Tag Archives: financial literacy

What my mother’s death taught me about money as an African American – Business Insider

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My mother purchased her home on the south side of Chicago for $55,000 in 1986, the equivalent of $123,000 today.When she died without a will, court fees and fines left our family with just $40,500 — a loss of over $80,000 on the purchase price of her house.I realized that, because of our history, many African Americans haven’t learned how to transfer wealth generationally by making an estate plan.So, after my mother’s death, my husband and I drafted an estate plan, which we review annually around my mother’s birthday.

  • My mother purchased her home on the south side of Chicago for $55,000 in 1986, the equivalent of $123,000 today.
  • When she died without a will, court fees and fines left our family with just $40,500 — a loss of over $80,000 on the purchase price of her house.
  • I realized that, because of our history, many African Americans haven’t learned how to transfer wealth generationally by making an estate plan.
  • So, after my mother’s death, my husband and I drafted an estate plan, which we review annually around my mother’s birthday.

Full Article and Source: What my mother’s death taught me about money as an African American – Business Insider

“Spent: Looking for Change” A Movie ♠ Personal Financial Crisis – Americans with NO OPTIONS

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“Spent: Looking for Change”

 

“Spent: Looking for Change” is a film about everyday Americans without the financial options most of us take for granted and the movement giving them renewed hope. To find out more and take action, visit http://spentmovie.com/.

Turning to pawn shops, check cashing services, and using payday loans to meet basic financial needs can be costly for many of us, with $89 billion a year going to fees and interest* for using these types of alternative financial services.

It’s time for change. New technology, new ideas and encouraging dialogue around this issue can help make managing money simple and more affordable.

American Express is presenting this documentary to help improve financial inclusion in the United States. Academy Award®-winning filmmaker Davis Guggenheim is the executive producer of the documentary which is narrated by Tyler Perry and directed by Derek Doneen.

* Source: CFSI, November 2013 Market Sizing Report