Category: Uncategorized

I am not sure what the conversation was in your household in regards to checking, savings and credit, but it wasn’t discussed at incredible length in my household growing up. I got a savings account when I was sixteen and went on to get a checking account when I got a little older. Somewhere along the line I got a credit card with a very high interest rate. I was told to be responsible with my money and save, save, save. There may have been some talk about credit cards, but I don’t remember any exact conversations. Now, don’t take this the wrong way, I am in no way saying anything bad about my parents. I just don’t think that money, credit and loans are a common conversation in black households. And school definitely didn’t teach on money, credit, loans or any such thing.

So here we are, 18 years old, without any real credit or knowledge of what to do financially as the adults we are now considered to be. What could go wrong? Well everything of course 😆. Oh and it did. Through it all, I learned about loans, credit scores, savings, checking and credit cards. Most of it lessons learned through failure. I may be better for it or maybe not. Who knows? I can’t go back, but I can make sure I don’t do any of that shit again.

When I saw advertisements about Greenwood Bank I was intrigued. It is a mobile banking platform to assist black and brown people with getting spending accounts, savings account and loans. Greenwood, named after the former Greenwood district in Tulsa, Oklahoma, unveiled its website back in October of 2020. There have been some delays in actually getting Greenwood going due to high demand and wanting to be able to handle all the anticipated customers. Based on the information shared on their website and the demand for Greenwood’s services, I know that this endeavor will be a successful one. I appreciate them taking the extra time to make sure they have all their ducks in a row. You can read more about Greenwood on their website,

https://bankgreenwood.com/

and in this article,

https://fortune.com/2021/12/01/killer-mike-andrew-young-greenwood-banking-app-black-communities-generational-wealth/.

If you are interested in starting an account with Greenwood, please be aware there is a waiting list. You can join the waiting list on their website.

Now onto the credit issues. I personally feel that when we become “adults” at the age of 18, we should have perfect credit. Or at least a 700 credit score. Then based on the decisions we make good or bad, we will go from there. But no, we are sent out with low credit scores and left to figure out how to raise them. Does that make any sense? I don’t think so. You can get a car, which helps raise your score, but you usually need a co-signer. You can get a credit card, which also raises your score, but most young adults don’t have a clue how to use them to boost their credit score. There is a good chance that you move out of your parent’s house and get your own place. Great, but paying rent only affects you when you don’t pay it. On time payments are not report to the credit bureaus. The only benefit to paying on time is not getting kicked out of your apartment or rental property.

Abbey Wemimo had an issue with this and decided to do something about it. Abbey is an immigrant from Nigeria and co-founded Esusu, a financial technology platform, with Samir Goel. Esusu reports rental data to the credit bureaus to help build tenant’s credit scores. I am not sure of exactly how it works, but I will definitely be using Esusu if I find myself renting again. Why not get credit for my rental payments, even if my credit is good? It can’t hurt. If you want to learn more or would like to sign up for Esusu, here is their website,

Home Page

If you want to learn more about the co-founders, here is an article from nasdaq with Q & A,

https://www.nasdaq.com/articles/faces-of-entrepreneurship%3A-samir-goel-abbey-wemimo-esusu-2021-01-15.

Hope you enjoyed these black facts. If this blog post, or any other previous posts, has resonates with you, please share it with someone else. Someone who you feel may benefit or enjoy this content. It would be greatly appreciated. Be well and whole. Much Love 🧡 💚

This week’s black fact is by request of my mom. It is not a lesser known fact, but I am honoring her request. Erin Jackson, from Ocala, Florida, just became the first black woman to win a gold medal in speed skating. Yep, just happened on Sunday. Erin started out inline skating and switched over to speed skating in 2016. The part of this story that touched my heart is Brittany Bowe, stepping down and allowing Erin to compete in the 500. And then Erin, using that opportunity to take home the gold. The sisterhood 💕. I won’t go into how if women united all over the world, we would run the show, but… 😆

There was not a lot of information on Erin Jackson, which I know is due to her newfound stardom, but I did find a pretty good article.

https://olympics.com/en/news/erin-jackson-the-sunshine-state-speed-skater-taking-the-winter-sports-world-by-s

Here is another link to read a little more about Erin and watch a brief interview after her gold medal win at the Winter Olympics.

https://www.cbsnews.com/news/olympic-gold-medalist-erin-jackson-bejing-winter-olympics/

This is an honorable mention. Ekow Nimako, is a sculptor who creates art using legos, mainly all black legos. He is not American, but he is black. I have been so mesmerized by his works of art I just had to share. Ekow is a Ghanian Canadian who started making these sculptures in 2012 and exhibited his work two years later in Canada during Black History Month. Lego made a short documentary about Ekow Nimako.

https://youtu.be/nqMAtbca0DQ

Here is an article I liked because it shows a lot of his sculptures.

https://www.buzzfeed.com/joshcorrea/ekow-nimako-creates-intricate-pieces-of-black-art-with-lego

If this blog post or any other post, past or future, resonates with you, please share it with someone else. Someone who you feel may benefit or enjoy this content. This would be greatly appreciated. Thank you for taking this journey with me. Be well and whole. Much Love 🧡 💚

We are currently reading, “The Wealth Choice: Success Secrets of Black Millionaires” by Dennis Kimbro, in book club. He highlights past millionaires such as Madam C.J. Walker and O. W. Gurley along with current millionaires such as Tyler Perry and Oprah Winfrey (they are actually both billionaires now). This made me want to look up a lesser known billionaire and shine the spotlight on him for this post.

I specifically chose a current black billionaires because I believe it is more of an encouragement than black millionaires from back when slavery was just ending. To be a millionaire in the 1800s was unheard of. Our spoiled, pampered butts can’t even imagine, much less relate to the dedication and hard work it would have taken to be successful in that era. It is encouraging to know that black people succeeded in a time that was specifically set up for them to fail. Unfortunately, it is not as relatable.

My black fact centers around David Steward. Once again, someone I have not heard of. Mr. Steward is the founder and chairman of World Wide Technology (WWT). He is the second highest earning black billionaire in America. Mr. Steward borrowed $2000 from his father to start his first business auditing and reviewing freight bills and overcharges for the rail industry in 1984. He was familiar with the rail industry from his time working in sales and marketing at Missouri Pacific Railroad.

Mr. Steward started his tech company, WWT, in 1990 with his own savings, struggling in the beginning as is common for a good amount of businesses. He began to partner with the federal government supplying computer hardware and software and he has grown WWT to a company that makes over $12 billion dollars in sales.

Mr. Steward is also the author of 2 books, “Doing Business by the Good Book” and ” Leadership by the Good Book”. Here are a couple sites to read more about David Steward.

https://horatioalger.org/members/member-detail/david-l-steward

https://www.wwt.com/profile/dave-steward

I’m going to be honest, I still can’t relate 😆. Not because I do not think it is possible for me, but because I don’t think I want to be a billionaire. Now, if it happens, I won’t be upset. More money, more people I can help. I definitely want to be a millionaire. I want the freedom money brings and the ability to feed into people while I am here and when I am gone. Come on millionaire idea, 🎲, this girl needs a house on the water 😆. Seriously, I hope you have been enjoying my black facts so far. Be well and whole. Much Love 🧡 💚