I’d like to ask you a question. Do you believe in abundance? More importantly, do you believe that there are more than enough opportunities, projects, jobs, and budgets to meet our needs as a collective? If you answered, yes, then you will find your willingness to and comfort level to become a financial ally pretty straightforward. If you’re feeling conflicted about the possibility that there are enough opportunities, projects, jobs, and healthy budgets to meet our needs as a collective, then becoming a financial will not come as naturally and you will deal with some internal resistance because you may feel like the opportunities that you’re sharing may affect your opportunities. They won’t. Interestingly enough, the law of reciprocity will become a thing that financial allies become acquainted with as they share and give without expectation. How do I know? Because I’ve been a financial ally and I’ve had this experience. So, what in the heck is a financial ally? My definition would be “A person who has access and resources to connect another person or group to financial tools and opportunities that the other individual might not be aware of or have easy access to. Also, financial allies will stand up, speak out, and support another individual or group becoming financially empowered without being afraid of their actions impacting them financially.” This episode where explore how you can be a financial ally too. It’s not that hard.
*In order for me to support my blogging activities, I may receive monetary compensation or other types of remuneration for my endorsement, recommendation, testimonial and/or link to any products or services from this blog. Please read my disclosure here.*
Thinking about starting a blog?
It’s pretty simple to do and cheap! Start with Siteground and WordPress.org. With this winning combination you’ll own your own website by the end of the day. And, Siteground has easy to follow tutorials to help you with setting up your site. Also, don’t forget to grab 120 Awesome Blog Ideas from Ruth Soukup’s Elite Blog Academy today.
Listen to the Show
Show Notes
- Before I get started with the show-please note that I’m sharing my personal opinions. I don’t speak for all black people and that while my ideas on how to become a financial ally are comprehensive-there will be ideas or suggestions that I will miss on this list because I only have so much time in the show.
- Financial inequality is at the heart of the majority of the conversations that I find myself having right now. My friends and I not only talk about violence in the US, but we talk about the notions of hope, opportunities, and the ability to create generational wealth.
- In last week’s episode I share a candid conversation about race in America.
- In my view creating financial equality for black people and other people of color/white women is directly connected to the following:
- Financial Knowledge
- Personal Finance Habits
- Access to resources/tools and people can make a difference to your financial life
- Advocates/allies
- Income transparency
- While I will be speaking specific to becoming financial allies on behalf of black people in this show-do understand that these tips can help you become a financial ally for anyone that you think may need one.
- Some numbers to consider. At this moment there are between 35-40 million unemployed Americans. I expect the number to go up and down as we continue to deal with the Coronavirus Pandemic that is still happening right now.
- Black unemployment rose to 16.8% (Bloomberg)
- We are at Great Depression era numbers for unemployment in the US and I’m concerned about what will happen after the Cares act ends.
- Black women are entering into entrepreneurship at 300% the rate of other racial groups.
- Black homeownership is 44% white home ownership is at 73%
- I share these numbers for context for what I’m going to share and suggest. And, to create more of a story connected to black money. My ultimate goal is to create income equity and income parity with white men.
So, How Do We Do This?
- Understand your privilege as it relates to other people and their finances.
- Make financial alleyship a normal part of how you do run your life, do business, and spend your money. FOREVER. Seriously, forever. Not just the next 2 months. It gets easier I promise.
- Are you a supervisor? And, does your feedback have the ability to affect the pay of another employee?
- In your role are you able to give employees guidance on how to negotiate their wages? Or, do you know of someone who would be a great employee advocate that you can connect people with? Do you make a point of connecting people with those advocates? Without the need to be acknowledged.
- Do you work in Human Resources and can give guidance to employees about their eligibility for retirement tools?
- Are you a freelancer making great money and have access to lucrative clients, closed door communities that share project opportunities and how to connect with the right people? Do you share that information with other freelancers that you know would benefit from that information?
- Do you work in a role that allows you to negotiate better benefits for your colleagues such as:
- Work hours
- Insurance
- Time off
- Parental leave
- Retirement benefits
- And, are you advocating for changes that you want for yourself too?
- Are you a realtor, in particular a buyers agent, that makes sure your clients truly understand the following:
- The home buying process
- Income vs. mortgage ratio
- Do you have a mortgage broker who wants clients to win?
- I am forever grateful to my realtor and mortgage broker. Not only did they work with me on my home buying journey, they worked with my mom on hers. Also, I will only recommend and work with my realtor because my experience was so incredible and I’ve now known her for years and consider her a friend. I often think about what could have happened if I didn’t have someone who didn’t care about what happened to me while representing my needs behind closed doors. Also, I live in a part of Denver that used to be redlined. Black people would not have been sold properties in my area.
- Is there a financial tool that has made a difference in your life that would benefit others? Do you share it when conversations come up and it’s appropriate to share it?
- Are you in a role that allows you to nominate people for open positions in your organization?
Check Your Spending
- There is a saying that if you look at your budget you’ll learn what you value. When was the last time you checked your budget? What do you spend on? Who do you spend with?
- Become intentional about diversifying who you spend with. It’s 2020 we have this crazy thing called the internet. So, if you live in an area that’s not diverse-you can still support black businesses.
- Help elevate products, goods, and services outside of Black History Month.
- Examine internal biases. Do you think that Black or non-white products aren’t as good as products created by White entrepreneurs? Be aware of that.
- Don’t spend with assholes who:
- Discriminate
- Mistreat others
- Boycotts work-I actively boycott brands and spend my values.
- Also, I support brands that reflect my values. I plan on buying Ben and Jerry’s Pecan Resist sometime this week so that I can lay on my bed under the fan and eat the entire thing. This is the law of reciprocity at work.
- The easiest way to practice financial allyship is to start local.
- Learn the story behind the product/good/service and the entrepreneur’s story. People buy from who they know.
- Learn the entrepreneur’s name.
- Love the product-shout them out.
Financial Allies Do the Following
Connect people with
- Job leads
- Mentoring opportunities through free or discounted tools.
- Financial allies are financially transparent about their earnings so that people understand if they’re being lowballed. As I record this episode check out the following hashtag on Twitter: #PublishingPaidMe where authors are sharing their book advances
- Share the range that you negotiated for a speaking gig
- What you negotiated for Brand Ambassador work
- What you would absolutely not be willing to work for and why.
- The correct gatekeeper to work with
- The right email address to pitch
- Get to know other people’s strengths so they are connecting people with intention.
- Pay attention to what people are saying. They may be voicing that they need help without saying the actual words “I need help”
- Share scholarship information for
- Conferences
- Retreats
- Courses
- In-person classes
- Share volunteer opportunities for conferences
- Don’t share because you think your friend is broke. Just share to share.
- Tell people about beta products that enable someone to connect with a great tool or product that will be helpful to them at a fraction of the cost?
- Design programs that include in-house childcare so that participants don’t have to say “no” to an opportunity. I currently am a mentor for podcasting program developed to amplify Women of Color in the podcasting space. Last year the program had contracted with a local business that provides childcare.
- Tag businesses that YOU USE on social media. You don’t even have to say that they are black or women owned, etc. Just that you’ve had a fabulous experience with it.
- Invite people onto your podcast and share their wisdom.
- Backlink to great articles written by bloggers in your niche. If you have a larger website these backlinks and extra page views can potentially result in affiliate income for the that creator.
- Tell people about speaking opportunities for
- Corporations
- Conferences
- Events
How You Can Help Financial Allies Help YOU
- Communicate your needs-Ask for help
- Cultivate great relationships with your references-I still write references for people that I supervised more than 10 years ago and happily do it.
- Know what you need help with. Be very clear about your needs.
- Join online communities that connect you with people across the country who are in your field. It’s easier for them to share their expertise with you
- People share information much more easily with people that they know
- Become a financial ally too!
I have absolutely left out tips and ideas that I may not have considered. Share ideas in the comments section of the show notes. Again, becoming a financial ally is a selfless act. We all do well when we’re all doing well.
How Financial Allies Have Helped Me
In both direct and indirect ways during my life. This is NOT a comprehensive list.
Direct (I knew the person)
- Several people told me about volunteer opportunities to attend conferences for free. Those conferences (PLURAL) would help change my life and grow my business. Basically, I had more than one person tell me about this type of opportunity.
- Donated money towards my “Money on the Mountain Financial Retreat” Helping me host it successfully-in the Black (no pun intended LOL!)
- People have referred me to lucrative freelance writing clients.
- Have given me scholarships to attend business events.
- Financial allies have made sure that I knew about speaking opportunities that would highlight my expertise that helped them! Helping to elevate my brand.
- Had me share my story/wisdom on their podcast.
- Shouted out my brand.
- Told me about scholarships for school.
- Helped me in my home buying process.
- Called me FIRST for extra hours for side-hustles. This was huge because I needed the money and the help.
- Carpooled so that I could work side-hustles when I didn’t have a car. This was huge because I needed the money.
- Purchased my products.
- Sent me money for self-care.
- Shared who would be the right person to contact or work with on a project
Indirect
An anonymous person did this. Will add to this list as things come to me. It’s a long list but a lot to reflect on.
- Funded my scholarship to participate in Outward Bound when I was 12/13 years old. One of the coolest experiences that I had as a kid.
- Donated beautiful clothing at the Episcopal Church in Boulder, CO where my mom would get my clothes. I was the best dressed kid in my school (seriously-a teacher said this to me when I was an adult)
- Provided access to something free
- Tools
- Events
- Coaching
Make Money with Ebooks Academy
Would you like to start your book writing journey? Not sure where to begin? Make Money with Ebooks Academy may be the resource for you.
Latest posts by Michelle (see all)
- How Work Policies Against Black Women Birthed a Love of the Soft Life - 20 March, 2024
- How Taylor Swift’s IP Victory Could Change the Business of Music - 28 February, 2024
- Why Don’t More Personal Finance Content Creators Talk About Policy - 16 January, 2024
[…] How to Become a Financial Ally and Why It’s So Important […]