Black Americans suffer a historically high unemployment rate that still stands at almost twice the national rate. Gaps in the economic wellbeing of African-Americans have continued, despite a general improvement nationwide.
According to the 2019 Income and Poverty Census Bureau report, the real median income of Black Americans stood at $41,361, or just under 60 percent of the median income ($70,642) of white Americans.
Source: Economic Policy Institute
This is the harsh reality of what life is like for people of color – at least for Black people – in today’s America.
The good news is that more and more people of color are beginning to take their finances seriously. Whether you are a new graduate who wants to change your financial picture or a working American looking forward to a comfortable retirement, being smart about finances is a learning experience.
Once you have made the decision to get your finances in order, having credible resources to rely on is crucial.
Conventional personal finance advice often seems like a one-size-fits-all prescription that typically does not take into consideration the racial inequities Black Americans face. Fortunately, Black professionals are starting personal finance blogs specifically designed to address the challenges Blacks consumers face.
These blogs won’t just help you to become more financially literate and change your money habits, they’ll also inspire you to keep making the right moves to overcome economic uncertainty and setbacks, get financially fit, and build wealth for you and your family.
Best Black personal-finance blogs
The Black personal finance blogs featured below frequently address the systemic barriers to financial success that African-Americans continue to face, including fewer employment opportunities, less job stability, lower pay and poor benefits.
My Fab Finance. An award-winning financial education blog founded in 2013 by Tonya Rapley to help ambitious Black millennial women “write their own financial success story so that they can live lives they love.”
It features content for readers of different financial backgrounds, mixing easy-to-follow debt solutions with wealth management advice. Topics include teaching money management to kids and tackling debt and student loans.
Paychecks & Balances. Marcus Garrett and Rich Jones are the names behind Paychecks & Balances. The two friends teach working professionals how to make generational wealth through their blog and podcast.
Garrett devised a way of getting out of debt and eventually wrote Debt Free or Die Trying. Jones is a former lead recruiter for a Silicon Valley tech company, who, while making money as a young Black professional could not find financial advice he could relate to.
In 2016, the two friends started Paychecks & Balances to help millennials get out of debt, raise their income, save money, plan for retirement, and much more.
The Budgetnista. The Budgetnista blog was founded by Tiffany Aliche, a former kindergarten teacher who gained her expertise while overcoming her own challenges of job loss, foreclosure and debt.
Having gone from “broke to whole,” Aliche provides women information on access to the resources and tools to do the same for themselves and their families. She is the author of five Amazon bestsellers and the co-host of The Brown Ambition Podcast.
Finances Demystified. A self-described personal finance expert and trailblazing millennial, Dominique Broadway is the founder of Finances Demystified.
The award-winning personal finance coach has a bachelor’s degree in business with a focus on banking, and has worked at top brokerage firms, handling investments for high-net-worth clients.
She launched her blog in 2011 to demystify the steps to building generational wealth for the not-yet-wealthy, including entrepreneurs, creatives, young professionals and young families).
If you need financial tips, advice, motivation, freebies and real action steps to fulfill your dreams, give Finances Demystified a read.
The Finance Bar. The Finance Bar founder Marsha Barnes was named a finance tech leader because of her work connecting people to financial wellness. She asserts her offerings help readers develop better money habits, refine financial goals and live the life they deserve.
As an official Brand Ambassador for FICO, Marsha has helped hundreds of thousands of women and couples transform their lifestyles by taking control of their finances. She offers one-on-one coaching, a members club and an app that shows you where your money is going.
She uses the principles of financial social work, which emphasize building financial wellness by handling financial stressors that show up regardless of the economic times.
Clever Girl Finance. Founder Bola Onada Sokunbi is a money expert and certified education instructor.
One sure way to get excited about the life-changing potential of money is to spend time on her blog. She created Clever Girl Finance as a safe space to talk about taboo topics like savings, debt, credit, insurance and housing.
If you want to build wealth on an average salary, Bola can show you how. She saved over $100,000 in three years when she wasn’t even making close to that at her job.
No matter where you stand in your financial literacy or wealth-building journey, one of the blogs listed above may help you travel the rest of your way more successfully.
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