By Frances Murphy Draper
AFRO CEO and Publisher
We’ve marched with purpose, prayed with conviction and built communities from the ground up—often with little more than faith, determination and each other.
That same faith has carried us through generations of economic exclusion, systemic barriers and hard choices. And yet, despite contributing over $1.6 trillion to the U.S. economy each year, African Americans still face some of the nation’s most persistent wealth gaps. According to the Federal Reserve, the median net worth of white families is nearly eight times that of Black families.
These aren’t just numbers—they represent the distance between security and struggle, between surviving and thriving.
However, if history has taught us anything, it’s that we know how “to make a way out of no way.” From Black-owned banks and mutual aid societies to church building funds, savings clubs and the U.S. Savings Bonds our elders proudly tucked away, we’ve always had strategies for saving and investing—even when the doors of traditional institutions were closed to us. Today, we have an opportunity to build on that foundation with new tools and renewed commitment—one budget, one savings plan, one family at a time.
Let’s start with a budget. A budget is just a plan to spend. It’s not restrictive—it’s empowering. It tells your money where to go instead of leaving you wondering where it went. Regardless of your income level, having a plan helps avoid cycles of paycheck-to-paycheck living and opens the door to setting aside money for emergencies, education or even retirement.
In many of our households, money conversations come with fear, silence or shame. We may fear facing how little is left after the bills. Or we hesitate to trust financial systems that haven’t always treated us fairly. Some of us simply don’t know where to begin. That’s okay. Start where you are.
Many years ago, when I was a stockbroker for a major brokerage firm, I saw firsthand how African Americans were often excluded—intentionally or otherwise—from meaningful financial conversations. It wasn’t simply a matter of disinterest. Many Black individuals and families weren’t approached, welcomed or educated about investment opportunities. For some, there was a deep and understandable mistrust of financial institutions rooted in a long history of discrimination and unequal treatment. For others, the products and services offered didn’t feel relevant or accessible. These barriers—some systemic, some social—led to missed opportunities to build long-term wealth.
Today, there are more accessible tools and resources available, and the hope is that more people in our community will feel empowered to ask questions and explore what’s possible.
If you’re just trying to keep the lights on, saving might feel like a luxury. But even small steps make a difference. Track your spending. Cancel unused subscriptions. Cook at home a little more often. Save just $5 or $10 a week. Over time, small shifts build momentum—and momentum builds confidence.
We can also tap into the power of community. Investment clubs—where people pool resources and learn together—are making a quiet comeback. They offer financial education, accountability and a sense of shared progress. And let’s rethink how we give. Instead of balloons or onesies at a baby shower, consider contributing to a child’s education savings plan. For a graduation, helping a young person open their first investment or savings account could be a meaningful, lasting gift.
Letting children and grandchildren see us make thoughtful financial choices can be a powerful example. And when the time feels right, introducing them to the basics of budgeting, credit, and saving can help them feel more confident about their own financial future. Financial literacy doesn’t have to be a formal lesson; it can be a shared family value passed on over time.
This edition includes stories of resilience, ideas for managing money more intentionally and reflections on what financial wellness can look like in our community. I’m grateful to the editorial team for lifting up this important topic—and because April is National Financial Literacy Month, we’ll be sharing more throughout the month.
Whether you’re just starting out or revisiting your financial goals, we hope these resources offer support, insight, a little inspiration and ultimately a more secure financial future.