Let’s Unpack This
Broke Black Millennials
A lack of generational wealth makes it harder to catch up
Every morning I wake up and check off the same two things on my to-do list. The first is to turn the alarm off and scroll through social media lest I missed some uber-important news that couldn’t wait until after I’ve finished washing the sleep from my eyes. Then, I look to the far corner of the room where a whiteboard with black trim hangs next to my bookshelf. It contains an elaborate, color-coded picture of my financial responsibilities.
My monthly bills, written in light green, include rent, Duke Energy, several credit card payment amounts. They’re coded in green to signify these bills won’t change. On the top half of the right side are services like Spotify, Hulu, Netflix, and Amazon written in purple. Beneath both amounts are my take-home pay after taxes, the total of my monthly bills split in half, to be paid per paycheck, and the exact dollar amount for how much will be leftover when everything is paid in full in orange.
The empty space is reserved for purchases I need to work into my budget. Luxury items like Jordan sneakers, PlayStation games, smartwatches, and other fancy objects of my desire that require some level of planning or at the very least, a reminder of where my money is going…
