in black families.
You wonder why certain people stay on top- it’s because the secrets are being passed down from generation to generation. Rich people don’t necessarily have to have a job, they sometimes just know how to manage their MONEY!

Every time tax season come around, you don’t need new rims or a new car. Why not pay your bills up a few months, so you can start saving. Man, the crazy amount of money I have heard people get back in taxes, and all of their money is gone in 3 months!

Nothing to fall back on, nothing for a rainy day because all four of the kids need $200 pair of Jordans, so they can be fresh for a few months because they’re going to mess up the shoes anyways!
If we as people continue to repeat the pattern of being irresponsible with money, then SNAP benefits may always be an aid some of us will need. For readers who don’t know, SNAP is a government assistance given to people who show they are unable financially to feed themselves or family.

I hate that government assistance is looked at as an accomplishment to some. SNAP is poverty level, people. I have seen people want to get paid less just to keep SNAP! Don’t ever be proud to need assistance.

Don’t be ashamed, but don’t ever be proud!

I feel it is safe to say that some black people are financially illiterate... by choice. However, by changing the conversations in your household to more goal-driven conversations could lead to financial stability for your family.

This blog is meant to spread awareness of the lack of understanding of finance in the black community. Spread the message. Share this blog. Tell your opinion.

I can’t change “our” world alone...