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John Hope Bryant preaches a message of financial education and economic freedom and fights for “silver rights,” a term he coined to describe the economic empowerment of minorities and low-income communities. is stimulating.
“I don’t know about you, but I’m sick and tired of being sick,” Bryant said earlier this month at the Hope Global Forum, his annual conference. Nonprofit Operation Hope. “Our goal is to have financial literacy in schools from kindergarten to college so that everyone can learn the language of money by the time children grow up.”
To that end, in 2021 Operation Hope launched Financial Literacy for All, a joint initiative with companies such as Walmart, Bank of America and Disney.
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Walmart President and CEO Doug McMillon Co-Chair of Financial Literacy for All and other initiative partners Delta Air Lines CEO Ed Bastian, PayPal President and CEO Dan Shulman, billionaire investor Tony Ressler and civil rights icon and former U.S. Ambassador Andrew Young are business leaders. I was one of them and I spoke with Bryant at the Hope Global Forum in Atlanta about silver rights and silver rights. The power of financial literacy.
Financial literacy is a ‘fundamental problem’
Operation Hope Founder and CEO John Hope Bryant (far right) talks (left to right) with PayPal President and CEO Dan Shulman during a panel discussion at the Hope Global Forum in Atlanta. I’m here. Tony Ressler, executive chair of Ares Management and principal owner of the Atlanta Hawks. Walmart President and CEO Doug McMillon.
Credit: Operation Hope
In an exclusive interview with CNBC at the Hope Global Forum, McMillon said, “I want every employee to understand how to manage their money.”・I formed an oar and tried to get a financial education.
“We believe this is a fundamental problem for families and our country.”
Speaking on CNBC’s “Squawk Box” ahead of the forum, Bryant called the event “like a Davos meeting for the working class to empower the poor and underserved.” I expressed it.
“We have the energy to make the economy work for everyone,” he said. “Many of his 4,000 delegates in attendance are working-class people who spend too many months running out of money.”
Operation HOPE focuses on wealth inequality in black and people of color communities and closing the gap. As of the second quarter of 2022, the average white family’s wealth was $1.27 million. $316,000 for the average Black family and $291,000 for the average Hispanic family, according to the St. Louis Federal Reserve Bank.
The nonprofit is also committed to creating 1 million new black-owned businesses by 2030. Doing so is another avenue for economic empowerment and wealth creation.
Bryant said During the event that Silver Rights is the next step in civil rights and a global social justice movement that sparked after the murder of George Floyd.
“Social justice seen through an economic lens can do good and good at the same time.”
“In order to become something, you must first see it”
With a recession likely looming, it’s important to demystify money issues and encourage financial preparation, says Troy Millings, financial advisor for the Earn Your Leisure podcast The duo has over one million followers on Instagram, many of whom are new investors in the Black and Brown community.
“To become something, you often have to see it first,” said Millings. “When people see us opening brokerage accounts, investing in entrepreneurship and creating businesses, they think this is an opportunity and that we can do it.
“Our mission is to educate people, but it is also to show them how.”
They encouraged a long-term view of the value of financial knowledge.
“Look five, 10, 20 years from now,” said Bilal. “That way, you can stop wasting money, have an emergency fund, and be forced to save money for retirement and your children’s education.”
In a fireside chat with Bryant, Bishop TD Jakes, senior pastor of the Dallas-based megachurch The Potter’s House, emphasized the need for faith leaders to become prominent voices in both the civil rights and silver rights movements. talked about sex.
Jakes is a strong proponent of real estate investing, especially for young black Americans.
“Home ownership is my bible,” Jakes told CNBC before a fireside chat.
“The problem with our community is that we are consuming depreciating assets,” he said.. “Young people today want mobility and are not interested in owning a home.
“We’re not trying to fix you, we’re trying to fix you so that you can be financially empowered and aggregate the wealth that will be passed on to your children.”
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