According to Real Simple, Black women are pivotal financial pillars in their households.
Statistics show that 75% of these women are primary breadwinners.
This is an overwhelming percentage.
So, they must find viable means of building wealth to secure their family’s futures.
However, they face challenges that keep them from accessing wealth-building tools.
Moreover, advisory services crucial for robust financial security and generational wealth are not easily accessible.
A recent study, titled “Black Women, Trust, and the Financial Services Industry,” by The American College Center for Economic Empowerment and Equality, delves deep into these issues.
The study surveyed 3,500 middle-income Black women in 2021.
A staggering 60% reported difficulty finding trusted financial professionals from this population.
Notably, 58% believe their racial identity influenced their treatment in the financial world more than their gender.
Nevertheless, there’s a beacon of hope.
Three esteemed Black women wealth advisors believe these challenges can be overcome.
They offer guidance on leveraging wealth-building opportunities and provide actionable insights for financial empowerment.
Navigate The Financial Advisory Landscape
First, they speak on navigating the financial advisory landscape.
The study’s primary concern is the financial industry’s gap in connecting Black women to a holistic wealth-building journey.
Andrea Koryn Williams, a renowned wealth management advisor, emphasizes the challenges of finding relatable financial advice.
She notes the challenges of using complex financial jargon.
The wealth management advisor notes that when presented with complex jargon, Black women will likely get confused.
This is why Dominique Broadway, an award-winning financial advisor, stresses the need to seek financial guidance.
She notes that though it may feel daunting, being proactive will help fortify their financial future.
Find A Trustworthy Financial Advisor
But how can you find one?
Williams proposes key steps that you should follow.
A board-certified CFP is going to be a fiduciary and must provide unbiased, comprehensive advice
She notes that exploring the CFP website for certified professionals will help you know the available and reputable financial advisors.
Now, from this list, you can do your due diligence.
She also emphasizes the importance of interviewing multiple advisors.
You should find the right fit because your financial future depends on it.
You should also consider family and peer referrals, who are crucial in this search.
Williams further explains:
While there is no one way to decide if someone is trustworthy, I would advise asking for feedback from those who have worked with this financial advisor and gone through their process already.
Demystify The Stock Market
When you understand the stock market, you become better positioned to facilitate your wealth-building matrix.
Lakisha Simmons, PhD, exemplifies this.
This Black woman retired at 41 with $900,000 in investments.
She now champions financial independence for other women.
Simmons imparts her knowledge to other women who wish to be like her and master financial freedom.
She underscores the importance of understanding retirement accounts.
When you have knowledge of this, you can leverage it to optimize your benefits for wealth generation.
Explore Different Wealth-Growing Avenues
Next, it is paramount that Black women consider exploring diverse avenues to amass wealth.
After all, wealth accumulation isn’t one-dimensional.
As evidenced by the advice from Broadway, Williams, and Simmons, Black women must understand the multifaceted avenues they can explore for wealth creation.
You can choose from entrepreneurship to real estate, investing, and insurance.
Williams, in particular, elaborates on real estate.
She views this as a substantial wealth-building tool.
He also advocates for the interplay between investments and insurance for a well-rounded financial strategy.
Prioritize Your Financial Liberation
Being proactive is an admirable character trait you can achieve by taking concrete essential steps.
However, what’s crucial is the overarching commitment to your financial freedom.
Simmons firmly believes in proactive financial planning because “No one is coming to save us.”
The path to building wealth demands focusing on education, tailoring financial plans, astute spending, paying off debt, and investing wisely.
All Black Women Should Use These Methods To Fortify Their Finances
The path to wealth might be challenging, especially for Black women.
However, you can overcome barriers with the proper guidance, knowledge, and determination.
So, a prosperous financial future is reachable if you follow the proper steps.
