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Black Financial Literacy: Key Insights You Need to Know

Jun 13, 2022

Black people in the United States have one of the most unique and complicated experiences. From chattel slavery to Jim Crow, to Civil Rights and police brutality, there have been a lot of struggles that have lasted through eras. 


Black financial literacy is a key to acquiring power, which can provide protection and the ability to get a fair shake.


This group of people has a collective $1.1 trillion in spending power. Putting some financial prowess to this income and spending power can be a big part of uplifting the community. 


Here are some points you should understand about the power of black financial literacy and what we should know and understand. 


Create a Budget


Most people don't take care of their finances because they don't have a roadmap or a blueprint. When you run a household, you need to have a budget in place that lets you plan out your income and expenses and helps you with each decision that you make. 


A budget is a tool that takes the mystery out of the way you spend your money and makes provisions for every dime that comes in and out of your account. It allows you to set aside money for all of your bills, groceries, medical expenses, and so much more. Knowing where your money is going takes the stress, anxiety, and fear out of finance so that you can build the coffers and take care of business. 


Focus on Growth and Investing


Turn on the news today and you're going to hear a lot about inflation. Regardless of how bad inflation is at any given time, it's always best to focus on growth rather than just letting your money sit in a bank account. When your money sits in an account, you're liquid, but that money is losing value based on the current value of the dollar and exchange rates. 


The key to financial prosperity is to use your money as a tool that brings you more assets and grows your net worth. Always set aside money from each check to make your money work for you. Here are some of the best investment vehicles that you can look into:

  • The stock market, index funds, and exchange-traded funds (ETFs)
  • Real estate investing
  • Investing in cryptocurrency


Focusing on these avenues of growth will help you expand your net worth and secure your future and your family's future for years to come. 


Build Emergency Savings


While growth is the key, you have to also have some money that will help you out when you're in a pinch. The majority of people in the United States have between $1,000 and $5,000 in savings. 


Figure out how much money you need to have in your liquid savings account so that you're able to pay for things like emergency medical expenses, car repairs, and any other unforeseen instances that come along. You need to protect your family from hardships so that you don't have to take out loans or borrow money when life happens. 


As a good rule of thumb, strive toward setting aside 3 to 6 months of living expenses so that you can take care of these matters that come along. 


Grow a Business and Streams of Income


Revenue is the key to handling your financial life. It takes multiple streams of income so that you can grow your wealth. This way, you're not relying on a single salary to take care of your finances. 


Millionaires and people with financial freedom never rely on a single paycheck. Thankfully, there are several avenues today you can explore that are available to anyone looking to build their net worth. Running a business is the best way to make it happen, and there are also investments you can make that will pay you every month or quarter. 


Here are a few of the best streams of income you can look into:

  • Creating courses and selling digital content that you get paid for monthly
  • Renting out properties and Airbnb
  • Dividend stock investing
  • Reselling items for profit
  • Opening a franchise and building other types of businesses


You will love the results that come about when you grow these streams of income so that you have a solid foundation for growth and abundance. 


Support Black Business


A lot has been spoken and studied about how Black people are some of the biggest consumers, but how the dollar doesn't circulate in the Black community for very long. Combining your resources with people that look like you will allow you to uplift the community and look out for each other. 


Learning to share with each other will allow you to educate your kids and build schools and neighborhoods so that you can teach financial literacy for Black youth. This way, the next generation will continue to prosper. 


There are several Black businesses you can support that'll help you in your own business pursuits, such as:

  • Calendly
  • Hygear
  • Jego


Do your due diligence when supporting Black businesses and make sure to spread the word. 

 

Become a Lifelong Learner


The key to true financial literacy is making sure that you're constantly learning and growing. If you invest in the stock market, you should be reading publications, studying financial reports, and tuning into media that teaches you. You can also subscribe to a black financial literacy podcast as opposed to spending your commute listening to music or things that don't build your life. 


When you're a lifelong learner, you'll be better able to pounce on opportunities that can grow your wealth to the fullest. 


Embrace Black Financial Literacy


Black financial literacy is the biggest key to freedom. The tips above are helpful regardless of your age or lot in life. The key to remember is that it's never too late, and having the right information can change your life. 


Risepreneurs exists to bridge the gap. Check out more of our articles and take the time to get in touch for more information. 


By site-4_kaFg 23 Jan, 2023
Do you want to know influential Black entrepreneurs? Read this article to discover the top 10 influential Black entrepreneurs! Black business is booming! More than 3.1 million businesses have Black owners in the United States. The majority of these businesses are small, and some have only one employee. Yet Black entrepreneurs are getting millions of dollars and running massive corporations. If you're looking to start a business, you should examine a few entrepreneurs and model yourselves after them. Who are the major Black entrepreneurs in the arts, technology, and business sectors? How did their careers start, and what companies have they created? How much money have they raised? Answer these questions, and you can join the legions of Black professionals throughout the United States. Here are 10 great Black entrepreneurs. 1. Young Paris Milandou Badila, better known as Young Paris, was born in Paris in 1988. From a young age, he became interested in music, and he began a music teaching career in New York when he was 17. Young Paris's career took off in 2016 when he signed with Jay-Z's ROC Nation. He released his debut album that year, combining Afrobeat with rap and hip-hop. His second album, Blood Diamond, became popular in Africa and has more than five million streams on Spotify. Young Paris went on to join the fashion scene. He is currently an ambassador for the Council of Fashion Designers of America, working with elites like Anna Wintour. In addition to fashion, Young Paris has produced artworks for NFTs and the Metaverse. He is outspoken about his hopes for Black designers and artists to join the Metaverse, as he thinks NFTs have high potential return. 2. Kimberly Bryant Kimberly Bryant was born in 1967 in Memphis. She excelled in mathematics and science at an early age, and she went to college with plans to be a civil engineer. However, Bryant grew interested in personal computers, and she became an electrical engineer instead. After working for electrical companies, she switched to a career in pharmaceuticals and business. She became an entrepreneur in 2011 when she founded Black Girls CODE. Black Girls CODE is an educational organization that provides classes to young Black women in afterschool and summer programs. Black Girls CODE became a fast success, opening 15 chapters across the United States. In 2014, it received a $50,000 grant from Microsoft. In 2018, the organization partnered with Lyft, allowing drivers and users to donate to the organization. 3. Jason Njoku Jason Njoku was born in London in 1980. He moved to Nigeria when he was 12 years old and went to the University of Manchester where he studied chemistry. After he graduated, he started a magazine for students called Brash Magazine. He then tried launching a series of businesses, but none of them succeeded. He moved back into his mother's home and developed the idea of a distribution business for movies in Nigeria. In 2010, he launched NollywoodLove, a YouTube channel that would post Nigerian movies online. He received $3 million for the project from the venture capital fund Tiger Global. In 2011, he launched a video-on-demand movie platform called iROKO. The platform became extremely popular, and Njoku has raised tens of millions of dollars for it. Njoku has also started Spark, an investment vehicle for internet start-ups in Nigeria. The company has invested in dozens of companies, helping Black professionals throughout the country. 4. Jessica O. Matthews While a student at Harvard, Jessica O. Matthews and a classmate launched a product called SOCCKET. SOCCKET was a soccer ball that stores kinetic energy as people kick it around. Users could then attach the ball to lights and power them for three hours. The product was successful, and Matthews founded a company called Uncharted Power to handle its production. Matthews served as CEO of Uncharted Power, guiding it to three consecutive years of doubled gross profit margins. In 2016, the company was valued at $57 million. She raised $7 million in funding for the project, making her one of the few Black female entrepreneurs to have raised $1 million in funding. Matthews has also worked on infrastructure projects. She serves as the executive director of KDDC, which develops hydropower dams in Nigeria. 5. Ryan A. Williams Ryan A. Williams was born in Baton Rouge in 1988. At 13, he founded his first company, a sports apparel organization. He went to Harvard where he founded the Veritas Financial Group, which helps students become more financially literate. While at Harvard, he became interested in real estate technology. After graduating, he worked at Goldman Sachs and Blackstone and then founded his own company, Cadre. Cadre is a financial technology company that users can use to invest in real estate. The company intends to make the real estate market similar to the stock market, as investors can select individual transactions to make. Cadre has received tens of millions of dollars in funding, including from Harvard University. In 2021, the company sold three buildings for more than $310 million, making it one of the largest ever online real estate transactions. He also works as a public speaker, educating people on financial literacy. 6. Paul Judge Dr. Paul Judge began his entrepreneurial career with CipherTrust, an email security company. The company was sold in 2006 for more than $270 million, and Dr. Judge transitioned to Purewire, a web security company. In 2011, Dr. Judge co-founded Pindrop Security. The organization helps companies stay safe during phone calls. Pindrop acquired more than $100 million in funding between 2012 and 2016. In 2014, Dr. Judge co-founded TechSquare Labs, a company-building studio. The organization has invested in dozens of technology companies, many of them run by Black entrepreneurs in 2022. Dr. Judge also serves as Managing Partner for Panoramic Ventures, an organization that funds technology companies in the Southeast. He focuses on funding projects run by overlooked founders, including students and entrepreneurs of color. 7. Binta Brown Binta Brown began her career as a legal clerk to Supreme Court Justice Antonin Scalia. She then served as a corporate advisor and public policy aide. In 2014, Brown founded her first company, Fermata Entertainment, an artist development firm. In 2016, Brown co-founded the Music Lab, an after-school program to teach high schoolers about music and open mic performances. The Music Lab became popular, and Brown has since dedicated her career to the music industry. She has worked with artists like Chance the Rapper and advises several music companies on diversity and legal matters. 8. Yetnebersh Nigussie Yetnebersh Nigussie was born in Ethiopia in 1982. She lost her eyesight when she was five, and her parents sent her to a school for the blind. Yetnebersh was an extremely successful student, chairing several clubs. In the mid-2000s, Yetnebersh became involved in AIDS activism. She received awards for her work and used her fame to start dozens of organizations. She co-founded the Ethiopian Center for Disability and Development, funding companies in Africa. In 2016, Yetnebersh joined Light for the World, an NGO that fights for disability rights. She continues to work for Light for the World and several human rights organizations. 9. DeMaurice Smith DeMaurice Smith began his career as a trial lawyer. He then worked in the U.S. Attorney's office and with the Department of Justice, arguing cases in the U.S. Court of Appeals. In 2009, Smith was elected to become the executive director of the National Football League Players Association. Smith has worked with NFL owners to raise money for players and improve player safety. Smith has since expanded his portfolio to cover many operations in football. He founded a venture capital company that lets players use their name, image, and likeness rights to make money. He also partnered with the NFL and MLB to create a trading card company currently valued at more than $1 billion. 10. Larry Lawson Larry Lawson worked as a producer at CBS News. His work included reporting on Princess Diana's death, which was viewed by millions of people. In 2008, Lawson became a senior news director at NESN. He produced digital tools and handled millions of dollars in operating budgets, helping expand network viewership by 40%. In 2021, Lawson joined the Black News Channel. He launched the organization's streaming platform and created production tools to streamline operations. Influential Black Entrepreneurs in America Black entrepreneurs affect every sector of the American economy. Major entrepreneurs in the arts include Young Paris, Jason Njoku, and Binta Brown. Black technological entrepreneurs include Kimberly Bryant, Jessica O. Williams, and Dr. Paul Judge. Many entrepreneurs like DeMaurice Smith and Larry Lawson started their careers outside of business and then successfully transitioned into it. Other entrepreneurs like Yetnebersh Nigussie and Ryan A. Williams combine their efforts with charity work. Whatever business you want to start, you can get help and inspiration for it. RISE Urban Nation helps support Black entrepreneurs and business leaders. Contact us today.
18 Sep, 2022
Do you want to know influential Black entrepreneurs? Read this article to discover the top 10 influential Black entrepreneurs! Black business is booming! More than 3.1 million businesses have Black owners in the United States. The majority of these businesses are small, and some have only one employee. Yet Black entrepreneurs are getting millions of dollars and running massive corporations. If you're looking to start a business, you should examine a few entrepreneurs and model yourselves after them. Who are the major Black entrepreneurs in the arts, technology, and business sectors? How did their careers start, and what companies have they created? How much money have they raised? Answer these questions, and you can join the legions of Black professionals throughout the United States. Here are 10 great Black entrepreneurs. 1. Young Paris Milandou Badila, better known as Young Paris, was born in Paris in 1988. From a young age, he became interested in music, and he began a music teaching career in New York when he was 17. Young Paris's career took off in 2016 when he signed with Jay-Z's ROC Nation. He released his debut album that year, combining Afrobeat with rap and hip-hop. His second album, Blood Diamond, became popular in Africa and has more than five million streams on Spotify. Young Paris went on to join the fashion scene. He is currently an ambassador for the Council of Fashion Designers of America, working with elites like Anna Wintour. In addition to fashion, Young Paris has produced artworks for NFTs and the Metaverse. He is outspoken about his hopes for Black designers and artists to join the Metaverse, as he thinks NFTs have high potential return. 2. Kimberly Bryant Kimberly Bryant was born in 1967 in Memphis. She excelled in mathematics and science at an early age, and she went to college with plans to be a civil engineer. However, Bryant grew interested in personal computers, and she became an electrical engineer instead. After working for electrical companies, she switched to a career in pharmaceuticals and business. She became an entrepreneur in 2011 when she founded Black Girls CODE. Black Girls CODE is an educational organization that provides classes to young Black women in afterschool and summer programs. Black Girls CODE became a fast success, opening 15 chapters across the United States. In 2014, it received a $50,000 grant from Microsoft. In 2018, the organization partnered with Lyft, allowing drivers and users to donate to the organization. 3. Jason Njoku Jason Njoku was born in London in 1980. He moved to Nigeria when he was 12 years old and went to the University of Manchester where he studied chemistry. After he graduated, he started a magazine for students called Brash Magazine. He then tried launching a series of businesses, but none of them succeeded. He moved back into his mother's home and developed the idea of a distribution business for movies in Nigeria. In 2010, he launched NollywoodLove, a YouTube channel that would post Nigerian movies online. He received $3 million for the project from the venture capital fund Tiger Global. In 2011, he launched a video-on-demand movie platform called iROKO. The platform became extremely popular, and Njoku has raised tens of millions of dollars for it. Njoku has also started Spark, an investment vehicle for internet start-ups in Nigeria. The company has invested in dozens of companies, helping Black professionals throughout the country. 4. Jessica O. Matthews While a student at Harvard, Jessica O. Matthews and a classmate launched a product called SOCCKET. SOCCKET was a soccer ball that stores kinetic energy as people kick it around. Users could then attach the ball to lights and power them for three hours. The product was successful, and Matthews founded a company called Uncharted Power to handle its production. Matthews served as CEO of Uncharted Power, guiding it to three consecutive years of doubled gross profit margins. In 2016, the company was valued at $57 million. She raised $7 million in funding for the project, making her one of the few Black female entrepreneurs to have raised $1 million in funding. Matthews has also worked on infrastructure projects. She serves as the executive director of KDDC, which develops hydropower dams in Nigeria. 5. Ryan A. Williams Ryan A. Williams was born in Baton Rouge in 1988. At 13, he founded his first company, a sports apparel organization. He went to Harvard where he founded the Veritas Financial Group, which helps students become more financially literate. While at Harvard, he became interested in real estate technology. After graduating, he worked at Goldman Sachs and Blackstone and then founded his own company, Cadre. Cadre is a financial technology company that users can use to invest in real estate. The company intends to make the real estate market similar to the stock market, as investors can select individual transactions to make. Cadre has received tens of millions of dollars in funding, including from Harvard University. In 2021, the company sold three buildings for more than $310 million, making it one of the largest ever online real estate transactions. He also works as a public speaker, educating people on financial literacy. 6. Paul Judge Dr. Paul Judge began his entrepreneurial career with CipherTrust, an email security company. The company was sold in 2006 for more than $270 million, and Dr. Judge transitioned to Purewire, a web security company. In 2011, Dr. Judge co-founded Pindrop Security. The organization helps companies stay safe during phone calls. Pindrop acquired more than $100 million in funding between 2012 and 2016. In 2014, Dr. Judge co-founded TechSquare Labs, a company-building studio. The organization has invested in dozens of technology companies, many of them run by Black entrepreneurs in 2022. Dr. Judge also serves as Managing Partner for Panoramic Ventures, an organization that funds technology companies in the Southeast. He focuses on funding projects run by overlooked founders, including students and entrepreneurs of color. 7. Binta Brown Binta Brown began her career as a legal clerk to Supreme Court Justice Antonin Scalia. She then served as a corporate advisor and public policy aide. In 2014, Brown founded her first company, Fermata Entertainment, an artist development firm. In 2016, Brown co-founded the Music Lab, an after-school program to teach high schoolers about music and open mic performances. The Music Lab became popular, and Brown has since dedicated her career to the music industry. She has worked with artists like Chance the Rapper and advises several music companies on diversity and legal matters. 8. Yetnebersh Nigussie Yetnebersh Nigussie was born in Ethiopia in 1982. She lost her eyesight when she was five, and her parents sent her to a school for the blind. Yetnebersh was an extremely successful student, chairing several clubs. In the mid-2000s, Yetnebersh became involved in AIDS activism. She received awards for her work and used her fame to start dozens of organizations. She co-founded the Ethiopian Center for Disability and Development, funding companies in Africa. In 2016, Yetnebersh joined Light for the World, an NGO that fights for disability rights. She continues to work for Light for the World and several human rights organizations. 9. DeMaurice Smith DeMaurice Smith began his career as a trial lawyer. He then worked in the U.S. Attorney's office and with the Department of Justice, arguing cases in the U.S. Court of Appeals. In 2009, Smith was elected to become the executive director of the National Football League Players Association. Smith has worked with NFL owners to raise money for players and improve player safety. Smith has since expanded his portfolio to cover many operations in football. He founded a venture capital company that lets players use their name, image, and likeness rights to make money. He also partnered with the NFL and MLB to create a trading card company currently valued at more than $1 billion. 10. Larry Lawson Larry Lawson worked as a producer at CBS News. His work included reporting on Princess Diana's death, which was viewed by millions of people. In 2008, Lawson became a senior news director at NESN. He produced digital tools and handled millions of dollars in operating budgets, helping expand network viewership by 40%. In 2021, Lawson joined the Black News Channel. He launched the organization's streaming platform and created production tools to streamline operations. Influential Black Entrepreneurs in America Black entrepreneurs affect every sector of the American economy. Major entrepreneurs in the arts include Young Paris, Jason Njoku, and Binta Brown. Black technological entrepreneurs include Kimberly Bryant, Jessica O. Williams, and Dr. Paul Judge. Many entrepreneurs like DeMaurice Smith and Larry Lawson started their careers outside of business and then successfully transitioned into it. Other entrepreneurs like Yetnebersh Nigussie and Ryan A. Williams combine their efforts with charity work. Whatever business you want to start, you can get help and inspiration for it. RISE Urban Nation helps support Black entrepreneurs and business leaders. Contact us today.
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