How Your Attitude About Race Affects Your Wallet

How Your Attitude About Race Affects Your Wallet

What happens when we fit our own stereotypes

By Stacey Tisdale

I once heard a presentation by Tiffany Taylor Smith, the founder of Culture Learning Partners, a company that helps organizations and individuals navigate cultural differences, discuss ‘inherit bias’ – attitudes we carry about race and culture that we are not aware of. 

I approached her after the program and we discussed how those biases play out in financial behavior. These biases are obvious when we think about the ways in which others treat us.  We’ve all heard or experienced stories of practices like predatory lending, in which equally qualified blacks get higher rates for things like mortgages and cars, from lenders, many of whom are probably not ‘conscious’ about personal prejudices.

The conversation Taylor and I had, however, was more about the ways in which the often-unconscious messages that play in our own heads play out in our experiences with money.

[Click HERE for a quick read and video about the investing habits of wealthy Blacks]

The Songs We Play In Our Heads

Think about it what comes to mind when you think about your racial, ethnic, even religious orientation, when it comes to money. “People like me always struggle.”  “People like me watch every penny.”  “Our people don’t invest in the markets.”

As Life Planner and founder of Compass Wealth Management, Martin Siesta once told me, “These expectations we put on ourselves and the outside messages we receive have a really strong influence on behavior,” said Siesta. “I would urge people to look at those influences and ethnic messages.  Ask: Is this how the world really is, or is this just how I see it? To create change, you have to be mindful of that, and follow your own common sense…Don’t let stereotypes weigh on your self-esteem,” he adds.

[Click HERE to learn simple acts that make your financial goals a reality!]

Solve The Right Problem

Ask yourself the following questions:

1. What do I see people like me doing when it comes to money? What do I see them doing when it comes to saving?  Spending?  Investing? Debt?

2. What do I see people like me not doing when it comes to money? What don’t they do when it comes to saving?  Spending?  Investing?  Debt?

3. How messages am I telling myself about money? “People like me can’t afford to save.”  “People like me always have debt.”  “I can’t even think about retiring.”

4. How would those messages change if I were living my ideal relationship with money…if I were channeling my financial resources towards my goals?

5. How would I act differently and how would my choices change if I operate from my new messages?

Create a support system to snap you out of beliefs that don’t bring you closer to your goals and priorities.  Name them, write them, down, discuss them with friends, and literally rewrite those messages so that they state the highest vision you have for yourself.  

How to Start a Will for Free in Minutes & Protect Your Future

[Estate Planning] STOP Blaming Bad Behavior On Money!

How Your Cell Phone can Help You Align Your Behavior about Estate Planning with Your Values

By Stacey Tisdale

A Simple Cell Phone App to Create a Will 

When Aretha Franklin died in 2018, succumbing to pancreatic cancer, she died “intestate,” meaning she’d never made a last will and testament, a legally binding document , that directs the state to carry out your wishes as you have indicated. Worth $17 million, Franklin’s family were are still disputing over the distribution of her assets as of 2020, facing years to come of probate and litigation.

Overcoming Fear, Procrastination and Privacy

The very idea of planning for what happens when you die is something people don’t like to think about, especially younger generations. Others say they just don’t have the time. And many say they don’t want anyone, including an attorney, to know their business. But overcoming these fears, procrastination and privacy concerns is necessary if you want to control what happens upon your death and take care of your family and business.

We don’t know why Franklin didn’t make a will. We do know she has a lot of company. The number of people with a will and other estate planning documents is on the decline. According to a recent survey by Caring.com, just 68% of adults in the U.S. don’t have a will, compared to 58% in 2017. The most significant drop off, down 25% from 2019 to 2020, was adults ages 35-54. Among those age 55 or older, it was a 20% decline, while young adults ages 18-34, on the other hand, only saw a drop of 1.6 percentage points.

This trend among middle-aged and older adults is alarming, considering that as one ages, they are more likely to need a will or other estate planning document.

Why Protecting Your Family with a Will is Paramount

“We did an internal survey of employees at my previous company and found that 80% of families with parents aged 45 and under did not have a will,” says entrepreneur Dave Hanley. “That means if the worst happens to them, there is nothing in place to care of their children. No guardian has been appointed, funds for their future haven’t been stated legally, life insurance probably hasn’t been purchased. “

Nationally, Caring.com found that in 2017, only 36% of parents with children under the age of 18 have an end-of-life plan in place. As a father of four kids, this statistic hit Hanley hard.

“There’s no reason the passing of a parent needs to put a kid into chaos and poverty,” says Hanley. “I wanted to create something that would make a difference.” In 2016, Hanley, along with a fellow entrepreneurs Joshua Heckathorn and software developer Erik Kjell co-founded Tomorrow, an app for your smart phone that promises to walk you through creating a legally binding will in just 10 minutes. No fear. No procrastinating. No excuses! To inspire you, here are the top 5 reasons to create a will.

You Decide, That’s What Matters Most

1. A will allows you to decide what happens with your estate. You choose the executor, the person responsible for carrying out your wishes. You decide the beneficiaries, what each receives – and conversely, who doesn’t inherit anything. A charity can benefit. Even the family pet. When luxury hotelier Leona Helmsley died, her will cut out two grandchildren, but dictated that a trust fund of $12 million be established to ensure her beloved Maltese, Trouble, would be well-cared for.

2. A will allows you to decide who will care for your minor children upon your death. Appointing a legal guardian is likely the most responsible action you can take to safeguard them. It’s important to ensure this guardian has agreed to take on this responsibility so having this conversation early is ideal, as difficult as it may be.

“When I told my two younger children that they would go to live with their Aunt if Mom and Dad died, my kids felt better, knowing what would happen to them,” says Hanley.

1. A will helps to avoid family fights, legal challenges and an extended probate process. Without a will, the state (probate court) will look to your nearest relatives to determine who gets what. This may not be the people you would have chosen or wanted involved.

2. A will can keep your business from folding. By planning for the future, you can help smooth the transition after your death and protect all the hard work you’ve put in building a successful business.

3. A will can help ease the grieving process. At such an emotional time, when your thoughts are elsewhere, having a valid will takes the burden off the family to make choices. These decisions are sensitive enough without the pressure of grief.

In A Single Taxi Ride, You Have a Will – for Free

Though making a will sounds daunting and expensive, Hanley and his team have developed Tomorrow, with the help of 52 attorneys nationwide, that’s easy to use. The cost – free!  To add a trust, $39. Life insurance (where Tomorrow makes money) takes another 3 minutes.

In January 2019, 10,000 wills were crafted. “In the first 18 months, we had just under 200,000 users,” says Hanley. Tomorrow recently partnered with digital life insurance provider Bestow to bring affordable, high-quality insurance to its 500,000 users. “1,000 people are joining per day,” Hanley says. “It’s not about death or wills, it’s about positivity, and peace of mind.”

[Love and Money] STOP Blaming Bad Behavior On Money!

[Love and Money] STOP Blaming Bad Behavior On Money!

Aligning Your Finances With Your Conscience

By Stacey Tisdale

According to research by T Rowe price, 77% of parents say they sometimes lie to their kids about money, and 47% told the kids they couldn't afford something when they really could.

A report from CreditCards.com finds that 13 million Americans have committed financial infidelity, by hiding a bank or credit card account from a partner, spouse, or significant other.

In addition to being the reason for lies - big and small - money is considered a leading cause of divorce, violence, and has prompted some to break communication with friends and family.  I’ve also heard countless people blame money for the reason they stay in dysfunctional and damaging relationships.

“Somewhere along the way the power we gave money outstripped its original utilitarian role,” writes Lynne Twist in her iconic classic in the behavioral finance world, “The Soul of Money.”

[Click HERE to Learn What To Do When Friends & Family Ask For Money]

The 3 Myths That Drive Financial Mischief

“Money itself isn't bad or good. Money itself doesn't have power not have power. It is our interpretation of money, our interaction with it, with a real mischief is what we find a real opportunity for self-discovery and personal transformation,” she writes.

According to Twist, there are 3 factors at play in the shadows of our financial behavior that can make us forget our values, and we need to be alert and aware in order to counter them.

1.    There’s not enough to go around. We believe and behave as if there’s not enough. This mindset, and the never-ending treadmill it puts us on with regard to acquiring money, not only undermines any sense of financial well-being, but it’s hell on relationships and kills our natural humanity towards others.  Once you step into the truth that you are enough, and that each one of us has a deep well of power and uniqueness, you’ll naturally discover more powerful ways of dealing with money.

2.    More is better.  This ‘lie of scarcity’ is simply the result of conditioning. ‘More is better’ is simply a symptom of a society that’s lost it’s way.  Twist says there is nothing wrong with having more, but the mindset of this myth never gives us the satisfaction of looking forward.  Adding that when we develop an appreciation of what’s there, what we have can expand, nourish us, and nourish the world. When we let go, beautiful things are waiting for us.

3.    That’s just the way it is. Twist calls this the myth that holds the others in place, and allows us to not question them. There is a sense of resignation, there is ‘buy in,’ and we literally give up on pushing back against the real causes of our troubles – unrealistic fears of lack and scarcity.

[Click HERE to Learn How A Financial Abuse Survivor Became A Homeowner]

What’s Your Money Mirror Telling You?

Money’s greatest gift is that it reflects back to you where you are and are not living in step with your core values.  Do your choices about saving, debt, investing, and the way you communicate about money and treat others align with your highest ideals and values?

Engage in practices that change our way of being. You can try new practices for saving, budgeting, and investing.  Make your spending intentional and deliberate.  Most important, design a vision for your life that reflects your own definition of prosperity, behaving in ways that nurture your relationships, create financial security, and clear your financial conscience.

[The Economics Of Abortion]: Stacey Tisdale Discusses The Financial Toll Overturning Roe vs. Wade Will Have On Women & Future Generations

What Happens When Women Hit Their Economic Tipping Point

By Stacey Tisdale

Regardless of whether you imagined a better or worse world if after 50 years the Supreme Court overturned Roe vs Wade, you don’t have to speculate anymore.

In a 6-3 decision, led by conservative justices, reproductive rights became a thing of the past for millions of women in America.

As a journalist with a focus on behavior, I’m obsessed with getting to the ‘why’ in any situation where possible. Despite all of the complexities in the national conversation about a woman’s right to have an abortion, the American Journal of Public Health (AJPH) found that the most common ‘why’ when it comes to wanting to end a pregnancy is financial—in particular, not having enough money to raise a child or support another.

Carrying A Heavy Load

While a few decades ago men were the primary breadwinners in households across the United States, the Urban Institute finds that now, nearly half of all household heads in the U.S. are women, with more than half of Black households relying on women to make the largest financial contribution. 

Even in two-income married households, more than 24 percent of women are bringing home the biggest share of bacon and frying it up in a pan, doing 90 percent of household chores as well.

          [Click HERE to read “Stop Blaming Bad Behavior On Money!]

Working Women  - Tipping Point

Because of the Supreme Court decision, many women will now have to carry these economic burdens while facing the career disruptions that come with motherhood, compounded by the impact those career gaps have on retirement savings and social security benefits in a country where women already make up the majority of poverty-stricken elderly.

AJPH researchers also found that 6 months after being denied an abortion, women were less likely to have full-time employment, more likely to be dependent on public assistance, and four times more likely to have a household income below the federal poverty level.

Many women will also experience disruptions in their education which will also negatively impact the trajectory of their lives by limiting job and career prospects.

Women also share what Cornell University sociologist, Shelley Correll, and others call “The Motherhood Penalty,” with Correll finding that women who noted they had children on their resumes were only half as likely to get a response from a potential employer.

While the national unemployment rate is 3.5 percent, the Bureau of Labor Statistics finds that the rate for women is 5.7 percent. (Source: BLS)

The Abortion Gap Between Black and White Women

Many experts agree that women who truly want to have abortions will find a way to have abortions, particularly if they’re White due to socioeconomic realities.

According to LeanIn.org, on average, Black women are paid 20% less than White women. Experts say that means that many Black women simply won’t be able to afford to cross state borders and avoid what the American Journal of Public Health found was their biggest fear - not having enough money to raise a child or support another.

While lower-income women – a majority women of color - have higher unwanted pregnancy rates, The Brookings Institute found that single women who make $47,000 or more a year abort 32% of their pregnancies, whereas single women who make $11,670 a year or less abort only 8.6%. 

Brookings Researchers also concluding that lower-income women would have fewer unwanted pregnancies rates if they had more access to contraception – an often overlooked aspect of the national debate about a women’s right to choose.

[Click HERE To Learn How A Female Abuse Victim ‘Broke The Ties’ And Became A Homeowner]

A Lasting Legacy

It’s too soon to tell how the Supreme Court’s decision will play out in the polls, consequently, future nominations, and the ultimate fate of the Roe vs Wade decision.

One thing researchers can say with a degree of certainty, however, is that children in financially stressed households “do less well than their peers on a range of developmental outcomes.”

Economists say it’s the same story when it comes to financial outcomes.  Many of these children will experience fewer education opportunities, food insecurity, a lack of job and career opportunities, and their ‘have nots’ cycle will continue for many generations to come.

You could not walk down the streets of New York yesterday and not overhear a conversation about the Supreme Court decision.  As I heard one woman speculate, “Maybe mandatory child support payments should begin at conception as well.”

[Investing] Do You Own Gun Stocks In Your 401 (k) And Don’t Know It? Snoop Dogg Has Been Worried About This For Years And Shared His Concerns With Stacey Tisdale

Tens of Millions of Americans Invest Trillions in Gun Stocks through retirement and mutual fund accounts

By Stacey Tisdale

As the nation mourns The Texas Massacre, the second deadliest school shooting on record, the topic of gun control has returned to center stage.

While politicians argue and debate how big a role the stunningly wealthy gun lobby plays in U.S. gun laws, many people are unaware of the role they play in the power and wealth of gun companies.

By some estimates, mutual funds, 401(k)’s, and exchange-traded funds, (ETFs) pour trillions of investor dollars into gun companies, including gun manufacturers, American Outdoor Brands, parent of gunmaker Smith & Wesson, and Sturm, Ruger & Co. 

With polls showing that many Americans support gun control, some investors may not be happy to find out that they are fattening the profits of these firms, and ultimately the gun lobby.

[Click Here to Learn How Your Attitude About Race Affects Your Wallet]

Snoop Dogg UnLoads

Several years ago, the legendary Snoop Dogg joined forces with an anti-gun violence campaign called #ImUnloading. It was part of a project called “Unload Your 401k,” done in partnership with “Campaign to Unload,” “States United to Prevent Gun Violence,” and “No Guns Allowed.”

“My goal is to encourage people to “Unload their 401(k)s to save lives and make our communities safer,” Snoop told me.

While the campaign no longer exists, Snoop's words echo strongly in these challenging times.

“I’m tired of seeing our communities and loved ones die from senseless gun violence. The “No Guns Allowed” campaign was inspired by an open letter written by the Executive Director of the League of Young Voters thanking me for my single “No Guns Allowed,” said Snoop.

“The song spoke about the issues of gun violence in our communities and emphasized how we need to come together to spread the peace. It’s important as entertainers to lift up our voices to create change.”

Snoop On Stocks

As a financial journalist (and Snoop fan), I was very interested in the icon’s emphasis on the importance that the communities most affected by gun violence be aware of the impact of their dollars.

“Gun violence isn’t just an issue that affects people with 401Ks. Even if you don’t have a 401K, it’s still important to know where your money is going. We all can do our part to help stop gun violence,” said Snoop.

“My advice is if you’re going to invest, you should check with your employer or financial adviser to see where your investments are going. You should also urge your employers to offer a “no guns allowed 401K option.”

Conscious Investing 

To avoid financial stress, our financial choices should reflect our highest goals and values.

Nerdwallet has a good guide to help you find ‘socially conscious’ investments and funds that best reflect what you care about.  Investing apps like Stash are making it easier than ever to invest in line with your conscience.

When it comes to exposure to gun stocks, the shareholder advocacy group, As You Sow has tools that allow you to check which investments are held in your funds in many areas such as gun and weapon-free funds, prison free funds, and funds that are focused on gender equality.

From The Great Resignation to the infamous Game Stop stock market swing, one thing we’ve learned over the past year is that collectively, ‘we the people’ have the power to make change through our choices and our dollars.

[Money] The Price Of Growing Up In Racial Isolation

The financial, psychological, & emotional cost of being ‘the only’

By Stacey Tisdale

A while back, I attended a fundraiser for an organization that helps low-income Black and Latino's children get into private schools. The organization provides tuition for these students and has a weekend academy to help prepare them academically for what can be more rigorous curriculums than they are used to.

The program is great. The children were beaming as they described ‘the great education they were receiving and opportunities that were ahead.’

As I looked at these young people, I prayed with all my heart that someone in their lives was giving them the emotional and psychological tools they need in order to deal with the feelings of isolation that come with the "privileged" education they were receiving.

Feelings that I know firsthand, if unchecked, can lead to a costly image gap: The space between whom you are and the image of the people, places, and things around you reflect back to you as "normal." Many of these young people will grow to see a reflection of a person who doesn't feel as if they fit in anywhere. These coping strategies -- usually unconscious -- they develop in order to fill this gap and "belong" can impact everything from their relationships to the ways in which they negotiate to their financial behavior as adults.

[Click HERE to get our weekly Wealth Builder Newsletter!]

Prep School Negro

When director Andre Robert Lee was 14 years old, he received a full scholarship to attend one of the most elite prep schools in the country. His mother, who struggled to support Lee and his sister on a factory worker’s salary, thought the scholarship was her son’s ticket out of the ghettos of Philadelphia and into a world that would lead to career and financial success.

While Lee thrived academically and went on to critical acclaim in the film world, his journey, which he chronicles in the award-winning documentary The Prep School Negro, shows how growing up as ‘the only’ in a world of racial isolation can come at a price.

“On the surface it looks like I’m doing very well. People see that I travel and that I have an exciting life, but I had no savings. I’ve struggled to pay my bills and get by, says Lee.

Beneath The Surface

While you would think that growing up in privileged environments leads to success, you also have to think about what’s really happening to your child. You have to find out what they’re thinking and pay attention to whether they’re being demoralized.

Financial experts now see that demoralization can result in coping strategies that can negatively impact adult financial behavior. As social psychologist Leon Festinger pointed out in his 1954 Social Comparison Theory, which shed light on the ways in which confidence and self-esteem develop, humans have an instinctual drive to judge themselves and value their own abilities based on what they see in the people around them.

While behavioral finance is difficult to quantify, and this is a new area of expertise, experts say the ways in which financial issues around race and isolationism can affect your bottom line is real.

[Click HERE To Learn How Your Attitude About Race Affects Your Wallet!]

Filling the Gap

“Feeling the kind of isolation Andre felt means that you want to watch out for ‘co-dependency’ kind of responses to money. Similar to alcohol, overeating, cigarettes, etc., addictive behaviors would be the greatest sign that help is needed,” says George Kinder, a financial planner and tax adviser, who is considered the father of the behavioral finance movement that started in the 1980s.

Kinder, also the founder of the Kinder Institute of Life Planning and author of The Seven Stages of Money Maturity, says growing up in this kind of ‘image gap,’ where you don’t fit in racially, culturally, or sometimes financially, as was the case with Lee, can create conditioned behavior patterns that if left unchecked could last a lifetime.

“These patterns might include either using money as a ‘treat,’ like sweets, sex, or alcohol, in ways that diminish your ability to fulfill your saving and investment strategies for your personal freedom or the reverse. They can trigger a miser-like approach to money, as something that gives you safety and security, but as a consequence, you sacrifice relationships and other personal goals that have far greater meaning but are harder to define, he adds.

Experts also say a common occurrence in parents of color whose children are in these situations is that they tend to overspend in order to give their kids the same experiences as their peers, without realizing that they are laying the groundwork for financial problems down the road.

[Click HERE To Learn How Blacks Are Charting A New Economic Course!]

Knowing Your Value
For Lee, however, the problem wasn’t overspending. Aside from a brief stint with credit card debt early in college, he is not prone to debt. His issue came in the ways in which he valued himself and his work.

“When the film came out and I was touring, lecturing, and doing screenings, I began to notice that I would willingly accept lower fees than white filmmakers, even though I had more talent and experience. This created big problems for me financially at a time when I should have been cashing in on my work, says Lee.

Lee said his friend and mentor, Miko Branch, co-creator of Miss Jessie’s hair care products, pointed out his pattern and provided him with the support he needed to turn his behavior around.

“She really helped me understand that there is nothing wrong with me. I come from a situation in which my family did not have an opportunity to build wealth, and I needed to pay attention to how that was playing out: I had deep-seated feelings of unworthiness and a belief that money should be a struggle. It’s amazing how when you open your eyes, you see this so clearly in your financial patterns, says Lee.

“I now have set fees and I don’t waiver. My finances are reflecting that. I’m building savings and financial security. I would have never believed I could turn my life around this way without her ongoing mentoring and support, he adds.

“Having a person, or a support group you can trust around these conversations can help provide grounding and cut through the isolation, says Kinder.

More Than a Wealth Gap
While many Blacks, particularly those who grew up with solid financial resources, downplay the realities of racial isolation, experts say if you don’t think it’s had an impact, you’re kidding yourself. It’s simply not possible to grow up a different color than almost everyone in the room and not have it impact your psyche. “I tell people it’s like the feeling a white person has when they walk into an all-Black church. What Blacks who grew up in racial isolation have to realize is that this feeling has become normal to them and affected their decisions, says Tracey Laszloffy, Ph.D., a licensed marriage and family therapist and an expert in race relations.

If you think the remnants of growing up in racial isolation may be affecting you or your loved ones:

Get clear on your goals and your budget: “Keeping your eyes on the prize of your personal aspirations can keep you from these behaviors, says Kinder. Experts also say that a telltale sign is to look at the financial habits of people in your racial and income group who do not battle this issue of isolation. “If you’re spending on schools, vacations, and restaurants in an attempt to keep up with people who have more income and assets than you, you may have a problem, says Timmons.

Be honest with yourself: “You have to see if you’ve turned the experience into a positive in your emotional and financial life, or if it’s a hindrance. Psychologically we all remain the class we were raised within. There is a tendency to use money to acquire so-called ‘markers of success and value’ to try and offset the effects of pervasive devaluation, says Laszloffy.

Don’t be afraid to get counseling: If you suspect racial dynamics are playing out in your financial life, get professional help. You can contact the Financial Therapy Association for a list of financial therapists in your area. Be sure to mention that you are looking for someone with expertise on race in financial matters.

Teach Your Children Well

If you have a child who is subject to racial isolation:

• Speak about this often: Let your child know that you understand that they feel different. Experts point out that they may say “everything is fine” because they’ve had to bury these feelings in order to go into these environments each day. In addition, they don’t want to disappoint you. Discuss that it’s okay to have hard feelings and that the sensations can also serve as a reminder that being different is their greatest strength — growing pains mean something is getting bigger.

•  Focus your child’s (and your) attention on where they really come from: It too often feels like our history starts with slavery. Africans were chosen to build this country because they have so many amazing skills and are among the best nation builders on the planet. We’re kings, queens, merchants, etc. Immerse your child in their history. Only the truth of who they really are can fill the very image gap we strive so hard to prevent in the first place. Set them free.

• Get help: One of the most important things we can do as parents is to know when our children are in situations we do not have the tools to deal with. The Independent School Diversity Network is a wonderful resource.

• Don’t ‘tragedy’ compare: Responses like “You don’t know what racism is,” or “You don’t know what tough times are,” belittle your child’s experience. Pain and rejection feel the same for all of us. We just have different story lines to get us there. Your child’s hurt doesn’t feel any less than hurt you’ve felt.

As communities of color continue to build wealth despite socioeconomic challenges, it is imperative that parents get the tools and education they need to help their children thrive.

Get your Bitcoin on! with Angela Yee, Stacey Tisdale, and the Black Bitcoin Billionaires, Lamar Wilson

Get your Bitcoin on! with Angela Yee, Stacey Tisdale, and the Black Bitcoin Billionaires, Lamar Wilson

Cryptocurrency effect on the black economy

By Kellie Taylor

During the pandemic of 2020, Lamar Wilson & Isaiah Jackson founded the largest Bitcoin-based club on Clubhouse, Black Bitcoin Billionaires. Team Mind Money Media spoke with Lamar who shared some insight into what you should know about Cryptocurrency.

Why are so many in communities of color gravitating to Bitcoin and Cryptocurrencies?

Communities of color are finding the cryptocurrency asset class to be far more accessible than other asset classes in the past. Many times certain marginalized communities are kept out of participating in certain asset classes due to their geographical location, income, net worth, and just plain prejudicial bias. Bitcoin allows anyone accesses no matter their race, color, or creed.

What should people consider when they are trying to decide how much to invest in Bitcoin?

Think of it as a savings account. Make it easy. If you only have $10 a week extra to invest that’s enough. I don’t think people should think too hard about making a huge bet. Bitcoin is an asset to be accumulated. I don’t like to “should” on anyone, so it’s up to the individual if they are interested to decide what they can afford to risk.

What's the best way for people to acquire Bitcoin? (hint: CashApp)

CASH APP. CASH APP. CASH APP!

Black Bitcoin Billionaire has partnered with Cash App to get Bitcoin into the hands of black families. Download the Cash App here to become a Satoshi Millionaire. Using this button below you may be eligible for free $5.

What is the most important piece of advice you could give people when it comes to investing in Bitcoin?

Take your time and get educated. Have a goal of controlling your own wallet.

‌Want to learn more about cryptocurrency?

Sign up for Lamar course Bitcoin-101 class, discounted for Breakfast Club listeners.

Use code "BBB" at checkout, save $100!

Check out Lamar's interview on the Breakfast Club down below!

[Black History Month] How Blacks Are Charting A New Economic Future & Building Wealth

[Black History Month] How Blacks Are Charting A New Economic Future & Building Wealth

Building wealth through our power of resilience

By Stacey Tisdale

A Story of Resilience

While there is no question that the wealth gap between Blacks and whites is persistent, few are focusing on the changes in attitudes, and more importantly behavior in the Black community.

The digital economy, more importantly, technology’s ability to lower financial access to investing, and how the ‘colorless’ nature of digital transactions reduces or eliminates many of the biases Blacks faced from financial institutions, is ushering in new beliefs in our ability to build wealth

o     Investing gap has closed between Blacks and whites under 40. Over 60% of Blacks under 40 invest in stocks.  That’s the same as whites.

o    Most important, stocks are a bigger part of our conversation now:  40% of Blacks surveyed by Ariel Investments say they ‘talk about the stock market’ now versus 10% who did when they were growing up.

o    23% of African-Americans own cryptocurrency, compared to 11% of white Americans (Harris Poll)

o   Black buying power in the U.S. is $1.6 trillion.

[Click HERE to learn how to turn the stock market into your side hustle!]

Closing Our Gaps

Despite these income gains, the wealth gap in the U.S. remains significant. In 2016, the median wealth for black families was just $17,600 — significantly lower than other racial and ethnic groups. When compared with other families across the U.S., blacks tend to have fewer assets, like owning their own home or business; less savings; limited access to 401(k)s and IRAs; and often hold higher interest loans for automobiles and mortgages.

In addition, systemic racism, discrimination and a lack of access to wealth-building opportunities remain significant impediments to the black community. But possibly the most destructive hurdle to overcome is the negative mindset these impediments have created for many blacks, like the young women I mentioned earlier.

The Financial History of Blacks in the U.S.

The financial history of blacks in the United States is a surprising and devastating untold story that serves as a reminder of how tough it has been for blacks to accumulate wealth in the U.S. For example: Between 1865 and 1874 newly emancipated slaves amassed $57 million in the Freedman’s Bank. Their deposits were taken to build the Treasury Annex building, and they were never reimbursed.

During the Great Migration between 1916 and 1970, more than 6 million blacks left the South and moved to the North, Midwest, and West to search for employment and opportunity. It was also to escape brutal violence, including what’s been called terror lynchings, according to The Equal Justice Institute. They left behind millions of acres of some of the most lucrative land in the U.S.

The Tulsa Race Riot of 1921 destroyed the affluent black community of Greenwood, also known as the black Wall Street for having a high concentration of black wealth and entrepreneurship in the United States.

When you consider the financial, psychological, and emotional scars events like these have left, the financial gains the black community has made serve as an incredible reminder of the resilience in all of us.

[Click HERE to learn about the investing habits of wealthy Blacks!]

Understanding Your Financial DNA

The young women I shared these facts with were shocked, curious and now had new information that would allow them to change their perceptions about blacks and money, which meant they were able to change their perceptions about their own financial possibilities.

As new generations of blacks try to create financial security for themselves and their families, they must look inside and see how this historic conditioning is impacting how they feel about themselves.

We should all examine the role race and culture play in our financial beliefs and ask ourselves:

o What are some of the stereotypes that are associated with my racial or ethnic group?

o Do I see some of these stereotypes playing out in my own behavior?

o How would I need to change the messages I’m telling myself if I were living my ideal relationship with money?

The Truth Will Set You Free

Awareness is the place where transformation can occur. As we see from the financial history of blacks in this country, we were born with everything we need inside of us to thrive, even when faced with tremendous challenges. Resilience is our birthright and a tremendous asset for our journey to financial freedom.

[The Breakfast Club] Angela Yee, Stacey Tisdale, & Investing Legend, Teri Ijeoma, Teach You How To Make The Stock Market The Side Hustle You Need!

[The Breakfast Club] Angela Yee, Stacey Tisdale, & Investing Legend, Teri Ijeoma, Teach You How To Make The Stock Market The Side Hustle You Need!

5-Day #takeyourfirsttrade Challenge Launches On The Breakfast Club!

By Stacey Tisdale

Here’s the good news. Research shows that the investing gap between millennial Blacks and whites under 40 has closed. Over 60% of Blacks under 40 are now invested in stocks, that’s the same number of millennial whites, as technology and micro-investing has made getting into stocks cheap and easy.

In addition, 40% of Blacks surveyed by Ariel Investments say they ‘talk about the stock market’ now versus 10% who did when they were growing up.

[Click HERE to sign up for the “Take Your First Trade 5-day Challenge!”]

The bad news: The Federal Reserve finds that overall, only 33% of Black households in the U.S. are invested in stocks, missing out on the roughly 260% returns in the S&P 500 over the past decade.

Fear and Trust

Financial behaviorist coach and author, Jacquette Timmons, says managing fear in falling markets can be particularly difficult for Blacks.

“It often comes with a sense of responsibility—people feel like it’s their duty to protect the money for their families,” she adds.

In addition, the financial realities of Blacks, who, for example, carry about $25,000 more in student loan debt than whites, have fostered a belief that investing is beyond their reach.

Add to that a ‘system’ that is rigged against them by paying Blacks lower wages, charging them more for loans, and a host of other abuses, as well as ‘opportunity theft,’ and it’s easy to understand why many have trouble trusting any financial institution, including the stock market.

A Helping Hand

Teri Ijeoma, Founder, Trade and Travel

Investing coach, Teri Ijeoma, has not only helped tens of thousands of people make millions by trading stocks, but her stock trading course on Teachable has generated over $40 million in sales.

Ijeoma, who taught herself how to trade in order to help her mother and stepfather pay for medical care, give herself the financial freedom to see the world, and help others build wealth, says the keys to investing success are:

·       Having a trading Plan

·       Having a Risk Management Plan

·       Knowing how to make money even when stocks are going down

Know Thyself

The reasons many Blacks are still reluctant to invest in stocks are understandable and should be looked at with compassion.

Still, it’s important to move beyond those fears and limiting beliefs so that you can use the market to help you achieve your goals.

Ask yourself:

·       What are the early messages I received got about investing?

·        What is my attitude about investing? 

·       How is your environment affecting you – What do you see people like you doing when it comes to investing? What do you see people like you not doing? 

·       How do you need to rewrite these messages if you are to achieve your goals?

Accept The Challenge

Most importantly, take action to overcome any issues that may be holding you back and learn how to take an active role in building the wealth you need to live your best life possible.

Join us on January 31st for the ‘5-Day Take Your First Trade Challenge.’  Click HERE to sign up now and sign on for a life that’s rooted in financial freedom.

How Life Insurance Can Fund Your Child’s Education...While Everyone's Alive

How Life Insurance Can Fund Your Child’s Education...While Everyone's Alive

The Case For Buying A Life Insurance Policy for Your Child

By Stacey Tisdale

I’ll admit it, as a journalist, I am a word nerd. I love examining how closely words match what they are meant to convey. While that was probably way ‘TMI’ about me, it might help you understand why I’ve always been a bit perplexed by the term ‘life insurance.’ Death insurance feels like a much more accurate term.

There is, however, a way in which this type of insurance can give new life to your budget for your child’s education. I will warn you, however, that this will be challenging to absorb.

[Click Here To Learn 5 Questions You Should Ask Yourself About Your Parent’s Money Role Modeling]

Life Insurance for Your Child

Few people can fathom the idea of taking out a life insurance policy for their child. As a parent, I totally relate to how difficult it is to contemplate anything that considers the end of your child’s life.

Few people are also aware of the fact that there are forms of life insurance that have a cash building and investment component which can be used for education expenses while the policyholder, in this case your child, is alive.

Chris Gatty, Financial Advisor

“There’s no question that the concept of insuring children is morbid, but death is not really the primary purpose for this,” says financial advisor Christopher Gatty.

“Yes, you would get a death benefit to help cover things like funeral costs in the event of your child’s death, but there is so much more that can be done in terms of financial planning for things like education costs. It can allow you to fund future expenses that can otherwise be a shock to your or your child’s overall financial plan,” Gatty adds.

How They Work

The types of policies that allow you to do this are primarily variable universal life or whole life insurance policies. Essentially, they allow you to build up a cash value that can be deposited into ‘varying’ accounts, hence the name variable universal life.

That cash can be invested in things like mutual funds, allowing you to grow money in stocks, bonds, and other securities, that will give you a much bigger return over the long term than  other savings vehicles.

The money is also not limited to qualified education expenses like tuition, books, or room and board, allowing you much more flexibility than 529 college savings plan, in which you would pay a penalty for using the funds for other purposes.

“I’ve done this for my own child,” says Gatty. He’s 16-years-old. I’m paying about $1,600 a year on a $350,000 policy. By the time he is 50, he can cash out the policy and will have enough to buy a house or provide financial security for his own family.”

“It’s important to get over the shock value of thinking of life insurance for a child and think about the benefits it can provide to so many aspects of their lives,” he adds.

[Click Here to Sign Up For Our Weekly Wealth Builder Newsletter]

The Tax Man Does Not Cometh

Also, in contrast to traditional college savings plans, the funds you build in a cash value policy are not taxed as income. 

Another important consideration, the value of the policy is not considered an asset, which means it does not have an impact on financial aid eligibility.

Buyer Beware

Some analysts point out however, that these policies aren’t for everybody.

 “Cash value insurance policies can be a lot, and I mean a lot more expensive than other types of life insurance,” says Paula Boyer Kennedy, co-author of The True Cost of Happiness: The Real Story Behind Managing Your Money.

“People should be sure to consult with a financial professional before taking one of these on in order to make sure that it fits within their overall budget, and to make sure that they understand how they work.  These are very complex financial instruments,” she adds.

Protecting Your Child if They Become Uninsurable

No one likes to think about the possibility that their child will become ill or disabled when they’re older, but something could happen that can make them uninsurable. An illness or accident could make them a thumb’s down to most life insurers, or at minimum, make the cost of a policy skyrocket.

In addition, getting life insurance in your child’s name now not only insures that they can be a financial benefit to their loved ones in the future, but the actual price of the policy can also be a lot cheaper than the cost of the same insurance as they age, even if they are a healthy adult.

What’s in a Word

As I said when I started this story, I am a word nerd, and love being as literal as possible with vocabulary. The often overlooked features of cash value life insurance policies not only gives the term more accuracy, but they can also give your child financial support when they need it the most.

While not suitable for everyone, these policies are definitely a financial option that deserves a serious look from all parents.

[Retirement] How A Few Minutes & A Few Dollars A Month Can Give You Money For Life!

[Retirement] How A Few Minutes & A Few Dollars A Month Can Give You Money For Life!

Putting Your Savings To Work So You Don’t Have To

By: Stacey Tisdale

Most of the people reading this will live to be between 90 and 100 years old.  If you retire at age 70 – which most of us don’t want to do – you’ll still have about 20 or 30 years to fund your life.

Is your retirement savings on track to do this? Let’s assume, for the moment that you, like the majority of the rest of the people in the United States, would answer that question with a resounding “No!”

[CLICK HERE To Register For Our RetireWi$e Event! 11/17, 8 PM ET!]

Size Doesn’t Always Matter

In 2001 Kevin Coppola began to research ways to help people better manage their retirement investments.  “Employers were pretty much forbidden from giving investment advice, and the responsibility was on the individual to educate themselves and make financial choices that would impact their whole life,” says Coppola.

After years of research, in 2004, Coppola created Compass Investors which provides clients with customized analysis of their investment options so that they can change the investments in their 401(k)s every five weeks in order to capitalize on market conditions.

Coppola created Compass based on his belief that the old “save and hold” model we are accustomed to when it comes to long-term investing for retirement could not possibly deliver the returns needed to meet financial needs 20, 30, or even 40 years into retirement.

“When you look at the social and economic realities of the day, particularly the fact that we are living so much longer, you could do everything ‘right’ and still not be able to save enough for retirement,” says Coppola.

[CLICK HERE To Learn “3 Reasons Not To Panic Sell In A Falling Stock Market”]

The Numbers

Let’s get back to that ‘20 to 30 years of life’ most of us will have to fund after you retire. The average balance of 401k ‘s in the Black community is about $23,000. Coppola points out that If you weren’t able to add any more money and didn’t make changes to your plan, that’s going to be about $265,000 after 30 years.

How It Works

The Compass strategy approach begins by asking people to figure out what their ideal retirement looks like and how much it will cost. The idea is to get to that “magic number” as quickly as possible. For approximately $600 a year, Compass sends investors analysis every five weeks, encouraging them to move their money between the different funds available through their 401(k)s in order to maximize returns versus traditional long-term investment strategies. When investors reach their target, Compass allows them the flexibility to suggests that they can then transfer the funds to a safe investment like bonds.

“I want to be able to provide income forever, if possible, and you can do that by growing your accounts large enough and then putting them into guaranteed vehicles that will pay you interest —everything that you would have been getting from your salary,” says Coppola.

Unlike things like education costs, you can’t borrow money for retirement. Be sure you are getting good advice information and take control of this important part of your financial life.

[Disclaimer: Compass Investors is a sponsor of Wealth Wednesdays]

[Domestic Violence Awareness Month] How Star Hogan Broke The Chains of Domestic Violence & Financial Abuse To Became A Homeowner

[Domestic Violence Awareness Month] How Star Hogan Broke The Chains of Domestic Violence & Financial Abuse To Became A Homeowner

Digging Deep & Building A Lasting Foundation For Wealth, Happiness & Prosperity 

By Stacey Tisdale

If you look at Star Hogan’s life today, it’s hard to imagine that the 50 year-old mother of three, grandmother of five, and proud homeowner, was trapped in a cycle of financial abuse by her former partner.

"I met my abuser while in college. I was a freshman and he was a sophomore. After we became serious, I thought, 'we're going to graduate with our degrees, have 2.5 kids, a house, a dog, and all that good stuff," says Hogan.

"We dated for a couple of years before he started really doing the controlling and manipulating things in our relationship that I really didn't understand. But I just thought, oh, it's so wonderful. He loves me so much. He's just possessive of me," she says.

Hogan could have never imagined that those early signs of possessiveness were omens to what was about to become a 15-year nightmare that would drain her financially, psychologically, emotionally, and even put her in physical danger.

[Click HERE to learn simple acts that make your financial goals a reality!]

Early Signs Flashing Bright

While Hogan and her partner were in the 'honeymoon phase of their relationship, life dealt her an unexpected blow in her sophomore year.

"I was diagnosed with Non-Hodgkin’s lymphoma, and that pulled me away from college and sent me on another survival cycle as I dealt with chemotherapy and radiation for the next year of my life," says Hogan.

"But in the process of my treatments for my cancer, I was actually still experiencing physical, emotional, and psychological abuse. That continued through the next 15 years, even through the birth of our two children," she adds.

Hogan says one of the most prevalent and 'foundational' forms of abuse throughout their relationship was one that very few victims and outsiders know or recognize.

"There was a lot of economic and financial abuse in our relationship, which just is probably the most unrecognizable of the abuses that go on in domestic violence or intimate partner violence relationships," says Hogan.

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Unrecognizable, and rarely acknowledged. According to the Allstate Foundation, financial abuse - disempowering a victim by controlling their financial life - occurs in 99% of domestic violence cases, and is the number one reason victims stay in or return to abusive relationships. That means nearly all of the 1 in 4 victims experiencing intimate partner physical violence in the United States, according to the National Coalition Against Domestic Violence, wear these financial chains that bind them to abusers.

“It looks different and it can be multiple incidents,” says Kim Pentico, director of economic justice at the National Network To End Domestic Violence.

“It can be everything from stealing money out of my wallet to running up a line of credit. There is a refusal to pay bills, showing up drunk to take care of kids so that the victim can’t go to work, or sabotaging employment so that the victim gets fired. It can be really subtle and hard to identify.”

“There’s not a lot to be done about it. There’s not a lot of great interventions for many survivors, so it’s super slick in that way and it is also incredibly effective. We know from survivors that they often return because of finances or they’re unable to leave because of finances…Very effective,” Pentico adds.

 [Click HERE to learn why Black women are Abandoning Corporate America!]

Destruction By Any Means Necessary

Star’s abuser became more and more insecure as she worked to rebuild her life and start a career.

“I went back to school, secured a better job, and was working on a career. I ended up finishing my undergraduate degree. I was moving up at this time. I was working in banking. I was working in institutional trust, in the employee benefits. I was making some nice career strides for myself and making more money than I thought was possible for me as a Black woman in corporate America,” she says.

“With every accomplishment that I made personally, regarding my education, my career, the kids, he became more threatened by my accomplishments and my perceived success. His tactics got more and more desperate," she adds.

Desperate enough to try to get her fired.

“He would call me continuously at work which was very disruptive. He would pop at my job, and it got so bad that my boss actually had to move me to a secured floor," says Hogan.

She says all of this was an attempt to get her to be more dependent on him, which experts say is a common tactic of abusers.

Setting Yourself Free

By the time this was happening to Star, she had already taken crucial steps toward breaking free. She’d begun to see a therapist in secret and was saving part of her salary in an account her partner could not access. She also enlisted the support of her employer.

“With every stride that I made towards my independence, the abuse grew and became more drastic, and it was by the grace of God that I made it out with my sanity.”

Afterward, Star struggled to make ends meet as a single mother. She also had to rebuild her confidence, but she was determined that she and her children would have a home of their own where they could heal and grow.

Then in 2006, Habitat for Humanity accepted her application and she and her two children soon had that home.

Hogan Family Home: Mind Money Media. Inc.

“It has been truly a safe haven and like a little sanctuary for us. It gave them a greater sense of stability and safety and belonging. It provided just the right foundation that they needed. I just can’t even put it into words, but every time I walk through the door, I still say thank you because it was that magnificent of an accomplishment for me,” says Hogan.

Helping Hands

As a journalist, I began covering financial abuse nearly a decade ago when I learned about its prevalence in the financial lives of so many women, and its significance in identifying people who are at high risk of being victims of physical violence from relationship partners.

One thing that is striking about Star’s story is how many things she did right when it comes to breaking out of abusive relationships.

The National Network to End Domestic Violence and the Allstate Foundation actually have a financial literacy curriculum for financial abuse victims, and Star did many of the things they recommend.

“It is in many ways a very traditional financial literacy curriculum. We talk about budgeting and credit and how banks work, loans and long-term planning, but what really sets it apart is module one,” says Pentico.

“That module is all about what is economic abuse and how to do financial safety planning within the context of domestic violence. And then we weave those concepts throughout the rest of the curriculum.” She adds.

Pentico’s organization has also gone a step further to help financial abuse victims rebuild their credit and realize financial goals such as homeownership.

“This is credit building through a micro-lending program. We offer $100 no fee, no interest loans to survivors of domestic violence to help them rebuild their credit. They pay the loan back ten dollars a month for 10 months. We report those payments to the three credit bureaus, and over time, we see an average score increase by over 30 points over the lifetime of the loan.”

Most important, Star, and people like Pentico who have committed their lives to helping domestic violence victims want to remind all that even in their darkest moments, they are not alone.

[Diversity & Inclusion - Watch] Corporate America Taking A Heavy Toll on Mental Health of Latinas In The Workplace

[Diversity & Inclusion - Watch] Corporate America Taking A Heavy Toll on Mental Health of Latinas In The Workplace

“A Very Courageous Conversation” As The U.S. Celebrates National Hispanic American Heritage Month

By Stacey Tisdale

According to the Center For Talent Innovation, nearly 70% of Latinas experience slights or snubs in the workplace.  Research finds an equal percentage feel they have to repress some part of their persona in order to fit into their corporate cultures, leading to depression, anxiety, and even physical disorders like high blood pressure and heart disease.

[CLICK HERE to learn about the mental health toll corporate cultures take on Black women]

All people of color can relate to the impact factors like code-switching, microaggression, and issues like being overlooked and devalued take on our psychological well-being.

• 96% of CEO’s believe they are doing enough for employee mental health, but only 69% of employees agree according to the Ginger group.

Watch the latest in our series A Very Courageous Conversation, Latinas In The Workplace. You’ll hear an amazing personal story about a successful Latina executive who walked away from her long-time employer, and learn from thought leaders in the diversity, equity, inclusion, and psychology space how to navigate workplace discrimination.

[Part 2  Sachia Vickery shares the financial lessons she has learned along the way!]

[Wealth Wednesdays U.S. Open Watch - Pt. 2] Rising Tennis Star, Sachia Vickery, Shares Her Most Important Money Lessons

[Wealth Wednesdays U.S. Open Watch -  Pt. 2] Rising Tennis Star, Sachia Vickery, Shares Her Most Important Money Lessons

Building wealth & wisdom on and off the court

By Stacey Tisdale

As we discussed in Part 1 of our intimate look at what it’s really like for tennis players and their families to rise to the top of the game, Paula Liverpool, and her daughter, WTA ranked Sachia Vickery, shared how their lives have changed dramatically from the early days, when Paula worked nearly 20 hours a day to support her daughter’s tennis aspirations.  As a mom, Liverpool often found herself in tears trying to figure out how to make it all work.

“The sacrifice I’ve had to make for tennis is the biggest financial sacrifice I’ve ever had to make in my life,” says Liverpool.

A sacrifice that is paying off in every way.  Sachia’s career earnings are approaching the $1.4 million level, but it is those early struggles, and the family’s strong values that have defined how they manage their growing financial success.

“A fool and his money will soon part,” says Liverpool.  “If you have money and you don’t know how to invest it wisely, get the knowledge to do so, or overindulge, you can part with your money instantaneously. If you’re aware and knowledgeable, half the battle is already done,” she adds.

[Click HERE for WW U.S. Open Pt. 1”A Single Mother’s Sacrifice to See Her Daughter Rise To Tennis Stardom]

Keeping it Real

While Liverpool does the hands-on financial management, so that Sachia can focus on her tennis, the lessons the family learned during the difficult early days, and a deep appreciation for the importance of preserving wealth, are embedded in the 23-year-old rising star’s DNA.

“I don’t live extravagantly. I’ve lived in the same neighborhood my whole life. I’ve trained on the same courts my whole life. I keep very grounded.” Says Vickery.

In addition to staying grounded, Sachia says the realities of making a living as a professional tennis player have taught her the importance of preserving and growing wealth.

[Click HERE to get teamwealthwednesdays.com weekly Wealth Builder newsletter!]

“In tennis, there’s so much stress every week, that if you have a bad week, you can’t spend as much money because you don’t make as much money.  If you have a good week or two, you may have four bad weeks after that. You never really know what’s going to happen,” says Vickery.

“This year has definitely been the most successful year financially that I’ve had in my career.  I’ve learned to make sure I’m always aware of what I’m spending, and to just really think into the future,” she adds.

Investing in Her Future, Investing in Herself

Vickery, who possesses a wisdom and maturity that is well beyond her years, knows that there is a lot more to financial wellness than dollars and cents. Personal growth, and a sense of self-responsibility, are as important as money when it comes to building wealth.

“It has had a great impact on my life.  Not only does it ease a bit of pressure, but I’m also able to invest in my game and future.  I feel very happy about that,” she says.

If this ‘old soul’ had one lesson she could convey to us all: “Do not get ahead of yourself and waste your hard-earned money.  Be smart, invest, and build a solid foundation.”

A foundation that is taking Vickery to the top of the tennis world while creating a lifetime of financial security.

[Wealth Wednesdays U.S. Open Watch - Pt 1] A Single Mom’s Sacrifice to See Daughter, Sachia Vickery, Rise to Tennis Stardom

 [Wealth Wednesdays U.S. Open Watch - Pt 1] A Single Mom’s Sacrifice to See Daughter, Sachia Vickery, Rise to Tennis Stardom

                           Paula Liverpool, the wind beneath her daughter’s wings

By Stacey Tisdale

It’s very rare that a ‘professional interviewer’ is moved to tears during an interview, but that’s exactly what happened when I met Paula Liverpool, and her daughter, now 26-year-old Sachia Vickery at the U.S. Open about 6 years ago.

Sachia, then ranked 130th in the world, was working hard to get through the U.S. Open qualifying rounds.  Paula was managing all things Sachia: Coaches, scheduling and traveling needs, practices, media, you name it.

As I interviewed Sachia and Paula, and as I’ve gotten to know the family over the years, their story of sacrifice, support, and unwavering determination is a story that not only inspires, but stands as an example of what perseverance and a mother’s love can accomplish when it comes to helping her child realize her dreams. 

The Price We Pay – A Mom Paying It Alone

“We started from absolutely nothing,“ says Liverpool. Me, as a single mom, working 2 jobs, sleeping 5 hours to get my daughter where she needs to be. I worked in the daytime.  I bartended at night from about 9:00 PM until I came home at 4:00 AM. That was the only way I could pay for her lessons and save a couple hundred dollars a month if something happened,” says Liverpool.

“It was tough to watch, especially as the oldest child,” says Dominque Mitchell, Sachia’s eldest brother, now a successful hip hop music producer and founder of Brooklyn, NY recording studio,TheStadiumBk.

“I saw some of the nights where she would have bills scattered on the ground and she was in tears. We would have close to nothing, but she always found a way,” he adds.

[Click HERE  for tips from Wealth Wednesday’s Angela Yee on Knowing Your Worth!]

In addition, Mitchell, an elite athlete in football and basketball, also found a way to help out by receiving full athletic scholarships to college and grad school, and getting jobs to pay his expenses, so that he would not be a financial burden on his mother.

“I worked in the day time, I worked in the night.  I knew she had the ability, it was just a matter of time,” says Liverpool.

Getting the Job Done

By 2015, Liverpool said their cost of playing tennis was about $150,000 per year, which was a challenge, but they were able to make it work due to her management acumen.  In addition, by this time, Sachia had caught the eye of companies such as Nike, Technifiber, and Lagardere Unlimited, which provided her with clothing and equipment.

Times have definitely changed.  Sachia’s earnings are approaching $1.4 million according to the WTA, and the young star has already had a career high ranking of being the 73rd best player in the world.

Most important, the ways in which she and her mother have learned to embody faith, wealth, and perseverance, have likely charted a course to even higher heights in the tennis world and beyond.

[Part 2  Sachia Vickery shares the financial lessons she has learned along the way!]

10 Tips for Side Hustlers: Stacey Tisdale Shares Advice for Side Hustlers

10 Tips for Side Hustlers: Stacey Tisdale Shares Advice for Side Hustlers

How to Make it in the New Gig Economy Side Hustle Ideas and Tips to Succeed

By Stacey Tisdale

The side hustle has been defined as an asset that works for you. It is part of the increasing gig economy in the U.S., a way to make extra money when the day job isn’t enough. Nearly 4 in 10 Americans have a side gig. The average monthly take — $686. Millennials are more likely to have a side hustle than other generations, with 68% reporting the extra cash as “disposable income.” Popular side hustle gigs are freelance writing, ridesharing, tutoring, and video editing. Here are additional ideas for a side hustle.

What are People Side Hustling?

• Create and manage social media ads for local businesses (Typical earnings: $1,000 – $2,000/month per client)

• Tutor kids online. VIPKid, is a popular service to teach children English. And you don’t need teaching experience, they provide you with the lesson plans. (Typical earnings $1000+/month)

• Sell products online. Etsy is one of the largest resources for selling handmade goods on the internet. We interviewed Arianna O’Dell, who started a business on Etsy and earned an extra $30,000 in a year.

• Sell services online. Fiverr helped give birth to the Gig Economy. Side hustlers are offering services like graphic design, digital marketing, and video editing. Although services start out at $5, some Fiverr sellers are earning six-figure-plus revenues annually.

• Work as a virtual assistant. There’s a growing demand from small business owners who need help on various projects from scheduling appointments and managing events to overseeing social media posts and website updates.

• Blogging, making YouTube tutorials, creating online courses.

• Sell used technology and goods on sites like Gazelle and eBay

If these sound like good ideas but you’re just not sure how to manage a side hustle, here are five tips to keep you grounded and focused.

5 Tips for Side Hustlers

• Stick to a schedule: Decide how many hours you think you can spend a day on your side hustle. Then add 25 to 50%. If you’re thinking 2 hours, make it 3 or 4. Then commit to that schedule.

• Don’t take on debt: Start a side hustle you can fund through savings — or better yet, that you don’t need to fund. Provide a service that only requires the tools you already have. Prove there is a market and you can serve it before you take on debt.

• Only spend money and time on things that make money: Don’t overspend on supplies before you have demand. You only make money when you’re creating your product. Spend less time planning and more time doing.

• Don’t spend money on things customers won’t see, like an office or fancy amenities. If your customer doesn’t see it, don’t buy it.

• Do something you enjoy: Think of your side hustle as ‘me time.’ It will make your life better and happier.

Stacey Tisdale and Angela Yee will share more about getting your side hustle on their monthly FaceBook live event Wealth Wednesday. They will be joined by side hustler Arianna O’Dell and Lamine Zarrad, the CEO of Joust, a new digital bank for the gig economy. All Wealth Wednesday events take place and are recorded at Juices for Life in Brooklyn, New York. Tune in to the Wealth Wednesday Livestream Facebook live event on Angela Yee’s Facebook page, with over 2.2M followers.

[Money] 3 Reasons Not to ‘Panic Sell’ in a Falling Stock Market

[Money] 3 Reasons Not to ‘Panic Sell’ in a Falling Stock Market

Keeping emotions in check and reaping the financial benefits of courage

By Stacey Tisdale

Fears that fast-moving Delta Variant of the coronavirus will put the brakes on a return to ‘social norms’ and economic recovery in the U.S. and abroad weigh is weighing heavily on stock prices.

A surge in new investors, courtesy of micro-investing apps like Robinhood, means many people are facing market turbulence and shrinking portfolios for the first time.

The Long Haul

It is important to remember that stocks are still the best game in town when approached as a long-term investment.  The average 10-year stock market return is 9.2%, according to Goldman Sachs

A good rule of thumb is to only invest money in the stock market that you will not need for the next 3 to 5 years.  That’s a lot easier said than done, however, when we see the size of ou

[Click HERE For Our Beginners Guide To Investing In The Cannabis Economy – The 411 On 420!]

Keeping Your Emotions In Check

That makes it imperative that we keep our emotions in check.  Keeping these 3 tips in mind may keep you from making a premature exit from stocks at the expense of future returns.

1. You haven’t lost a penny until you sell: It’s important to remember this when you see scary headlines or hear fearful ‘water cooler’ chatter about plummeting markets. Despite its ups and downs, The Dow Jones Industrial Average has had an average return of about 7.75% from 1921 to present. Ride out the storm, and give your stock investments time and space to do what they do best: Grow.

2. Don’t train your brain to make financial decisions based on fear: Fortunately for our physical safety, but unfortunately for just about everything else, the reptilian part of our brain is programmed to respond to fear in the ‘hear and now’ at the expense of logic. Money is so tied to our sense of survival that watching our portfolios plummet or our assets shrink on paper will literally throw our minds and bodies into a fight or flight response. Take a deep breath and reconnect with your long-term financial goals when you sense you’re letting fear run the show. Give your brain experiences that show it that you don’t have to give into panic.

3. Warren Buffett is right: Buffett is famous for saying It’s wise to be “fearful when others are greedy and greedy when others are fearful.” In other words, don’t follow the crowd over a cliff. Heed the billionaire’s advice, and see lower stock prices for what many of them are, great buying opportunities.

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Know Thyself – Master Your Fears

When it comes to investing, there are many things to consider. For example:

• Your tolerance for risk: You don’t want the markets keeping you up at night.

• Your time horizon: Many experts agree that money you will need in 3 years or less should be in less risky investments like bonds or cd’s.

• Your long-term goals: Today’s economic challenges make investing essential for many of us in order to create long-term financial security.

Our minds can’t tell the difference between real or imagined fear. It’s up to us to bring our powers of discrimination and reason into our decision making.

[Personal Finance] Simple Acts That Make Financial Goals A Reality

[Personal Finance] Simple Acts That Make Financial Goals A Reality

The ‘game-changing’ power of accountability

By Stacey Tisdale

It’s hard to stay focused on our financial goals when we’re worried about money. But that’s actually the time when goal-setting matters the most.

Neuroscientists have learned that when we set a goal, we set off a chemical process in our brains that create strategies to achieve them:  the ‘smarter’ your goals, the smarter the solutions.

Be $mart

When it comes to setting goals, make sure they pass the smarttest.

S-specific:  I will save 5 hundred dollars in an emergency fund by next December! Specific goals help you make better spending and savings choices.

M-measurable:  if you want to save 5 hundred dollars by December, you know you must save 50 dollars a month beginning in march and be at the $250 mark by July. Achieving that measurable mid-year success motivates your brain and builds confidence to keep going.

A-attainable:  researchers from New York University found that when our brains perceive our goals to be unattainable, our blood pressure and drive actually go down. So make sure your goal is realistic enough to actually reap the reward of setting one. Is $500 a reach or is it do-able?

Relatable:  you should be able to clearly share your goals with a friend or loved one. This accountability greatly improves your chance of success.

T-timely:  if you’re helping your child pay for college this year, it may not be the time to buy a new house, or even save an extra 5 hundred dollars. Timely goals eliminate financial stress.

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Accountability = Success

Gail Matthews from Dominican University in California Matthews recruited a variety of entrepreneurs, attorneys, educators, artists, managers, and other professionals from different parts of the world and broke them into five groups:

• Group 1 was asked to think about their goals

• Group 2 not only had to think about their goals, but they also typed them into a survey

• Group 3 did all of the above and also wrote an action plan for each goal

• Group 4 did all of the above and had to share their commitments with a friend

• Group 5 did the same things but also had to send a friend a weekly progress report

The study looked at outcomes over a 1 month period.  When it was complete, Group 1 accomplished 43% of their stated goals.  Group 4 accomplished 64%, Group 5, the most successful accomplished 76%.

“This study provides empirical evidence for the effectiveness of 3 coaching tools:  Accountability, commitment, and writing down one’s goals,” said Matthews.

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Get Real

As Matthews and other researchers have proven, there’s a connection that’s made between the brain and the progress of where we’re going when things are written and we see it.

This is not a dress rehearsal. This is your real life. Take a few extra steps and make your financial goals a reality.

5 Things You Must Consider When Friends and Family Ask for Money

5 Things You Must Consider When Friends and Family Ask for Money

Making Smart Lending Decisions, While Keeping Relationships In Tact

By Stacey Tisdale

A few years ago, I conducted a workshop for a professional sports team about managing money. It was a bittersweet moment for this fan.  I loved this team, yet they were having a horrible season.

The evening before, I invited a friend who was a former pro-athlete, to join me for my presentation. I was hoping he could help me better engage what I feared would be a distracted audience after yet another horrendous loss.

Camaraderie 

Inviting my friend turned out to be a good move.  When I asked him to share what he found to be his biggest financial challenge in his professional career, he said without hesitation, the loans he made to friends and family. That quickly grabbed the team’s attention, with most heads and expressions signaling agreement.The entire energy in the room changed. 

In my work as a financial journalist, and my research in the financial behavior of pro-athletes, I was very familiar with the reality that most run into huge financial challenges - even bankruptcy - soon after their sports careers end.  

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According to Sports Illustrated, within five years of retirement, an estimated 60% of former NBA players are broke.  By the time they have been retired for two years, 78% of former NFL players have gone bankrupt.

Size Doesn’t Matter

The public is quick to blame this on extravagant and irresponsible spending, but in reality, many of them also fall victim to the pressure to lend, as well as support family, friends, and entourages.

Psychologist and psychotherapist, Dr. Jeanette Raymond, says part of it is also chemical. “We’re chemically wired to be drawn to situations where we can rescue someone. It’s very hard to stop”

“When we help someone in need, we get a rush of dopamine that is the same as the release when we feed an addiction,” she adds.

While this dynamic is exacerbated in athletes and celebrities, the pressure to lend comes up at some point for all of us - particularly in groups that experience financial challenges.  A survey by Prudential Financial finds that African-Americans are more likely than other groups to bear financial responsibility for friends and family members, due to factors such as higher incidents of unemployment and barriers to wealth building.

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5 Things To Remember

If a friend or relative asks you for financial support, be sure to consider the following factors:

1) Don’t be an enabler: Does this friend or family member often seem in financial crisis? If so, you could just be enabling bad behavior. If you chose to make a loan, make it with strings, and make them commit to changing their patterns. Make them get show you a financial plan, give you a repayment plan, or seek financial counseling before you hand over any funds.

2) Put your own needs first: If you’re having trouble making ends meet, have significant financial responsibilities on the horizon, or don’t have enough money in emergency savings to cover at least six months of living expenses, you can’t afford to lend money. If your loved one doesn’t understand that, you need to be having a different conversation.

3) Remember the person in the mirror: it’s you who must look in the mirror after you deny a sibling, parent, or best friend a loan. Think about how you will really feel. Be honest with yourself about what you can really live with.

4) Be Realistic: About two thirds of people who lend money never see it again. Don’t count on getting your money back, and talk to your accountant about the IRS codes for gift giving.

5) It’s not just your decision: Do you have financially dependent family members? Remember that it’s not just your financial well-being that’s at stake. You should discuss the impact on your family budget, and find out how everybody feels about making the loan. Make the decision together. You will be glad you are not solely responsible for the outcome.

Love Will Keep Us Together

Financial stress can send our minds and emotions into flight or fright mode, as our brains literally connect money with our ability to survive.  And as we all know, fear can often cloud judgement.

Remind yourself again and again to bring your attention to the connection you have with your loved ones hearts…Even when they have their hands are reaching for your wallet.

[Diversity & Inclusion - Mental Health] Why Black Women Are Really Abandoning Corporate America

A psychological and emotional toll that’s too high to pay

By Stacey Tisdale

How would you feel if you got sent home from work because of the way you styled your hair? (This happens to Black women at nearly twice the rate of other groups according to Dove) How would you feel if you were repeatedly interrupted, shut down, and asked questions that made you feel like a species from another planet? How would you feel if you were constantly pitted against your sisters for that ‘one spot’ at the top? 

Even worse, how would you feel if you’re brain figured out that the only way to survive was to actually deny who you are and assimilate in order to fit into your surroundings, all on the backdrop of being one of the most underpaid, financially burdened, and socially abused groups in the country?

Enough

(Source: Working Mother Media)

More and more Black women are saying, “I can’t feel like that anymore,” and exiting corporate America in droves.

While most of us are familiar with factors like the pay gap, the ‘Black Ceiling,’ and the often-discussed systemic barriers Black women face, few realize that for many, leaving the workplace has become a question of their mental and emotional survival.

“It's a double bind. No matter what you do, you're damned. You stay silent. That's a problem. You speak out. says Tracy Laszloffy, Ph.D, from The Center For Relationship Healing.

“There's no way to be that is acceptable and that you will be validated and rewarded for. That is the nature of oppression. There is no option you can choose that is considered acceptable. That is the dilemma,” she adds.

A dilemma Dr. Laszloffy says is forcing Black women to choose between unbearable psychological and emotional stress or leaving corporate cultures to create their own work environment.

“The reality is that it requires one to adapt to the values and norms of that system just to survive,” she adds.

The Mind-Body Connection

It’s not just emotional and mental survival. Dr. Gina Torino, Associate Professor of Psychology, SUNY Empire State, points out that physical well-being is also under assault.

“What we’ve found is that the physiological impacts are really great with respect to the heart disease, high blood pressure, and insomnia experienced by African-American people in organizations,” says Torino.

Research has also found that constant exposure to factors such as microaggressions and code-switching – changing an aspect of one’s behavior in order to fit in – contribute to chromosomal changes and pre-mature death in Black women.

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Wake-Up Call

Corporate America has never been ‘better intentioned when it comes to creating inclusive corporate cultures. The George Floyd murder has ushered in a shift in consciousness that has also created a forum for conversations like the mental health of Black women.

“It's a huge problem for corporate America if you just look at the Census data and who is in the workforce…Women of color, Black and brown men make up a huge part of that,” says Jackie Glenn, Founder/CEO, Glenn Diversity, Glenn Diversity, and HR Solutions.

“So for them to be exiting organizations at such a huge rate is going to affect productivity, it’s going to affect innovation. This is real…something that we really have to have courageous conversations about,” Glenn adds.

Black Women and The Bottom Line

The Census Bureau predicts that in the United States, Whites will be the minority by 2044, and currently 48% of the members of  Generation Z – post Millennials between the ages of 6 and 21 – are from communities of color.

It’s perplexing that so many corporations around the globe continue to look at diversity and inclusion as a problem or an aspiration when it is simply nature.

Companies that truly understand this, and embrace the reality of the demographic make-up of the emerging U.S. consumer, are not only reaping revenue rewards, but they are also creating inclusive corporate cultures that are more likely to retain Black women.