‘Break the generational curse’

PERSONAL FINANCE SPECIALIST DR. SALOAM BEY, center, with many of the graduates of the “Understanding and Starting Your Business” program from December 2023; Sheila Clemons, Dianne C. Lemon, Shatel Abram, Darlyn Reaves, Sadir Lee, and Danielle Anderson. (Photo by Dayna Delgado) African Americans learning all things financial literacy in Dr. Bey’s eight-week program & Safe to say, there currently would be no “Capable Caring Hands” non-medical home care agency business in Pittsburgh if not for Sheila Clemons’ determination and the eight-week “Understanding and Starting Your Business” coaching program offered by Dr. Saloam Bey. In the world of financial literacy, African Americans are playing catch-up. A TIAA (Teachers Insurance and Annuity Association of America) report from 2019 found that in its Personal Finance Index questionnaire, 38 percent of Blacks answered the questions correctly, compared to 55 percent of Whites. The extensive report also found that in 2016, median household income among African Americans was $35,400, compared to $61,200 for Whites; Black household net worth was $17,600 compared to $171,000 for Whites; Black homeownership was reported at 42 percent compared to 66 percent for Whites; Blacks were 32 percent more likely to have been late with a mortgage payment in the past...