Happy Spring!         

 I’m Sunya Folayan, and this is my first newsletter of 2023.

A little about me:  I enjoy helping people- especially women who are thinking about their retirement years, and who want to increase their cashflow and build a better financial foundation so they can live more intentional lives of freedom, rest, travel, and ease. Moreover, I center much of my content to reflect the voices and concerns of Black Women.  I am a member of the Professional Financial Wellness Community. I have two adult children, two grandchildren, and two sisters. As a creative practitioner, (textile artist and musician), and I enjoy figuring out how to integrate it all into my life in Mexico where I reside most of the year.

I’m wondering if you are as amazed as I am that we are nearly at the end of the first quarter of the year.  Already March has marched into Spring! What?? Hibernation is over, so, I decided to get off my rear end, and share some information about Black women’s finances that I found interesting. Perhaps you will find it of interest, too because collectively, we can do better in terms of our overall financial wellbeing.

Did you know Black women have made significant economic progress in recent decades, but still lag behind in most key areas of progress compared to non-Black women? 

                         

  There is room for improvement. This was the conclusion of a comprehensive research report that was commissioned by the National Council of Negro Women and the Fannie Mae Foundation and conducted by Peter D. Hart Research Associates. This report was released prior to the pandemic, and another study will be conducted in 2025 to assess the results considering pandemic and post- pandemic realities.

The good news: Black women have gained more ground in terms of financial advancement in recent decades than have women in general. On the other hand, we have had a lot more ground to cover in terms of narrowing the ongoing disparities we continue to experience.  Consider some of the findings of this study:

  •  74% of Black women report they have it easier financially than their mothers and grandmothers. However, half of Black women say they are just getting by or are struggling. In fact, 41% of those reporting, have household incomes of less than $30,000 compared to 33% of all women.
  • Two out of three Black women are solely responsible for their family’s financial planning. Black women have greater control over their financial situation than do most women. That is good news. Perhaps that is one of the few aspects of “The Strong Black Woman” that works in our favor. Black women also plan well for emergencies and put a high priority on preparing their children to be financially independent. We don't want our children to struggle in the same way many of us did.
  • Black women experience more obstacles toward homeownership, which is a key component to financial empowerment and the passing down of generational wealth. At the time of this survey, and prior to the spike in housing costs, only 41% of Black women own their own homes compared with 66% of all women. More than half of Black women rent their homes. Most would like to own their homes, but often do not know where to start. Respondents to the survey also indicated that issues of affordability, knowledge, and “not trusting the process” were also cited as major obstacles to the homeownership process. The good news: Black women were willing to avail themselves of community- based programs to help them fill in the gaps so they could educate themselves “about the process” of homeownership.
  • Black women have the same financial dreams for themselves, and families as do all women (of course we do!) but utilize consumer financial services such as checking accounts, savings plans, IRA/401(k), and mortgages in smaller numbers. Many cited the need for better understanding of how these services could help them achieve their goals.  Respondents also cited discrimination when using these services was a factor. The good news: Black women surveyed desired more education, a willingness to learn about money and the desire regardless of age to attain their goals.

What can we make of this? The findings of this report are cause for celebration… and concern.

 First, we are always ready to experience more and to do better throughout our lifetimes! Second, while we can celebrate progress in areas where we have excelled, there are specific areas where more work and outreach must be done.

Understanding personal finance is crucial to the success of a household, and ultimately to the success of our communities and our society.              As a Financial Wellness Professional, I believe it’s important to make financial education accessible, affordable, fun, and collaborative.  When we take ownership and assume responsibility for our financial education,  and financial health and wellness, we create a path to a more empowered future.    

                                                         

 I love to be of service and want to better understand what challenges people may be facing.  I am excited to offer the following to our community:

  • I’m referencing a recent video link from my YouTube channel on an important cashflow strategy for w2-employees: “Black Women 55+ Give Yourself a Pay Raise”
  • https://youtu.be/uQm3AeDe%mAdjusting

 

  •  Between March 23-April 6, 2023, I’m offering for Spring- two weeks of complimentary Laser Wealth-Building Strategy Sessions that will help women who are unsure how to increase their cashflow gain clarity on how to use proven and timely strategies they can implement without needing a lot of money to get started. These are complimentary mini-coaching sessions, and each session will last 25 minutes.  I will not be selling any services during these calls.

 

                                                                                 

 Interested in a laser session? Use this link and let’s get started! Feel free to forward this to your friends who may be unsure of how to increase their cashflow and want to know how:  https://sfolayan.coachesconsole.com/calendar/book-a-discovery-call

 

Wishing you every blessing,

     Sunya 

Sunya Folayan, MSW; CFSW

Infinity Financial Wellness and Coaching

 

Connect with me:

YouTube: Mind and Manna

Facebook: Mind and Manna

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IG:               Mind and Manna

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Twitter:     @SunyaFolayan

TikTok:       Mind and Manna

                    Sunya Folayan

 

 

Sunya Folayan
Infinity Global Coaching Group/ "Wealth Within Reach"