Talking about money can be a source of stress for many. That’s why we’re recommending five companies, founded by black women, who can educate you about money and help you reach your financial goals.
It’s no secret that in many black communities in America, you’ll find more payday loan services and Currency Exchanges than you’ll see banks. Sheena Allen has created a business that “stands against the predatory economy.”
Capway, provides financial education at your fingertips. Their mobile app, available on Apple and Android, currently offers daily financial tips and money facts on topics like how to improve your credit score. The app also offers quizzes that test your financial knowledge. Capway is planning to release new products like a pre-paid credit card to improve your credit and My Money Report, which will provide a breakdown of your financial health and how to improve it.
Become A Boss
If you’re thinking of quitting your job and starting your own business, My Fab Finance might be the financial platform for you. Founder Tonya Rapley created her business to “break the cycle of living paycheck to paycheck” to help people live free and do more of what they love.
The website tackles topics like generational poverty with blog post like “The Truth About Culturalism Amongst People Of Color And How It’s Affecting Your Finances” and it offers online courses (for a fee) like Financially Preparing To Be Your Own Boss. Rapley also wrote a book titled The Money Manual: A Practical Money Guide to Help You Succeed On Your Financial Journey which provides real-life examples of financial hurdles and how to overcome them.
FREE Financial Bootcamp FOR WOMEN
Are you in need of a financial makeover? Live Richer Challenge, created by Tiffany Aliche (also known as The Budgetnista), helps women raise their net worth by decreasing their debt and increasing their assets. They offer several free (yes, free) challenges to help women achieve their financial goals in 22 – 36 days. Their current programs include Homebuying, Net Worth, Credit, Savings, and Fundamentals.
Teach the Children
You’re never too young to learn to how to plan for the future. Goalsetter, founded by Tanya Van Court, is a financial platform all about teaching kids to save for important purchases and events in their life. The platform is tool than can show children how to financially plan for things like a computer for school, a business idea, saving up for college and even tickets to see their favorite artist.
When you set up a Goalsetter account for your child, there are a couple ways you can prepare for to a child’s short-term and long-term goals. You’ll have a personal link that you can share with family and friends, where they can financially contribute to your child’s goals. You also can link your debit card to your child’s Goalsetter account and round up your debit-card purchases (save the change), and/or set up a weekly auto-save. And even if you’re not a parent, you can send a digital GoalCard to a child for any amount. Money sent thru Goalsetter can be linked to a bank account and deposited when goals are met. Instead of giving a child a gift, give them a goal.
Weekly Finance Talk
If you want to hear two financially savvy people talk about finance in practical and very personal way, subscribe to the Brown Ambition podcast. Every week, host Tiffany Aliche (founder of the Live Richer Challenge) and Mandi Woodruff give financial advice based on their busy lives. We’ve learned a lot listening to them talk about planning their weddings, buying homes, and running successful businesses.