Broke: Outdated Financial Advice Black Folks Need to Stop

Think saving is the only path to wealth? Think again! What if I told you that saving is great but investing your money is better, instead of saving “shoe box money” you should actually save money in a high-yield savings account, and instead of not using credit cards at all, you should actually educate yourself on how to properly use a credit card so that you can build, achieve and further your financial goals. It’s no secret that the racial wealth gap between Black and white households has been a problem for years, decades even. According to the U.S. Census Bureau’s Survey of Income and Program Participation, households with a white, non-Hispanic householder had ten times more wealth than those with a Black householder in 2021. As of April 2024, Black households in the United States only held 4.7 percent of the country’s wealth, despite making up 13.6 percent of all households.  Now, for most of us… I know your dad, mama, grand-mama, aunties, uncles and so forth gave you financial advice at some point, and even made it seem like(or maybe they didn’t) that they had it all together financially, but hear me out. How many of our relatives...