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.