Only 2% of all certified financial planners are Black! We need relevant, meaningful money advice tailored to our needs, and getting a financial planner is a great step. But in the meantime, check out this money advice we’ve gathered from Black finance pros.
Certified financial planner Malik S. Lee compiled a list of money mistakes Black people make.
Mortgage or rental payments shouldn’t exceed 25% of your income, he says; only 2.5% should go to clothes and accessories; and no more than 10% should go to car payments.
Finance expert Dr. Boyce Watkins wants everyone to have a robust life insurance policy. “Life insurance policies aren’t expensive, you could die at any time, and insurance policies are a great way to pass wealth onto your children,” he says.
Financial journalist Stacey Tisdale praised “Bank Black,” but says we need to think bigger. While depositing into Black institutions is a must, “the Black community has to see itself as an economic force.”
If we were our own economy, we’d be the 15th richest nation in the world. That’s serious buying power!
We have to seek out money advice and strategies that will understand the nuances of Black life and the reality of what we can and cannot access. White-tailored money tips don’t always work for us – nobody knows us like us!