Slavery and Savings: They Did It, Why Can’t We?

This year marks the 150th anniversary of the Emancipation Proclamation (the end of legal slavery in America). Now is the time for African-Americans to reflect on the following questions: How did the African-American community’s values shift from saving for freedom to spending for pleasure? Do you think your enslaved ancestors would be proud of your financial decisions? Did slaves and newly freed former slaves manage their money better than you? What financial and savings advice can you pass on to your next generation? Do you think that your great-grandchildren will thank you for making them financially smarter or richer? Will you leave your family a financial legacy or a financial burden?

150 years after the Emancipation Proclamation, we are no longer physically enslaved but many African-Americans are “Financial Slaves”. We no longer work for Master Jones or Master Williams, but work to repay Master Bank of America or Master Visa Card. Our former enslaved ancestors dreamed, worked, and prayed to escape physical enslavement. 150 years later, African-Americans must dream, work, and pray to escape financial enslavement.

Rashad Phillips is a Certified Financial Coach and a Tax Accountant. For additional information about this article contact Phillips at phillipstaxg@aol.com.

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Slavery and Savings: They Did It, Why Can’t We? was originally published on oldschool1053.com

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