Money Management Tips Every Millennial Should Know
In 2018, Black spending power was valued at $1.2 trillion, showing just how undeniably powerful the Black dollar is.
That same report also states that "African-American consumers are an important population for smart brands that want to grow market share and brand preference…brands can't afford to lose favor or traction with this segment without potential negative impact." With so many corporations looking to Black people and Black culture as a market opportunity - imagine if it was flipped. Imagine how much more powerful the Black dollar could become if we reinvested some of that buying power back into our individual finances and communities. One way to do this is by #bankingblack.
Meet Teri Williams, President and Chief Operations Officer of OneUnited Bank - the largest Black-owned bank in the United States. Through her work at OneUnited, Teri is committed to combating challenges and embracing the opportunities that come with educating and being relatable to people who look like her about the power of #bankingblack. "People start banking at the large banks because that's what they're exposed to," says Teri. "They don't realize there is a whole network of Black banks, credit banks, and community banks that better reflect their values."
Teri spoke to xoNecole about critical money management tips that can give Black millennials a step up when it comes to their financial literacy and building a strong financial base and future.
Check out her tips below!
1. Set up an automatic savings plan.
Though savings can be a bit of a struggle when you're trying to pay bills and other monthly expenses on time, paying yourself first is a MUST! "If the money goes into your pocket first, it's almost impossible to save," says Teri.
Try setting up your paychecks so that a certain amount is automatically deducted and moved into a savings account through direct deposit. "It doesn't matter the amount, it's the idea of taking money out of your paycheck and putting it into a savings account so you don't touch it," Teri explains.
You'll be able to look up a year (or more) from now and be amazed about how much you can spend. Making this process automatic will leave you little room to forget each pay period.
2. Adjust your student loan payments so you can still save.
For many of us paying back student loans is a major financial burden. However, Teri warns, "If you're paying student loans and not saving, you're sacrificing your future for your past."
She urges millennials to find ways to speak to lenders to negotiate payment plans that are consistent with one's current income. Many student loanees don't realize they don't have to pay the bill that's been sent. Speak to lending partners directly to see if there is flexibility in payment amount and payment scheduling. This will help make sure that though you're repaying a significant amount, saving towards your financial future monthly is also possible.
Courtesy of Teri Williams
3. Focus on buying (or investing) in real estate.
For many of us, getting out of the urban and low-income neighborhoods we're from can be seen as a rite of passage or a sign that "we've made it", but Teri thinks otherwise. "We look at our communities and say we want to get out of here, but instead we should be investing."
Gentrification isn't only affecting communities from a physical perspective, but it also affects potential wealth creation for Blacks and Hispanics. In order to fix this, it's important to "not turn your back on the community and run." She explains, "I'm someone who has been in banking in low-to-moderate income communities for the last twenty years. What I'm seeing on the ground is that our communities are being gentrified. We have been thinking about our communities from the past as opposed to the future."
Figure out where the real estate investing opportunities are in your community. "That dilapidated home down the street or that small condo you feel like is too small for your needs is going to be worth a whole lot more in the future." Now is the time to buy, while properties are still somewhat affordable.
This is also where banking at Black or community-oriented institutions is valuable. As a certified community development financial institution, the majority of OneUnited's lending is in low to moderate income Black and Hispanic communities. This is in comparison to other large banking institutions, where only 1-2% of the loans go to Black people. The odds of receiving a loan from a Black-owned bank like OneUnited is much higher. That's why depositing in a bank that looks out for the best interests of the community is crucial.
4. Don’t neglect your credit health.
Having bad credit isn't permanent, so it should be something that you're actively trying to fix and restore to good standing. Though this tip is pretty standard in the financial literacy world, Teri wants millennials to remember just how important an asset it is for one's financial future. If you're looking to rent an apartment, buy a car, or even buy a home - bad credit can significantly impact your ability to. Specifically, OneUnited offers a "How To Rebuild Credit" program that teaches customers safe ways to work on rebuilding their credit score.
If you're looking to use a credit card as part of your credit rebuilding, consider a secured credit card that reports to the major credit bureaus. Beware of prepaid cards with monthly fees that don't report to the credit bureau. Overall, working with a banking institution that offers financial education resources is important if you're in need of credit repair help.
Courtesy of Teri Williams
5. Create your retirement strategy early.
No matter how far away it is, planning for one's retirement future should always be prioritized. If you're working in the traditional corporate 9-5 structure, when choosing a place to work, always ask about the employer's 401k plan and contributions. It's always a plus if an employer contributes or matches contributions. According to Teri, it's basically "free money" and "helps you build retirement funds without money going into your pocket."
For those millennials who work in the "gig economy", which is also known as freelancing, short-term employment, self-employment or any other non-traditional job type - one of the things you're losing beyond health insurance and benefits is an automatic contribution to social security. As social security is an important part of one's retirement plan architecture, making sure you're contributing to your social security fund is critical.
Finding a career you're passionate is also another major key to the health of our retirement financial strategy. "The reality is that most people are going to work longer than they expect," says Teri. "Look for a career where you are paid your value, and would enjoy getting up and doing the work. Long-term, that will allow you to want to stay working longer which will help you with retirement."
Teri's excited about the future of Black banking and the impact Black millenials will have on the industry. "We need to start using our money more purposely. Bank Black. Buy Black. Build Black. Trust each other. Come together…" With confidence, she adds, "We're taught that we as a community are a failure. We're not taught the tremendous accomplishments within our community and contributions we have made to this country.
"We are not going to be defined by our liabilities. We are going to be defined by our assets."
Featured image by Getty Images
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Rana Campbell is a Princeton University graduate, storyteller, content marketing strategist, and the founder and host of Dreams In Drive - a weekly podcast that teaches you how to take your dreams from PARK to DRIVE. She loves teaching others how to use their life stories to inspire action within oneself and others. Connect with her on Instagram @rainshineluv or @dreamsindrive.
This post is in partnership with BET+.
Kingdom Business is back for its second season, with even more sermons, songs, and serpents. The series picks up where it left off, with actress Serayah as Rbel caught between the stripper pole and the pulpit. With the first lady of the church working desperately against her, Rbel must find a way to live her dreams and honor her friend while figuring out her faith in the process.
Season one served a collection plate of rivalry, deceit, and revenge –– among many other tribulations. Between the 28-year-old’s acting, conviction, and harmonious voice, here are a few reasons why season two of Kingdom Business is a must-watch.
If the Spirit Doesn’t Move You, Serayah’s Singing Voice Will
Rbel, formally known as Rebecca Belle, is a stripper whose life forcibly takes a turn after suffering a tragedy. Through her quest to find the truth, Rbel finds herself at odds with the head of a local church, First Kingdom’s Denita Jordan, played by the legendary Yolanda Adams. Rbel unknowingly emerges as what a faithful Christian embodies: a perfectly imperfect human who works every day to try their best while leaning on God. Although struggling with her faith, each ballad sung by Rbel can be felt, as the lyrics relate to personal struggles we all endure in different ways. Gospel songs hit differently when your life is in shambles, and chile, Serayah is singing new life into folks.
Serayah is a Formidable Opponent to The Yolanda Adams
As one of the best-selling gospel artists of all time, it’s no easy task to take on the role of a person on the opposing side of greatness. Serayah’s Rbel does an excellent job meeting Jordan at her level while shining through her solos. Throughout season one, Rbel emerges as a top streaming artist, an accomplishment that begets something of a holy war.
Serayah’s Acting Range is Engaging
As a former stripper trying to make a name for herself in the gospel industry, you can imagine the struggles that could come with it. Rbel goes through a range of emotions, all understandable and relatable. Despite several crises of faith, Serayah ensures Rbel delivers a humbling performance that makes the audience root for her redemption.
The Kingdom Business Soundtrack is Everything
Streaming now on Spotify, Tidal, and Apple Music, the Kingdom Business: Season 1 soundtrack is one you’d want to add to your playlist for high and low times. Aside from four soul-soothing songs from Serayah, the soundtrack also features singles from co-star/Hamilton’s Chaundre-Hall Broomfield, gospel artist Chandler Moore, and legend Yolanda Adams.
Serayah’s Rbel Makes You Root For Her
With First Kingdom beginning to crumble under the pressure of lies, infidelity, and deception, Rbel’s window to take that top spot seems wide open; however, the end of season one showed us the Spirit had other plans. Whether you believe or not, Serayah’s Rbel makes you want to see her win. Who doesn’t love a good underdog with a laid 22” bust down? Whether she seeks Him or not, God is proving to be on Rbel’s side. But is it enough to turn everything around for her? Will Rbel lean on faith or fear?
With secrets coming to light, success within reach, and the devastating conclusion of season one, you don’t want to miss season two––especially with more guest collaborations. Kingdom Business returns to BET+ on Nov 2.
BET+ Original | Kingdom Business | S2 Official Traileryoutu.be
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How Celebrating Dia de Los Muertos In Mexico Allowed Me To Further Process The Loss Of My Mother
Can I be honest? Grief is hard. Not only is it hard, but it’s a never-ending process and journey. I lost my mother to metastatic endometrial cancer in February 2021, and while my grief process hasn’t been as hard as some, it definitely has not been easy. So, as a way to change my perspective on her no longer being here physically, I decided to participate in a Dia de los Muertos (Day of the Dead) celebration in Mexico on the actual day.
Traditionally, Dia de los Muertos is observed on November 1 and 2. Families gather and build ofrendas (a type of altar with various offerings) to peacefully welcome and guide the deceased’s spirit back to the “other side.” The offerings consist of everything from the person’s favorite foods, a photo of them, a mirror, candles, and a cross, among other things. On that night, people may dress in catrina attire and paint their faces with skull-like art to resemble the country’s take on ghosts and spirits. There’s also a dinner as well as singing and dancing throughout the night. It’s literally a celebration.
In full transparency, I’ve never been one to participate in ceremonies like this or traditional rituals that essentially “call” spirits or the ancestors back. We can mostly blame that on being raised in North Carolina— you know, the whole bible belt South, and their beliefs that anything “beyond the Bible” is a sin or the devil. But I’ll digress there.
Photo courtesy of DeAnna Taylor
I traveled to the Jalisco state of Mexico to spend a few days visiting Hacienda Patrón, aka the tequila brand’s main compound and distilling site. I was invited to stay in the private guesthouse— La Casona— as we spent time learning everything about the popular spirit company. From how Patrón only uses three ingredients (water, agave, and yeast) to seeing the details put into each bottle, it was truly a unique and memorable experience. But the best part was being able to participate in the local area’s Dia celebration.
That evening, we started by getting our makeup done. Since we are ultimately honoring those who have passed on, I opted for a design made from pearl-like jewels. My mother would always tell me how, as a lady, I needed to keep a set of pearls at all times. She and my maternal grandmother— who has also passed on— loved them and saw them as elegant. So, it was only right that I incorporated them into the night. Since I wasn’t in my own home or even a family member’s home, I wasn’t able to build my own ofrenda, so this was my “offering” in a sense.
Photo courtesy of DeAnna Taylor
Beyond the makeup, I was able to partake in a traditional dinner that consisted of several courses, including pan de muerto (bread of the dead)— which is usually baked on the holiday as a part of the offerings.
Dressed in all black, we then joined the larger community celebration, where several families publicly displayed their ofrendas for the entire crowd. We spent time viewing each one, and it was very reminiscent of walking in a cemetery, except everything was colorful and bright. Most ofrendas were decked out in freshly cut marigolds placed in ways that made out special designs or messages to the deceased. There were tons of candles and of course, all the trinkets and snacks that the non-living family member would have loved.
Photo courtesy of DeAnna Taylor
Walking around, I felt an overwhelming sense of joy, which is unique for me as I am often uneasy when walking in a cemetery— even in the daylight. Seeing those families honor their deceased loved ones in such a celebratory and joyful way while bringing a bit of humanity back to them was so beautiful.
When I got back to my room at La Casona, a wave of emotion came over me— I cried, but they were happy tears. I couldn’t help but think of my mother and, ultimately, the things I would place on an altar to honor and guide her back to the other side. Of course, there would be pearls, a photo of her, vanilla-scented candles, some Corn Flakes with bananas, and maybe even a steak from Outback— because those were some of the meals she loved.
Being able to experience this type of event served as a reminder that although my mom is no longer here physically, she’s never too far away in the spiritual realm. It allowed me to essentially find an added layer of peace with her passing, too. I think from here out, I will incorporate some of the elements of Dia de los Muertos into my own life because, as far as I’m concerned, my mother’s spirit is always welcomed back to visit. I love you, ma!
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Feature image courtesy of DeAnna Taylor