AfroEconomics #51: Women and Wealth (Part 2)

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According to Black Enterprise magazine, the average net worth of Black women is $100!! Yes, I’m talking about right now. Stats like this hurt my heart. But the truth is the truth. We need to acknowledge it so we can do something about it. As Black women, we need more. Our families need more. And we deserve more. This week Part 2 of Women and Wealth, we talk about how to GET more. Because it’s time for us to get everything we deserve – for the effort we put forth… the education we’ve earned… and ultimately, for the value we create the workplace. Research shows a higher percentage of Black women are enrolled in college than any other group. But that isn’t translating into more money in our pockets. In terms of average income, we’re way down the list. Check out these tips on increasing your income.

In this Tuesday, Feb. 26, 2019 photo, Marlon Jackson, second from left, Jackie Jackson, second from right, and Tito Jackson, far right, brothers of the late singer Michael Jackson, and Tito's son Taj, far left, pose together for a portrait outside the Four Seasons Hotel, in Los Angeles. The brothers gave the first family interviews Tuesday on “Leaving Neverland,” which features two Michael Jackson accusers and is set to air on HBO starting Sunday. (Photo by Chris Pizzello/Invision/AP)

Hollywood Live Extra #89: Jackie Jackson of the Jacksons and Gold Lemonade

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The family musical group Jackson 5 is shown in Los Angeles, Ca., in this undated photo. The lead singer is Michael, front right, the youngest brother at ten years old. With him are his brothers, from left, Tito, 16; Marlon, 11; Jackie, 19; and Jermaine, 14. More than eight million copies of their first three record albums have been sold. (AP Photo)

AURN Entertainment Editor Tanya Hart speaks with Jackie Jackson of the Jacksons and Gold Lemonade.

Actor Irrfan Khan, right, and Euzhan Palcy, film director, writer and producer from the French West Indies pose for photographers as they arrive for Extravagant India!, the international Indian Film Festival in Paris, Tuesday Oct. 15, 2013. (AP Photo/Jacques Brinon)

Hollywood Live Extra #88: Film director Euzahn Palcy

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Actor Irrfan Khan, right, and Euzhan Palcy, film director, writer and producer from the French West Indies pose for photographers as they arrive for Extravagant India!, the international Indian Film Festival in Paris, Tuesday Oct. 15, 2013. (AP Photo/Jacques Brinon)

Euzhan Palcy is a film director, writer and producer from Martinique, French West Indies. She is notable for being the first Black female to direct a film produced by a major Hollywood studio.

AfroEconomics #50: Women and Wealth (Part 1)

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The most recent data from the American Center for Progress finds that 41% of mothers are the sole or primary breadwinners. That number is even higher for Black mothers. Being the big earner in your family isn’t itself a challenge – but being the only person bringing in a paycheck may be. It is essential that you make a commit to financial empowerment, both for yourself and your family. It’s up to you to take responsibility for your family’s financial success. And according to AfroEconomics Principle #2, Self-Reliance, the time is NOW. It’s extremely important that you equip yourself with the knowledge, tools and resources that can help you move toward financial independence and moving away from debt.

AfroEconomics #49: Grandparents financial planning tips

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According to a recent AARP study, 94% of grandparents provide some level of monetary support for their grandchildren. Grandparents spend $179 billion per year on their grandchildren. That works out to $2,562 per grandparent per year, more than $200 per month on average. Grandparents are not just giving gifts for birthdays and holidays. They are doing it all year long! More than two-thirds of that $2,562 is going towards expenses like day-to-day living costs, college tuition, and even buying cars. I think the numbers from the survey are vastly underestimated. Most grandparents do not realize just how much money they are handing over to their grand kids. Here are a few financial planning tips for big-spending grandparents.

AfroEconomics #48: The Black Tax

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The “Black tax” is money high-income Black professionals give to their families to support them. For those who make above-average income, it is common to share good fortune with family less fortunate. When you give away your disposable income, even for a good cause, that money can not work for you and can not grow. But when you give yourself permission to invest your money into an emergency fund, to grow your business, to buy real estate, you actually have MORE resources to help your family in the long run.