Are racism and personal finance intertwined?
Building good money habits is key to financial success. But what if you don’t have access to the same resources as everyone else? No doubt, institutional racism and personal finance are intertwined for Black Americans and other minority populations. Here’s a candid conversation about that.
Hear how racism and personal finance intersect:
Ending racism in personal finances
Michelle Jackson is the serial entrepreneur and business coach behind Michelle is Money Hungry, a platform that helps passion-driven entrepreneurs make money online and educates older millennial and GenX women on personal finance. Michelle is also the founder of the Money on the Mountain retreat for financially single women and the host of the Michelle is Money Hungry Podcast. Her work has appeared in Business Insider, PBS NewsHour and CNBC, among many other media outlets.
On this episode of Queer Money®, Michelle joins us to explore racism and personal finance, making the distinction between building good money habits and having access to the tools and systems for building wealth. She offers insight on dealing with systemic racism, explaining how discriminatory practices like redlining have affected people of color and sharing her experience as a Black woman in corporate America. Listen in for Michelle’s insight on how the values of our country are reflected in its budget and learn what you can do to be an ally for BIPOC and help put an end to systemic racism.
[click_to_tweet tweet=”“We’re a multicultural society with way too much income inequality, and we’re going to have to keep having these kinds of conversations until we get it right.” – @MichLovesMoney” quote=”“We’re a multicultural society with way too much income inequality, and we’re going to have to keep having these kinds of conversations until we get it right.” – Michelle Jackson” theme=”style3″]
Topics covered on racism and personal finances
Michelle’s take on why George Floyd’s murder has been a catalyst for discussion
- Underlying anger building over time
- On punishment from universe by COVID
Michelle’s response to people who ask why POC can’t just ‘figure things out’
- Systems don’t work for white people either
- Can control habits but not access
How Michelle thinks about dealing with systemic racism
- Seek out financial allies to advocate on your behalf
- Do research on important financial transactions (e.g.: mortgage)
What redlining is and how it has impacted people of color
- Minorities denied mortgages to prevent from buying in certain areas
- Black neighborhoods valued lower leads to gentrification
Michelle’s insight on receiving a financial windfall
- Lack of access makes it difficult to build generational wealth
- White people much more likely to receive big sum from family
The impact of race massacres like Tulsa and Rosewood on POC
- Leaves psychic scar on people’s mindsets
- Death of entrepreneurs and leaders in community
Why Michelle is hopeful about the financial future of POC
- The Internet provides access to tools that grow wealth
- More representation of minorities in financial education
Michelle’s insight on being a Black woman in corporate America
- Leave jobs when can’t get upward mobility
- Demoralizing to be roadblocked for opportunity
How the values of the US are reflected in its budget
- Homelessness and lack of access to healthcare unacceptable
- Focus on military spending vs. serving American people
What we can do to help end systemic racism
- Use a platform to initiate awkward conversations
- Continue to grow as an individual, be active in the community