Dialogue With Dads: Financial Literacy

Greetings Everyone,

Black Fathers Rock recently hosted another “Dialogue with Dads” forum, and it turned out to be a success. As I stated in a previous post, the purpose of this forum is to create a safe space for Black fathers (Black men in general) to come together and discuss things happening in our community, business ventures, networking ideas, and more. The topic for Thursday night’s discussion was financial literacy, and founder Ryan Jor El brought in an amazing speaker. Delvin Joyce.

Delvin

“I define manhood as having the courage to make tough decisions, the confidence to get it right, and the humility to admit when you’re wrong.”

Former New York Giants running back and Financial Planner Delvin Joyce is the Founder of Prosperity Wealth Group, LLC. His focus is aimed at working with first-generation wealth builders, helping them save for retirement, develop financial strategies, and save for education and small businesses. Under Prudential, he’s acted as a Financial Services Associate, Manager of Financial Services, Associate Managing Director, and Managing Director. Through his work as a Financial Planner, he hopes to promote financial literacy within the community, which will help close the racial wealth gap.

There were a variety of topics discussed in relations to finances, and the major points that stood out to me the most are as follows:

  • Some of the best financial decisions amongst the fathers included buying a house and learning how to budget; budgeting is the fundamental element of financial wellness.
  • Taking out student loans and buying expensive cars were voted the worst.
    • Parents must encourage their children to pursue a degree that will be attached to a career once they graduate. This will make paying off loans a lot easier.
  • We have to define our relationship with money. Far too often we spend too much money on things that we don’t need: clothes, jewelry, cars, etc.
  • Social Indifference is defined as behaviors and attitudes related to the spending behaviors and material possessions of others, as well as trends in consumer goods and services.
    • Behaviorally, we are influenced by what we see (particularly on television, social media, etc.) to spend money that we don’t have.
  • Concerning the Stock Market…Buy Low, Sell High.
    • Buy the investment when it’s low, and sell it when it’s high.
    • When you own a stock, you own a share of the company.
    • If you have profits, you can put that profit in a business. If you own a small business, you can sell it high.
  • In regards to debt, always remember that “the borrower is a slave to the lender.”
    • Make sure you pay down the debt with the highest interest rate first.
    • Debt is a behavioral mindset.
    • If you have credit card debt, it’s good to use another credit card to pay it off. That’s called balance transfer.
  • For first time investors, create a budget that you can invest in every month.
    • Think about your budget in the context of what you spend weekly.
  • When you invest in bonds, you become the creditor to that bond.
    • Bonds pay you interest. If you have bad credit, you’ll have to pay higher interest.
  • Going back to student loans, there are student loan protection programs available.
    • A 529 Plan is a college savings plan that you can use for an after-tax basis, it’s a great plan to use for educational expenses.
    • Student loan interest rates are better interest rates.
    • Before taking out a loan for college, decide whether you want to pursue an Associate’s Degree first.
  • Roth IRA vs. Roth 401(k)
    • You don’t pay taxes on Roth 401(k).
    • Roth conversion: you can take your 401(k) and convert it to Roth.
  • Lastly, the Federal Government makes money through taxes.
    • 70% of the federal budget is manual spending (Social Security, Medicare/Medicaid, and interest on debt).
    • 30% is on military, education, etc.
    • By the year 2026, 100% of our federal budget will go to manual spending. So taxes will have to be raised.

Hopefully, there will be a part 2 to this financial literacy discussion. If you’d like to get in touch with Delvin Joyce and set up a consultation, click here. You can also connect with him on Twitter, Instagram, and LinkedIn.

Salute to Black Fathers Rock, and please be sure to check out their official website for more information.

Until Next Time…

 

 

 

 

(Sources)

Edmond, A. (2019, October 3). DELVIN JOYCE: FINANCIAL PLANNER PROMOTES PROSPERITY IN THE COMMUNITY. Retrieved December 7, 2019, from https://www.blackenterprise.com/bemm-financial-planner-delvin-joyce/.

Wolfe, L. (2016, February 26). Are You Socially Indifferent? Retrieved December 7, 2019, from https://laurawolfephd.com/are-you-socially-indifferent/.

 

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