Since going down many racial wealth gap and income inequality research holes, not a day goes by that I don’t think about what’s at the root of these issues and how we can solve for them. When Kendra Banchy and I founded the Gente Empowerment Network, I felt strongly (and still do) about the role that career trajectories could play in people being empowered in many aspects of their lives, including in their wealth building opportunities. Many of us spend the majority of our time working, and for most of us, jobs are how we get paid so our careers play a major role in our lives. I’ve also been inspired by Salary Transparent Street, Vivian Tu, Her First $100K, Latin Wealth, and Jannese T. among many others in the space that speak to key topics related to financial wellness and wealth building for communities of color, women, and people who may not have had access to this knowledge. I’m so grateful to Michael Taylor who taught me so much of what I know and have been able to put into practice over the last almost decade. As a first gen college grad and son of immigrants who grew up without this knowledge, it feels critical to pay it forward. While knowledge and key actions folks can take isn’t going to solve for racial wealth gaps and income inequality all on their own, I’ve found it can be a game changer.
Some key ideas I’ve taken away have been to pay myself first, to automate these investments/savings (especially pre-tax, thanks 403B), and to keep these investments out of sight/out of mind. I do, of course, still check occasionally, and it was striking to see the small amounts I’ve been putting into my brokerage account growing and just passing the $5,000 mark recently. I didn’t even know what a brokerage account was until a few years ago, and my 403B has also been growing. It can be hard to talk about money and if we don’t share this knowledge, lift each other up, and keep learning, no vamos a llegar where we need to go collectively to close wealth and income inequality gaps. Personal finance is personal, and there is more we can do to support one another in these journeys. Recently, I’ve been following Annamaria Lusardi and I’m inspired by the work being done at Stanford University on this front. Still so much to do and so much to learn.