Troy Millings, left, and Rashad Bilal from your spare time
Source: Spend your free time
Social influencers focusing on financial education for the black community focus on the message of financial freedom on Juneteenth as the nation celebrates the end of slavery in the United States.
“I definitely feel that commemorating Juneteenth should be part of a level of economic understanding,” Rashad Bilal of CNBC’s Earn Your Leisure said. “But I think the problem with the holidays is that no matter what Christmas, Easter, and New Years are, everything is just made to celebrate, and it loses its meaning.”
“The importance of freedom both economically and socially in Juneteenth is something people should remember every day,” added Bilal, a former financial advisor.
earn your spare timewhich focuses on financial literacy, has over 1 million followers on Instagram and is part of a growing movement of content creators providing insights and advice on markets, real estate, cryptocurrency, entrepreneurship and more.
“Let’s see where it goes. Maybe this isn’t just a holiday or a week or a black history month. What if we could have this economic conversation on a daily basis?” said Troy Millings of Earn Your Leisure, a former physical education teacher.
They also explicitly link the goals of financial freedom today with the economic impact of slavery on America and its black citizens.
“I understand that people literally died for finances,” Bilal said. “That’s what slavery was really about. It was a financial system that was set up for free work.”. “So when you see that our ancestors actually gave their lives and it was done for economic empowerment, it forces you to look at your money. You don’t just want to waste your money. You can actually use that money to change the course of your family.”
Black Americans are at a disadvantage when it comes to wealth. According to a study by the Federal Reserve released in 2020, average net worth From black families in the United States about 24,000 dollars. The approximate average net worth of white families was $188,000.
Ian Dunlap aka Lead Investor, center, with Troy Millings and Rashad Bilal.
Source: Ian Dunlap
Other influencers spreading the message of economic liberalization in Juneteenth include Ian Dunlap aka main investorAnd the Kezia WilliamsThe Wall Street TrapperAnd the Philip Michael And the Ross Mac. They have millions of followers on social media, each with their own niche but the same goal is to help the black community balance their books and build wealth.
Dunlap told CNBC that he believes economic freedom is just as important as social justice. “If we don’t have economic freedom and financial literacy, we don’t really have justice,” he said.
Dunlap urges black Americans to pay special attention to her 2017 report who expects the average wealth of black families to fall to $0 by 2053 and is looking for investment opportunities. “I don’t want our people, our children and our grandchildren to become destitute and this is the challenge we face if we do not take collective action,” he said.
Kezia Williams | black startup
Elsewhere, Williams calls herself an “editorial activist” and influencer. Williams is the CEO of black startupa company that provides education and support to early stage entrepreneurs.
In previous years, Williams urged black consumers to view Juneteenth as an opportunity to support black businesses and post their receipts using the hashtag #myBlackReceipt.
“Invest in these black entrepreneurs who will use those business dollars to give back to their communities, create the products and services our community needs and also build wealth for their families that can generate returns for generations.” Williams said.
Meanwhile, Michael seeks to help 100,000 black people become millionaires by 2030 through real estate. He owns a $250 million real estate portfolio built from $850,000 in seed money from a relative.
“The asset class that has created millionaires more than any other is real estate,” Michael told CNBC. “This is one of the ‘easiest’ ways to get to this point.” “Really, what I want to do is normalize those conversations in an informal way where we can talk about our investment portfolio just as easily as we talk about a trip we took or shoes we bought.”
Source: Philip Michael
The Earn Your Leisure podcast is the leading emerging space for financial influencers and has recorded many prominent personalities from the worlds of business, sports and entertainment discussing their financial plans, mistakes and goals. Among those guests were Mark Cuban, Shaquille O’Neal and Steve Harvey.
The host pair also created the hashtag #AssetsOverLiabilities which has become their content philosophy and slogan used on T-shirts and other merchandise. Bilal and Millings started their podcast in January of 2019 with the goal of demystifying Wall Street for the black community.
“We wanted to make learning about finance and the wealth of generations something cool, we wanted to make it a familiar conversation. I didn’t grow up with conversations like this at the dinner table. But imagine if we did? Imagine if I was in the barbershop we weren’t arguing about the best basketball player, but we were Talking about the best companies, what that could do in the neighborhood.” Millions said.
Bilal and Millings now believe Earn Your Leisure has evolved from creating content to truly educating the black community about creating wealth.
“Education is something that is sustainable in the long term. In a formal setting, the way you understand someone’s learning is your assessment.” Millions said. “Our rating is when we hear feedback when we go out, see people and tell us stories or when they send us emails and say, ‘This changed my life.'”