How communities of color face emotional, systemic barriers to wealth - Business Insider

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'Financial planning is not a luxury, it's an expensive necessity, and how do we make it so that everyone has access to it?'

It's a situation Capalad knows intimately. She emigrated from the Philippines to America with her parents at the age of two. Capalad's mother worked as a nurse for decades, but her father struggled to find jobs that paid more than minimum wage despite holding a college degree in engineering in the Philippines, she said. See Change

"It was a whole different ball game, in a lot of ways, just because the dollars needed to stretch much further than, frankly, a lot of my white clients who had a history of homeownership, who maybe had student-loan debt or didn't, but they had a safety net with their family," she said.The average American probably wouldn't say building wealth is easy .

For example, they said, many people were brought up on the idea that debt is bad and should be paid off immediately, even at the expense of saving money, which can perpetuate a cycle of scarcity because there's nothing to fall back on in the event of a financial emergency. Something else that's very common among communities of color is sharing money and resources with family members, Capalad said. Rather than discourage people from doing this, as is often the case in financial advising that focuses solely on the individual, See Change coaches work to incorporate those relationships into clients' financial plans.The engine of success in the See Change program is community.

 

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For Financial Planning you need just basic analytical skills and nothing more. Let's teach Financial planning and how to manage finances from their childhood at the school and everything will go well in the future.

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