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Financial literacy is the possession of a set of skills and knowledge that allows individuals to make informed and effective decisions with the financial resources available to them. Having a clear understanding of basic financial concepts empowers people to better navigate financial systems more effectively.  In other words, people with the appropriate financial education make better financial decisions and manage their money better that those without such education. 

According to a recent MassMutual State of the American Family Study, there are notable differences in retirement planning among different cultural groups.  For example, African Americans do not establish life-changing strategies such as building wealth, preparing for retirement and maintaining adequate savings. According to the study, 84 percent of African-Americans believe that the American Dream means financial security; 78 percent believe that it’s NOT living paycheck-to-paycheck; and 77 percent believe it’s owning a home. However, based on the same study, many African Americans don’t have the financial assets required to achieve this dream.

The study also revealed the following regarding African Americans; 1) other than retirement accounts, only 37 percent own wealth generating products such as stocks and mutual funds; 2) only 35 percent believe that they are adequately preparing for retirement; and 3) less than 25 percent have saved more than six months cash in an emergency fund. Hence, the need for additional financial literacy programs for adults and youth are required NOW. 

Financial literacy will empower African Americans to make smarter financial decisions because it equips us with the knowledge and skills we need to effectively manage the “little” money that some of us do have. For example, with financial education we are better able to budget, to save, to borrow, and to invest. Simply put, we are armed to achieve our financial goals and reach financial stability with financial education. More importantly, we are able to pay it forward to our children and equip the next generation with wealth building skills.

Black Wallstreeter Consultation Services, LLC will begin offering summer camps for middle and high schoolers to address this pervasive issue that haunts our communities. The camp is titled: Junior WallStreeters: Empowering Youth with Financial Wellness. We will teach life-long financial literacy skills and discipline through 10 uniquely developed lessons. In addition to topics like banking basics and budgeting, our camp goes beyond others by exploring building wealth through investing and investment clubs. Our goal is to provide the financial knowledge needed to reduce the wealth gap for our youth and future generations.

For additional information about our summer camps, please contact Kevon L. Chisolm, Esq. at

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