Are racism and personal finance linked?
Building good money habits is the key to financial success. But what if you can’t access the same resources as everyone else? There is no doubt that institutional racism and personal finance are closely linked for Black Americans and other minorities. Here’s an open conversation about it.
Learn how racism and personal finance intersect:
End racism in personal finance
Michelle Jackson is the serial entrepreneur and business coach behind Michelle is Money Hungry, a platform that helps passionate entrepreneurs make money online and educates older Millennial and GenX women about personal finance. Michelle is also the founder and host of the Money on the Mountain retreat for financially single women Michelle is hungry for money Podcast. Her work has appeared in Business Insider, PBS NewsHour And CNBCamong many other media.
In this episode of Queer Money®Michelle joins us to explore racism and personal finance, making the difference between building good money habits and having access to the tools and systems to build wealth. She offers insights into dealing with systemic racism, explains how discriminatory practices like redlining have impacted people of color, and shares her experiences as a Black woman in corporate America. Listen to Michelle’s insights into the ways our country’s values are reflected in its budget, and learn what you can do to be an ally to BIPOC and help end systemic racism .
“We are a multicultural society with far too much income inequality, and we need to keep having these conversations until we get it right.” -Michelle JacksonClick to tweet
Topics about racism and personal finance
Michelle’s opinion on why George Floyd’s murder sparked controversy
The underlying anger builds over time
About the universe’s punishment from 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 cannot access them
How Michelle thinks about dealing with systemic racism
Find financial allies who will advocate for you
Research important financial transactions (e.g. mortgage)
What redlining is and its impact on people of color
Minorities were denied mortgages to prevent them from buying in certain areas
A lower appreciation of black neighborhoods leads to gentrification
Michelle’s insight into receiving a financial windfall
Lack of access makes it difficult to build generational wealth
White people are much more likely to receive large sums of money from family
The impact of race massacres like Tulsa and Rosewood on POC
Leaves psychological scars on people’s mindset
Death of business owners and community leaders
Why Michelle is hopeful about POC’s financial future
The Internet provides access to tools that increase wealth
Increase minority representation in financial education
Michelle's insights into the life of a black woman in corporate America
Quit your job if you no longer have opportunities for advancement
It’s demoralizing to be blocked from opportunities
How American values are reflected in their household
Homelessness and lack of access to healthcare are unacceptable
Focus on military spending rather than serving the American people
What we can do to end systemic racism
- Use a platform to initiate uncomfortable conversations
- Continue to grow as an individual, be active in the community