Financial Tips

Empowering Black Voices in Finance: Six Names You Should Know

KEY TAKEAWAYS:

• This month we celebrate Black History and spotlight six financial educators who are making an impact.
• From wealth-building to debt reduction strategies, these individuals offer money management guidance that is refreshing and relatable.
• Listen, watch, and read what they have to say. They just might inspire you to revamp your budget for the coming year.

Do you have someone you can count on when it comes to financial advice? When talking about money–how we spend it, save it, and in this era of inflation, worry about it—it literally pays to have personal money management guidance.

In celebration of Black history, we’re turning the spotlight on six gamechangers who are simplifying finance and dispelling the taboo around money talk. Read, listen, watch, and learn something new!

1. The Budgetnista

Tiffany Aliche is a former teacher and the author of the New York Times Bestseller Get Good with Money. Combining her passion for both finance and education, Tiffany Aliche partnered with lawmakers in integrating financial education into New Jersey’s middle schools (The Budgetnista Law.) Through her Live Richer Movement, she has empowered women to save more than $350 million dollars and pay down more than $200 million in debt.

2. My Fab Finance

Tonya Rapley is an internationally recognized speaker, best-selling author, and professor at the City University of New York- Guttman Center, leading the development of their financial literacy certificate program. She focuses on helping people make informed financial decisions and started My Fab Finance in 2013 when she realized that “it was time to stop acting like I had it all together and start getting it together.” Tonya was named the “New Face of Wealth Building” by Black Enterprise magazine and selected as a modern History Maker by TV One.

3. Popcorn Finance

Chris Browning wants to teach you something about finance in the time it takes you to make popcorn. His podcast tackles stocks, making your career recession-proof, asking your boss for a raise, and more. Formerly an art major, Chris realized he had a talent and passion for money management and went on to work in the finance industry, as an analyst, bookkeeper, content creator, and producer. His down to earth money tips have been applauded across major media outlets including Forbes and NerdWallet, and he’s interviewed more than 100 financial experts.

4. Make Real Cents

Carmen Perez is the mind behind MakeRealCents, a platform committed to empowering individuals towards financial independence. Carmen specializes in educating millennials and Gen Z on effective money management and wealth-building strategies, imparting insights on topics such as investing, debt reduction, and savings. She’s also the mind behind Much, an app for budgeting and finance management. While her guidance is broad, she has addressed specific financial challenges and offered advice on side hustles relevant to the LGBTQ+ community.

5. BuildingBread

Kevin L. Matthews II, named one of the Top 100 Most Influential Financial Advisors by Investopedia, is on a mission to help individuals plan their retirement. A husband, father, and author of Starting Point: How to Build Wealth that Lasts, Kevin wants others to leave a financial legacy so wealth can be passed across generations. He leads classes and corporate events about investment planning, distilling concepts into plain English so finance feels approachable to people of all ages.

6. The Wealth Playground

Jasmine Paul is the award-winning author of A Boy, A Budget, and a Dream and Granny’s Vintage Camera. She is a certified financial education instructor, speaker, and entrepreneur whose primary focus is making wealth fun and accessible. She’s on a mission to inspire money conversations with children early and often and will be the featured guest on GreenPath’s Real $tories podcast this month where she reflects on her path to homeownership.

This article is shared by our partners at GreenPath Financial Wellness, a trusted national non-profit.

More blog posts

Summer is in full swing and so is peak travel season. And while July is a prime time to get outdoors and cash in on any plans you may have—at home or beyond—the reality is that financial concerns (and recent credit interest rate spikes) remain a pain point for many of us. Here are five steps to take to boost your financial health and reduce your worries this summer.

1. Assess your Budget
Do you have a budget? Midway through the year is a great time to build one. Money management apps typically provide monthly breakdowns that pinpoint where you might be overspending. A common strategy is to follow the 50/30/20 rule, but those percentages may differ for you, depending on your income and cost of living. Can you eliminate unused subscriptions or comparison shop for more favorable rates on home or auto insurance? Small cutbacks can add up to big savings.

2. Check your Credit Report
Obtain a free credit report from the major credit bureaus (Equifax, TransUnion, Experian) through www.annualcreditreport.com and carefully examine it for any errors or discrepancies. Ensure that all your accounts are accurately reported and that there are no signs of fraudulent activity. Addressing any issues promptly will benefit your credit score which in turn can positively impact your future borrowing capabilities.

3. Evaluate your Investment Portfolio
If you currently have an investment portfolio, mid-year is an opportune time to assess its performance over the past few months and rebalance if needed. Ask yourself: does my current strategy align with my long-term financial goals and risk tolerance? If you’re new to investing or feeling uncertain about what money moves to make, consider connecting with a financial advisor who can offer guidance.

4. Develop a Savings Strategy
Do you anticipate any large expenses in the latter half of the year such as home improvements or educational costs? Start setting aside funds or exploring financing options in advance to minimize future stress. Consider automated, recurring deductions from your paycheck that can funnel into a savings account. Not able to save just yet? That’s okay! Create a reminder to revisit again in 2-3 months’ time.

5. Make a Plan to Pay Down Debt
This is a good time to evaluate your outstanding debts, such as credit card balances, loans, or mortgages. Consider the balances, current interest rates, and payment terms for each. If you’re feeling overwhelmed by your debt, explore the option of a Debt Management Program (DMP) which could potentially lower your monthly obligation and improve your credit score over time. There is no one-size-fits-all solution so chatting with a counselor from our non-profit partner GreenPath Financial Wellness can help you determine if a DMP is a good fit for your situation.

This article is shared by our partners at GreenPath Financial Wellness, a trusted national non-profit.

In 2022, Phyllis Wiseberg, a 90-year-old widow lost $20,000 when cybercriminals withdrew the money from her account. Her story, shared by the National Council on Aging, is devastating, but unfortunately not uncommon. Financial exploitation is a reality many seniors face, especially in the age of online scams. Here are actions you can take to help financially safeguard your loved ones.

What can I do to prevent elder fraud?
Communicate. In a post-pandemic world, it’s easy to lose touch, but maintaining communication is key. Remind your loved ones to avoid disclosing personal financial details via email, phone, or text. Sign them up for the National Do Not Call Registry and have a candid conversation about the most common scams targeting seniors.

Designate trusted contacts. Connect with their financial institution for information on adding a trusted contact (or a view-only user) to their account — this is someone who can be contacted if there are questionable transactions taking place or if they can’t be reached. This is a safer alternative to a joint account which allows someone to withdraw funds directly.

Monitor accounts. Vigilance is easier with tech support. Set up online tools designed to detect suspicious transactions, fraud, and identity theft. Some programs will walk you through reporting and recouping any losses that have occurred.

Appoint financial power of attorney. If your loved one becomes incapacitated, it’s crucial they be financially safeguarded. Bypass the standard power-of-attorney form and enlist the help of a lawyer to customize the form according to their needs, whether it’s filing taxes or managing property. Free and low-cost options are available through Eldercare Locator.

Vet caregivers. If you’re seeking aid for healthcare or home management, hire someone through a bonded agency that utilizes a rigorous screening process. Be vigilant during the post-hire period as well—requesting updates regularly and observing in-person when possible.

What can I do if elder fraud has occurred?
Alert financial institutions. Contact their bank, credit union, or wire transfer service to request a cancellation or reversal of any fraudulent transactions if possible. At minimum they can actively monitor their accounts. You can also alert the Social Security Administration and the major credit bureaus (Experian, TransUnion, Equifax) to limit damage incurred from instances of identity theft.

Report abuse. If you suspect your loved one is being exploited, report it to your local Adult Protective Services agency (which may have a different name depending on where they live). APS connects to social service programs advocating on behalf of older and disabled adults who need assistance. You can also report abuse to their local District Attorney’s office and request they prosecute the responsible party. If the fraud involved an online scam, report it to the Federal Trade Commission or the U.S. Postal Inspection Service (for mail scams).

Offer support. Victims of financial exploitation often experience deep shame or grief. Be patient as they process their emotions and be vocal in your support while you help navigate next steps. Proactive gestures — like running errands or planning family events — can minimize stress.
Create a game plan. Consider setting up regular family meetings to address budgeting, bill payments, or any lingering financial concerns moving forward. GreenPath Financial Wellness offers worksheets and guides that can help get you started.

This article is shared by our partners at GreenPath Financial Wellness, a trusted national non-profit.