In a June 8th, 2016 Detroit News Editorial called “Detroit Needs Financial Literacy”, it was noted that according to Moneywatch, four of the bottom ten cities average cumulative credit scores are from the state of Michigan. Detroit, Inkster, Flint and Benton Harbor are the communities in question, all cities with urban sensibilities, where the standard and value for learning how to manage your money has not received the attention that is needed and deserved.
The definition of value is “the regard that something is held to deserve; the importance, worth, or usefulness of something”. And going by that definition, it could be said that a value can also be viewed as a standard, and the effort to value money or meet these standards is where many of us as a community go awry when it comes to Financial Education.
Many activists push being “Woke!”, emphasizing that they know what is going on around them and won’t be caught sleeping on what the powers that be do around them. The lack of financial literacy in our community is like mold that has grown unchecked right under our noses. Many people speak of having a seat at the table of decisions makers, but those positions are not given, they are earned or taken with established economic or political power.
According to a census from 2015, the median income in Detroit was under $30,000. It’s possible some things were under reported, but for a city that is said to be full of entrepreneurs, this is an alarming statistic. This comes back to value, and the things that you value, a higher emphasis or regard is placed on it. We want things that show we have money, but do we as a community value actually handling money and using it as a tool to make things better?
Organizations are pointing toward the youth, so they don’t repeat the sins of their fathers. Junior Achievement was quoted in the article mentioned above that “Detroit’s recovery won’t be sustainable if we don’t teach the next generation how to manage money and create wealth,” says Margaret Trimer-Hartley, president of JA.
To bottom line this matter, as a community, we must not only make more money, but we need to learn how to value it, master it, know it and grow it. Money is not just for flash and show, but to build families, wealth, churches, businesses, legacies and communities. Getting our collective mindset to this point is a value every family should agree upon.
If you need help in starting your wealth building journey, DNA Financial Services LLC is here to help and available when you need us.
Founded in 2015, DNA Financial Services LLC has pledged to Educate, Empower and Equip the financial DNA of clients now and for generations to come. The company offers a number of financial services designed to bridge the gap in wealth building education while aiding and advocating for the financial literacy of people from all walks of life.