Yesterday’s Financial Literacy Chronicles…
I saw the attached article on Kismet’s page and began sharing it and/or asking people if they had an estate plan. I started talking to Michai about my wishes and that, although I don’t have much property, I want to make sure he doesn’t end up having to fight in court for what should already be his. My grandmother had a saying of, “What goes on in this house, stays in this house.” Many Black households teach children to keep family issues private. Well, if you don’t create a will/estate plan and your family ends up in court, your family issues will be public. This is also important because intergenerational wealth is not a hot topic in Black households and part of the reason is because we can’t afford to fight the system.
It was perfect timing for Crosby Scholars AAMPED to offer a 5 month financial literacy class that began last night. Shout out to Roger Hyman and BPI for awarding Crosby with the money to fund this program, Ms. Mona Lovett for her commitment to the program, Mr. Watt’s and Noah’s commitment to AAMPED and a fellow LWS Alum, Mr. Toland of Wells Fargo, for his commitment to educate these young men.
Michai was able to create a budget based off a scenario where he had to make choices between a car vs. bus pass, living alone vs. roommate (scary for an introvert), having a clothing budget vs. rarely buying clothes…all realistic situations he hasn’t had to experience because of our village. They have space for 25 young men, but only 15 showed up last night. Contact AAMPED to learn the requirements because our young men need these skills. Parents can attend and I’m glad about it because I can’t wait to learn about the stock market.
One other thing about estate planning for people with young kids…many of us think about where our children will go if something happens to us, but what happens if something happens to both parents? You better write it down and get it notarized because the very people you won’t let watch your children now, may be responsible for them should something happen to you! 💁🏾♀️