Why Black Boomers are in Financial Trouble
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- Опубликовано: 21 авг 2024
- Why are Baby Boomers and older Gen X'ers facing financial trouble and what are the key factors contributing to their challenges? Join us as we discuss the importance of financial literacy and planning for a secure future. Watch now for valuable insights and tips on improving financial wellness. Don't forget to like, share, and subscribe for more content on managing your finances effectively. Take control of your financial future today! #BabyBoomers #GenX #FinancialTrouble #RetirementSavings #HealthcareCosts #FinancialLiteracy #EconomicDownturns #FinancialPlanning
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We are not financial advisors, but financial educators. The content in our courses, on our website, and on our RUclips videos are for educational purposes only and merely cites our own personal opinions. In order to make the best financial decision that suits your needs, you must conduct your own research and seek the advice of a licensed financial advisor if necessary.
I am a Boomer. I had student loans that I paid off (over 100K). I bought a home that will be paid off in a couple of years using my social security. I have gained assets and refuse to buy another car. I will continue to drive my old Baby Benz C350 with just 100k. I am healthy and still working as a licensed state educator earning over 100K while drawing full social security as I have reached full retirement age. Will receive a state pension, social security and 403b assets. I work my butt off! Raised two children without any financial, emotional support and still working. Parents had not given me not one cent!!!
Recently, I gave my Gen Xer son 20k to either buy a home or start a small business. It was spent in less than three months with nothing to show.
Im Soo sorry to hear. I also fear of my children doing the same when I pass on whatever nest egg I create. Just don't know where to start a financial planning/growing convo. I don't know much myself...
I congratulate you on your work and success. As a parent, I want my children to go farther than myself. But wealth is never guaranteed to pass on to the next generation. A lot of the "generational wealth" talk is a myth. A lot of families are dead broke in the third generation.
Giiirrrllll - retire and let baby boy do what he gone do. When we moved out of the country our Millennial son finally grew up. We decided we had enough of working for the man - we had plenty for emergencies and if we sold both of our houses we would have plenty in investments. Now, we answer y'alls comments, go out with friends, do videos about what we've learned and TRAVEL! This year we will have gone to Los Angeles, South Africa, Evora, Porto and Aveiro Portugal, Brussels and Thailand. We are living our dream life. 🥰 We want that for you too. Our kids are going to do what our kids are going to do...lead a horse to water and all that.
@@scottowensbyable,
I heard/read that it can take many generations to obtain wealth. And wealth can be lost through one generation. With improper education or ingenuity.💁🏽💯.
@@DIAMONDGIRL57 I love it!!! Make some noise 👏🏾
Strong message to those willing to listen and take action. My action is deep in preparation for financial independence ❤
I retired at 57 years old and single. Its been 4 years of happiness. Freedom is priceless. Some black boomers are retired and happy.
Yeah, my husband is one of them, but the term Older black Americans didn't do well in the search 🤷🏽♀️ So we named it what does do well - although we include older Gen Xers too.
I'm 'Only' 42...But I've Been Focused On Investing Outside Of My Company's 401K Since 2017! Like I Tell My Fellow Black Millennials, It's Too Much Info/Vids(Like This 1) To Not Retire Comfortably! Love The Vids!
I wanna be you when I grow up. Keep spreading the good news.🙏🏾. Thank you for watching and adding to the conversation.
Wow...When you said "my dad had dementia and still was substitute teaching" reminds me of a few years back when my mom was diagnosed with dementia and forced to retire. A few months later I remember her saying "I need to get a job because I can't live on this." And I remember thinking "you can't work." She's now in a nursing home after her dementia worsened and caused her to have major health problems to where she can't live independently or even walk. It's been hard to accept but given her financial situation, having her in a home on state insurance was her best option.
Hey there, Mind Your Business, thank you for watching 💕 I'm so sorry to hear about your mom - you know that we understand! And my dad could not live well in Los Angeles WITH his pension, social security and extra from teaching. The best option that we found in LA was assisted living in a board and care private home. His caregivers only have 6 people that they care for so I get weekly updates and I do video calls.
It's hard, but it is not my parent's hope for me that I give up my life for theirs. That's what we forget as the child of a person with dementia. Just like I wouldn't want my child to give up his life for me. 🥰
Hello and thank you…Great advice! I love the statement ‘borrow to get rich and not to look rich’.. I am 57 and really started to aggressively saving in my early 40s and plan to retire early. I wish I had started earlier, so I always advise young folks to save and learn to invest because time and compounded interest are wonderful things…
WONDERFUL THANGS - Hey you started before we did, I was 50 when I got a clue and do you think our kids are listening?
Thank you so much for watching and please forgive the delay in responding. Life has been lifin'. 😳
Let us know how else we can help your journey. In the meantime, here are some resources that might help: bit.ly/OBUresources. You might also be interested in our private Facebook group - FIRE over 50, you don’t have to be over 50 but definitely from the diaspora: bit.ly/FIREover50 🙄
@@OurBlackUtopia thanks for the links🙂!
Halisi!!! I did not believe what you were saying about SS and black people...then I looked it up...on the SS website!!! It is just so overwhelming how systemically we are still opressed and people continue to try and gaslight us. We continue to gaslight our own people, pretending that they are "playing victim" just because they are aware of our historical reality. Social Security Bulletin, Vol. 70, No. 4, 2010.
And of course, "the author concluded that the exclusion of domestic and agricultural workers in the 1930's had ABSOLUTELY NOTHING to do with race"...🧐 Of course not - but it's interesting to me that WYPIPO were not against "welfare" until they realized that we could get it too....until Reagan started the LIE about the "welfare queen" and implied that ALL black folks getting AFDC were scamming the system.
most of them like my grandma did housework so their social security is nil
You guys have so much value in this channel. I'm new here and I love you!❤️💯
Ahhh, Cynthia, thank you and thank you for watching. 💕 Let us know how we can help your journey. In the meantime, here are some resources that might help: bit.ly/OBUresources. You might also be interested in our private Facebook group - FIRE over 50, you don’t have to be over 50 but definitely from the diaspora: bit.ly/FIREover50 🙄
Ahhh, this is not mellow dramatic! You see our elders working, Coast to coast, 80+ working in Walmart, etc, to make ends meet. I’m glad you have found help/residence/for your elders/parents. Thank you for the literacy you share & teach us. You can be sure that I’m sharing & teaching financial literacy to my family & all that will listen. I pledge to pay it forward 🫶🏿💕🦋. Thank you for the time you give us ❤️ Halisi and Ric.
You are so welcome - I give my parents some grace because they didn't know nor did they have the resources that we have today. No excuse for our kids though 🤨😆
Strong and VERY NECESSARY message 🙌🏾
🙏🏾 Thank you so much for watching, Mashanti . 💕
Please forgive the delay in responding. Life has been lifin'. 😳
Let us know how else we can help your journey. In the meantime, here are some resources that might help: bit.ly/OBUresources. You might also be interested in our private Facebook group - FIRE over 50, you don’t have to be over 50 but definitely from the diaspora: bit.ly/FIREover50 🙄
I do think it is a cultural thing .meaning the mentality of a lot of our people has not progressed over the years. I grew up with a family that saved and managed money well..invested ..had insurance..etc. I believe in investing. Luckily, I have a good job that pays well and planning to continue investing and saving money, because depending on who wins the election, we will suffer the most.
It's an American thing - it spreads the lies of respectability politics. It holds up people like Oprah and says if you look the part, and rise to this level, you will know longer have to deal with racism. So, we at least try to look the part, live in the right neighborhood, get the degrees, and show up for work. Then on the way home, were pulled over, asked what were doing in this neighborhood, and get out of the car because you look like someone who... Give our community grace - trauma is etched into DNA...imagine what ours looks like. Just because some of us have figured this out, doesn't mean that we dismiss the ones still searching. After all, that was us less than 9 years ago.
As a realtor for 40+ years, I think it is also important to take responsibility for our poor choices. We are into shoes, clothes, nails, hair & cars. I see many migrants coming to the US; doing menial jobs, & having significant financial reserves & 30k+ to purchase their homes, while we are busy looking for a 'program' with compromised credit.😢
We are pummeled with ads telling us we need this and that. We also complain about working too hard. Immigrants I work with don’t complain, and work all the “undesirable” shifts/schedules, and every weekend. In doing this, they get overtime, shift differential, and weekend premiums. They bring their lunch, and have great homes and educated children.
That is the culture of America. It's easy for us to watch immigrants, who have not been fed a daily diet of consumerism, move towards financial freedom more effortlessly. It is understandable that Black folks are sick and tired of working twice as hard to get 1/2 as much in the country of our birth. I'm also very much aware that there are MANY programs geared towards immigrants to offer financial assistance for that business etc. This not here say, I worked in the non-profit sector of business development - this is a fact - those loans and grants were not offered to low income Americans ONLY for "refugees".
Black folks must also contend with the false notion that if we "look the part" that we will be treated differently. It has always been implied that if we just straightened our hair, code switch when we speak, drive a nice car, live in a nice neighborhood, and wear nice clothing that we will be treated humanely... Once we realize we will NEVER be treated as full citizens in Amurika then we wake up, break up with the Joneses, and start saving and investing as much as we can.
@juanitasmartofremaxexcelle5080 You are 1000% correct! I get so tired of hearing all this people blame every thing on race. What about freaking personal choices and committing to financial literacy, strict budgeting and increasing your earning potential! It's the same with healthcare. They complain about every thing but no one eats healthy food, they do not take their prescription medications and do not exercise at all, but eat fast food and junk every day then blame the doctor for their uncontrolled blood pressure and diabetes.
yet they live 30 deep in a home. black americans are not and were not taught that
Women say this spending doesn’t make a difference. I don’t get my nails and hair done or a new luxury car every year. But I got money and wealth like white wealth.
The best 3 hrs ive spent on YT in a while. Great talk yall.
Dang Jay, that's a HUGE compliment - thank you so much🙏🏾🥰
And thank you so much for watching; please forgive the delay in responding. Life has been lifin'. 😳
Let us know how else we can help your journey. In the meantime, here are some resources that might help: bit.ly/OBUresources. You might also be interested in our private Facebook group - FIRE over 50, you don’t have to be over 50 but definitely from the diaspora: bit.ly/FIREover50 🙄
Excellent information. Thank you.
I'm glad you found the information helpful!
Thank you both for the generosity of spirit and information sharing. I’m listening to this as a clean and get packed for a work trip.
I’m focused on reducing my expenses, increasing my income and investments, and making plans to advance my retirement timeline.
Being financially secure and having a clear plan gives me confidence to keep work in its place and ENJOY my life to the fullest on my path to Coast FIRE.
YASSSSS! Congrats on setting the goal and creating the habits to make it happen. Let us know how else we can help your journey. In the meantime, here are some resources that might help: bit.ly/OBUresources. You might also be interested in our private Facebook group - FIRE over 50, you don’t have to be over 50 but definitely from the diaspora: bit.ly/FIREover50 🙄
Replay gang!
#1 Absolutely, we didn’t have the financial literacy!
Yep 🤷🏽♀️ Thank you so much for watching and please forgive the delay in responding. Life has been lifin'. 😳
Black Boomers spent their whole life putting it in Gods hands, then passed that same mentality down to the next generation🤔
GURLLLL. I'm still fighting my older GenX friends and their overly religious selves.
girrrrrrlllllll yes LAWD. Gods hands and then retire on scraps. even AFTER you try to help them invest. Thank goodness i found this channel and Our Rich Journey
Amen...lol
It's pathetic because they failed to use the common sense that God gave them
This is not God's fault it is ours All of ours we have all contributed to the problem directly or indirectly we allowed ourselves to be politically manipulated our families and beliefs undermined we have turned on one another for selfish reasons.
YES, Halisi was preaching & I missed it "LIVE"!! 😢 I was out here in these Mexican streets. 😊
Watching the replay now and loving the message and the delivery!! 💯💥❤
Hey Vanessa - stay in them MX streets - and have a taco for me.
Replay gang. Build, invest & support our own. How do we support our own today!
By spreading the word on how to get our money straight. Financial freedom is and always will be the key!
Thank goodness i found this channel and Our Rich Journey. no way i listened to my boomer mom about money and her filing bankrupcty self. People have to invest and create their own pension now but are hardheaded.
Some are hard headed, some don't understand. Show your younger friends ORJ, show your older friends and family Our Black Utopia - then call them hard headed if they refuse to try.😉
@@OurBlackUtopia its hard breaking generational financial curses! but i had to
Thanks for all the excellent advice and encouragement! Appreciate your charge to not squander the sacrifices made by our ancestors to our benefit.
Thank you Jeffery - we appreciate it. 🥰 Thank you so much for watching and please forgive the delay in responding. Life has been lifin'. 😳
Let us know how else we can help your journey. In the meantime, here are some resources that might help: bit.ly/OBUresources. You might also be interested in our private Facebook group - FIRE over 50, you don’t have to be over 50 but definitely from the diaspora: bit.ly/FIREover50 🙄
I love how and what you share but 3 hours is a lot to take in. Have you created shorts? Or do more videos in segments. ❤
Listen to it in segments or while you do your chores. We do Shorts but only sound bites.
Love your content! Subscribed🎉!
Yes Ms Juanita realtor you couldn’t have said it better.. we have no one to blame.. I am from the Caribbean and during Covid I worked 21 days straight that 12 hour shift before and after Covid I work 24-36 overtime per week but I have a plan
I won’t be working so hard later
I came here 2004 had 5 rental properties plus my home(6) and I was a single mother so noooo excuse.. let us plan better
We have to give people grace. There are no excuses once you know. Immigrants always have a different mentality because they were not raised by folks who's spirits have been beaten down simply because of their skin color.
My grandfather, who could've passed but would never have dreamed of it, had a lot of color privilege. And I remember asking him, "papa, why do you drink so much". He got tears in his eyes and said, "they told me I wasn't shit, they treated me like I'm not shit, and sometimes it's just hard to not believe it". He worked my entire adult life, owned his own bar, and his home, but couldn't teach what he didn't know and didn't have to give.
Is it true that state universities used to be free, up to the 50s or 60s?
Not in California, my mom and dad had to pay a whopping $50 per semester at Cal State San Diego. 🤣. That's about $450 per semester in todays dollars...
@OurBlackUtopia my father, went to college after 4 years of military service. My son also has college benefits waiting for him. These benefits are available to everyone.
@@dramirez1154 California had small fees before Reagan cut the budget and colleges instituted tuition in 1966. It was still very inexpensive until the 1970’s. Google it.
This is so informative and straight direct to those it applies to absolutely love it thank you 🙏
Obrigada Timothy, Thank you so much for watching and please forgive the delay in responding. Life has been lifin'. 😳
Let us know how else we can help your journey. In the meantime, here are some resources that might help: bit.ly/OBUresources. You might also be interested in our private Facebook group - FIRE over 50, you don’t have to be over 50 but definitely from the diaspora: bit.ly/FIREover50 🙄
Some are in trouble And some have prospered Usually because of life choices which can be seen all around the world this is not unique to African Americans or America.
Of course, but we're not talking to everyone around the world. Our core audience are Black Americans between the ages of 45-65. We all know that are choices put us in these situations - but we cannot discount systemic racism in eliminating some of our choices. At the end of the day, we play the cards that we are dealt - some know how to play to win, others have to learn.
We also need to keep mind, the cost of maintenance it will take just having the house, car or whatever major price tag items we own or will own now and in the future.
Indeed
As of late there has been anti tourist protest in Barcelona Spain and throughout Europe. Lisbon Portugal is also expressing concerns about foreigners destroying the cultural essence and economy for Lisbon natives. If this anti-tourist, foreigner, protest continues and spreads it may become more and more difficult for African Americans who want to make Europe our new home. European natives are complaining that foreigners and tourist are pricing them out .What are your feelings about this?
Here in Portugal, it is assumed we are Portuguese 😉 - We're learning the language and trying to blend in. We made sure we rented from a Portuguese person and we are paying Portuguese prices. We shop at local Portuguese mom n' pops, have our events at black-owned Portuguese businesses and try to assimilate - we come with a non-colonizer mentality and we are not the ones they are complaining about...we know who they are...😆
Preach! I love this video.
Your support means the world to us. Thank you for watching!
The American dream requires perfection, perfect job, health, education, upbringing, etc. Most people lose a job, get sick and fall on hard times. Some have help others dont. You cant make a mistake, or have a recession, or bad credit. Black folks are in worse shape due to incarceration, health issue. We have to take care of self now and your future self.
Yep, you're absolutely right - it helps to have wealth handed down to you for a few generations too.
God didn't say just sit on ya butt and do nothing. He will provide but I'm not trying to "just get by" and as a Gen X'er, It's my time NOW.
I KNOW that's right, faith without works and all that. Most of us in the States stay in survival mode - that gets old - I wanna LIVE!
Hello Halisi & Ric. I am learning so much from you two...love, love what you're sharing! I'm booked on a tour of Lisbon-Porto the first week in November. My passport is good until October 2025. With the political climate as it is, do you recommend that I renew my passport before the tour? My plan is to start house sitting in 2025 to explore countries abroad in anticipation of becoming an expat. Would love to hear your thoughts.
I would renew it ASAP - if they say no, find the loop hole - like you will be traveling during the time frame.
Question, is it true that you can't draw SS when you live abroad? If so, how do you access your SS when living abroad?
That’s not necessarily true. I believe that you cannot get SSA disability (though you can get Veterans disability). If you live in a country considered an enemy of the US and you plan to have your money deposited in a bank in that country, I’ve heard of issues. So, unless you denounce citizenship, you have a right to the money that you contributed. Keep a US bank and have it deposited there. Then you can transfer it.
Q: GOOD afternoon I have been trying to move for 10 years now out of United States how do I PLAN I'm 59 I can't afford United States no more it's so hard
Thank you so much for watching. 💕If you are seriously considering a move abroad, here are some resources that might help which includes a Scouting Trip Checklist and our Ready to Retire and Move Abroad Toolkits that have links to the databases that we use to check cost of living information and human rights for cities around the world: bit.ly/OBUresources
This is not financial advice but anyone can do an extra 6 hrs per week and invest it… I am now studying digital asset it’s a new class so study before investing.. I am been doing this since 2019 so don’t blame anyone do what you can to dig yourself out of your financial hole and stay out.
I am setting up my 2 kids also
We can and will do it…I paid off my primary home 16 yrs early … young people get off welfare and move up and move on use the assistance as an assistance not a lifeline.. anyway that’s my 2cents
I don't know anyone on welfare, who is also not working - but I do know some people who should take advantage of the down-payment assistance programs that some states have.
This information is not new, it's been out for decades for those that wanted to take advantage of it. There are to many black people that want to involve the church in their financial decision making. These pastors are not financial advisors. Instead of praying for success take action.
For older Boomers some of this is new. My aunt has a good pension and saved about $500k in her 401k. When I started talking to her about what she was invested in and she told me how much money she "lost" during the great recession I realized how little her generation knows. As late as the early 90s you need $20,000 just to walk into Fidelity's door. You also needed someone who did more than their 401k to inform you of the possibilities. We will give our community grace as we continue to pass on information.
So, then all of us need to move to Asia, Europe, carribean of Africa, right?? Any place except America and since electing black politicians dont help. Im curious, since there are 70 million Europeans in usa..40 blacs, 45 Hispanic. How many Europeans are earning under 100k? Or are 90% wealthy.
The point was to make sure that you are financially independent, regardless of where you live. I see that you have a W2 mentality - so I understand your confusion. God Bless and good luck.
These are African immigrant 🦝🦝
🤷🏽♀️
@@stevendobson5655 Tariq Nasheed minion
Put their faith in God and the Democrats.
God yes, the Dems, no - I will vote D because I have no choice if I want my home country to remain a democracy with real elections - but I have no faith they will do what they are capable of doing besides protect the democracy
@@OurBlackUtopia Well, you have more faith than I do. Democrats fail to even protect democracy.