Why financial literacy needs to be part of vacation-Reuters

Galveston’s Block Harrell ended slavery in Galveston, Texas on June 19, 2021, two years after the 1863 Emancipation Proclamation released slavery elsewhere in the United States. Ring the bell during the reenactment celebrating June 16th to commemorate.

Callahan O’Hair | Reuters

The financial-focused podcast Earn Your Leisure aims to normalize open discussions on money, wealth creation, and financial freedom on June 16th, a holiday commemorating the end of American slavery. is.

“We often focus on the social consequences of slavery, then on racism and discrimination of its nature. Equally important is the economic effect,” Earn Your Leisure’s Rashad Gilal told CNBC. .. “When we come to understand that slavery is really a financial system established for free labor, so seeing our ancestors sacrificing their lives, it’s economic empowerment. When done for, it forces you to look at your finances, “said Bilal.

Earn Your Leisure has more than 1 million followers and the growth of financially influential people such as Kezia Williams, Ian Dunlap, also known as Master Investor, Wall Street Trapper, Ross MacPhilippe Michel and WorthLife Balance. It is part of the movement to do.

Learn more about investing in you:
Proponents say canceling student loans can close the racial wealth gap
Why Racial Justice Groups Call Congress to Restore Child Tax Credits
Michigan will be the 14th state to mandate personal financial education

Each has a different style and focus, but everyone agrees that data on black wealth is involved.

According to Dr. William Darity of Duke University, the racial wealth gap, the wealth gap between black and white Americans, is over $ 11 trillion.

According to the Federal Reserve’s 2019 Consumer Finance Survey released in September 2020, the median wealth of white families was $ 188,200 in 2019, compared to $ 24,100 for black families and $ 36,100 for hispanic families. was. $ 0 if the current trend continues.

“You don’t just want to waste money. You can actually use that money to change the course of your family. Financial education can be used to change the course of your family. Our The ancestors did not have this opportunity and they were forced to work for free, “said Bilal.

Social media influencer Ian Dunlap said on June 16th this year that the black community has an urgent need to understand long-term equity investments and the opportunities they may create for wealth. .. “Investing is not difficult,” he told CNBC. “The data is there, the information is there. According to my research, if you have an S & P 500 or equivalent index fund for 30 years, you have a 0% chance of losing your investment and you can make a profit. Gender is 100%. »»

Kezia Williams focuses on black entrepreneurship and how it helps build wealth for generations, but collaboration and deliberate financial decisions are the key to creating a sustainable black business. I emphasized that it is necessary. In her third year, she encourages people to shop at a black company and post their receipts online using the MyBlackReceipt hashtag.

Kesia Williams

Kesia Williams | Black upStart

“We must deliberately buy from a black company! That should be the practice we adopt every day,” Williams told CNBC. “The pandemic has created an opportunity to reach people outside of traditional media. Many female economic influencers have taught and created great content for them to hear their voices. It’s great to find and build space for, “she said. she said.

Philip Michel is working to create 100,000 black millionaires through real estate investment by 2030. “Home ownership is the gateway to wealth,” he told CNBC. The black community needs to consider new investment tools such as the NYCE app, which allows investors to buy “split stocks” of real estate. “I want to improve the psychology of money, especially for blacks. It’s those that we have mentally about how we can start investing. It’s about breaking some of the perceived barriers, not just for the rich, but a necessity, “Michael said. ..

The housing market is currently under pressure, mortgage rates have recorded the largest weekly rise since 1987, and equities have recently slipped into the bear market with the S & P 500, more aggressive in technology investment and cryptocurrencies. Tested investors with real assets.

Nonetheless, some of the wealthiest investors in the market, the bear market is a unique investment opportunity, and these influential people are exposed to higher risk assets as part of their investment portfolio. Is advocating. In addition to good stocks, Dunlap advises you to explore opportunities in Web3 and Metaverse. Williams advocates that women will enter the field of cryptocurrencies and become influential in addressing the unique challenges faced by female investors.

Social media conversations, psychology, etc. are great to earn your leisure time. But they can’t wait to see the actions, decisions and goals of the next generation of investors they have inspired.

“We wanted to make learning about finance and generational wealth cool. We wanted it to be a mediocre conversation. I didn’t grow up in such a conversation at the dinner table. But can you imagine what we did? Your leisure-earning Troy Millings told CNBC: “If you’re talking about the best companies, not the best basketball players at the barber shop, that’s your neighborhood. Imagine what you can do with. »»

register: Money 101 is an 8-week financial freedom study course delivered weekly to your inbox. Click here for the Spanish version of Dinero 101.

Disclosure: NBC Universal and Comcast Ventures Tassel..