Building Generational Wealth for Black Americans

In case you missed it, here are some of the key takeaways from 2022 Financial Literacy Week. In Financial Literacy week, we learned that there are two methods that can be used in paying down debt, the avalanche method and the snowball method. The Avalanche method is a more aggressive approach which involves paying extra money towards the debit with the highest interest rate. Habitat for Humanity is one of many organizations that offer a variety of free resources that can help support your journey to financial literacy. If you need help getting started, explore our Financial Literacy videos from this year’s event.

What is financial literacy? In simple terms, financial literacy is having the understanding of your financial situation and the ability to analyse and determine the impacts (positive and negative) that will occur with the financial choices you make. Here’s a simple example of financial literacy in action. Someone that is well-educated in financial literacy might even have new career options open to them, as financial planners really just apply financial literacy best practices to other people’s financial situations. If a potential career in financial literacy isn’t appealing, then a rudimentary understanding of financial literacy can be self-taught, by accessing resources online or in the library and then carefully studying your financial position.