Who Else Was In Debt When You Graduated High School?

Think back…

When you graduated high school and entered into adulthood, how much money did you start with? Did you have any investments? Did you have life insurance? Did you have a banking account?

Or, did you have $5 here and there from graduation cards and a family and friends dinner? Did you start receiving credit card offers from Penney’s, Sears, and Montgomery Wards?

My Mother and Grandparents worked hard all of their lives. But they simply were born during a time when they had very few opportunities. As we know, most Blacks did not have first class citizenship in this country until the passage of the Civil Rights Act of 1964. Since I was born a few years after that, I was the first child (grandchild, niece, cousin, etc.) that was born as a first class citizen in this country in 1968. My child is now a part of the second generation of first class citizens. I am obligated to build wealth with all of the freedoms, advantages, and opportunities that I have. Rather than focus on what I can’t obtain in my generation and using that as an excuse to not do anything, I focus on the 1,000’s of things that I can do. Then I can one day pass the torch to my child and let her run her race.

My Mother could not give me money but she invested in private education for my sister and I from Kindergarten to 7th grade. And that education has paid for itself a hundred times over with the opportunities that could only have come from that experience. Thank you, Mama.

But I did not know about money. Those credit cards almost burned a hole in my pocket so I went to Springfield’s Battlefield Mall and spent every single penny of credit. It took me nearly 7 years to pay them off! So not only did I have that debt, but I also had school loans and because I didn’t have money to pay rent, I dropped out of college. Those loans went into default and it wasn’t until I was 35 years old when I got everything paid off. Now as I look back, I don’t have much to show for my 20+ years of work history. And I look at many people around me and see that they do not have much to show for their hard work either.

So I want my child to become knowledgeable about money. I don’t want her to think that wealth is a sin. I don’t want her to think that black and white is more important than green. I don’t want her to be afraid of money. And I don’t want her to think that being poor is normal and being wealthy is rare and unobtainable.

Isn’t that what we all want for our kids?

I was no different than most Black children in my neighborhood. I entered into adulthood with credit or I should say, “in debt.” And in the smaller communities I grew up in and lived during my early 20’s, most of the Blacks were poor. None of my friends lived in homes with three car garages and vaulted ceilings or had dad’s who were the CEO’s of corporations. The businesses in my communities were churches, funeral homes, a barbecue pit, and beauty shops. And wealth was and in some ways is still based on the type of car one drives and the clothes one wears. That’s it!

As parents and grandparents of Black children, we must prepare our children for 18. You don’t have to be wealthy to save for your child’s future using a combination of savings, investments, and insurance.

During this holiday season, BlackMissouri.com will be creating a series of videos and e-mails to share ways that you can plan for your child’s future without feeling like you are losing money or making a mistake. The mistake is in doing nothing. So let’s think outside of the usual “black box” and give more than a Wii, an Ipod, or a new cell phone. Let’s give our kids the gift of a great financial future!

I am still learning and would love to bounce ideas off of others. If you have any ideas or strategies that can be shared to the BlackMissouri.com audience, please leave your comments below!

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