(ThyBlackMan.com) The most assured path to financial success for anyone begins with the teaching of financial principles at an early age. The traditional pattern found within most Black households goes as follows, children are instructed that a collegiate degree paves the path to gainful employment. This antiquated strategy has largely expired as employers currently have no loyalty to employees who have enriched them via their labor.I posted this same this same question on my Facebook page, and two of the responses stated that they could not teach what they didn’t know. My response was that we live in the information age now and there is no excuse not to make sure that our children get a really good Financial Education. We cannot count on the
Considering that we exist in a technological age where access to information is unprecedented, ignorance should never be considered an excuse for the absence of financial literacy. Make no mistake about it, not even sub par educational institutions are a formidable obstacle to the garnering of financial knowledge. In fact, the most significant obstacle to financial illiteracy is the failure of African-Americans to abandon worldviews and lifestyles that have never 
worked for them. It is time that the cycle of multi-generational poverty be broken by turning the focus of every member of our community, particularly our youth, toward financial matters.
The alluded to illumination of the minds of African-American children regarding financial matters is not a particularly daunting prospect. If African-American parents would capitalize on opportunities to increase the financial literacy of their children by teaching them the value of saving a significant portion of their allowance and indispensible nature of long-term investment black financial waste could be immediately curtailed. Instead of receiving praise for learning the latest dance moves, celebrations should be withheld for more praise-worthy moments such as them learning the Compound Interest Law of 72.
We live in the information age where we most certainly can change the dynamics of how our children view and spend money. The “being broke” cycle needs to be broken including other chains that leave us in financial despair. Far too long, we as Blacks have been consumers and not producers. Even though Black Business Ownership has seen a sharp increase in the last 15 years, not enough information is passed on to our youth who often see a job as the only way to attaining an income. Or they fall into the myth that you can only become wealthy by playing sports or becoming a rapper. With the proper Financial Literacy concepts being taught to our children, they can avoid these traps.
Undoubtedly, we live in an information age where an instant alteration to how our children consider financial resources is achievable. The “being broke” cycle, along with a host of other familiar financial misdeeds, need to be dismantled.As you well know, African-Americans have far too long occupied the position of consumer instead of producer. Such thinking is central to extending the ascension of Black Business Ownership through future generations of Black America who must be led to divest from the thought that employee status, regardless of the occupation, is a suitable path to financial success. Financial Literacy is the only antidote for the alluded to thinking.
Here’s a list of Financial Concepts that our children can greatly benefit by:
1. Save/Spend- How to save a portion of your salary while budgeting
2. Debit/Income- Recognize what is owed against the net income
3. Gross/Net Income-Distinguish spendable income after taxes
4. Consumer/Producer-Recognizing the difference of building sustainable financial systems as opposed to only spending. Nextly, they will need to know just how income is produced and that they do have options besides a standard job as seen below:
The Four Ways to Produce Income
1. Employee (Works for a company)
2. Business Owner ( Sole Proprietor, Limited Liability Corporation, etc)
3. Investing in Stocks ( Invests funds in companies to acquire ownership)
4. Self- Employed ( Independently Contracted)
This is merely an introduction to this issue of increasing financial literacy to spark a long-overdue conversation. It is past time that African-Americans take responsibility for their present plight and future trajectory. Allowing outsiders influence regarding such matters guarantees that we will remain in this impoverished state making the same financial mistakes that we always have.
Staff Writer; Dr. James Thomas Jones III
Official website; http://www.ManhoodRaceCulture.com
One may also connect with this brother via Twitter; DrJamestJones.