Author of From Burning to Blueprint: Rebuilding Black Wall Street After a Century of Silence. Bylines at @businessinsider, @FortuneMagazine #HamptonU
Apr 13 • 8 tweets • 2 min read
Question: My new job does NOT offer a 401(k) match. What should I do?
If your job doesn't offer a match, there are still a few very good reasons to invest in the 401(k).
3 things you need to know:
1) Some people feel that if they don't get a match, they're better off investing in an IRA instead. But you can invest $23,000 in a 401(k) instead of $7,000 in an IRA.
Say you make $60,000 and invest the recommended 15%. That's $9,000 per year, leaving $2K on the table.
Dec 16, 2023 • 8 tweets • 2 min read
The Navy Federal situation is another reason personal finance is different for Black people.
There are targeted barriers, traps, and obstacles that you have to navigate as a Black person that simply does not exist with white people.
These are the receipts 🧵
CNN Reported that Navy Federal approved a slightly higher percentage of applications from white borrowers making LESS than $62,000 a year than it did for Black borrowers making $140,000 or more.
You can literally make twice as much and still get less. But this isn't new.
Mar 10, 2023 • 6 tweets • 1 min read
Today, Silicon Valley Bank (SVB), the nation’s 16th largest bank, COLLAPSED. Here is a rundown of what happened in plain English. 🧵
The bank failed due to a classic bank run. Banks operate by taking a portion of deposits (money from me and you) and loaning them to other people for mortgages, business loans, etc.
As a Tulsa native...it definitely touched a chord.
So far I have avoided articles and podcasts about the show (and especially this episode) because I wanted to experience it through my own lens first before adding other voices to it.
