Bernice Waller works as the administrative assistant at the Our Lady of Perpetual Help Roman Catholic Church in Ward 8. She was tasked with opening the doors of the church’s Panorama Room for Lafayette Barnes, the facilitator for a generational-wealth-building workshop and brunch sponsored by Allen Chapel AME Church’s Men’s Ministry on Sept. 28.
While it was her job to open the facility, Waller also wanted to participate in the event and made a point to sit at the front table with friends and acquaintances.
“I attended this because I wanted to learn more about death benefits and how to plan for my children’s future,” Waller, 74 said. “Many family members are afraid to have this conversation. They say ‘I don’t want to talk about that’ but we need to because this is happening. We need to make sure that all papers are in place.”
Waller was joined by 60 people in the church’s Panorama Room who listened to speakers talk about the importance of good financial management. The event took place as statistics reveal that the District is a racially biased jurisdiction when it comes to the distribution and possession of wealth.
D.C.’s Racial Wealth Stats
A post on the DC Fiscal Policy Institute’s website in October 2022 reported that in the District, 87% of the city’s wealth is held by white families, even though they consist of 39.6% of the population. In the District, white households have 81 times the wealth of Black households and 22 times the wealth of Latino households.
The median household income for white residents, at $149,734, is over three times higher than the median income of Black residents, which is $49,652. White households have higher median incomes than all other races in the District, but the disparity between white and Black households is the most disproportionate, according to data from the District government’s Council on Racial Equity.
Financial Experts Offer Advice
Barnes said the time has come for African Americans to change their mindset about money.
“We as a people are not realizing the importance of debt management,” he said. “It is important to pay your taxes. It is important to pass those assets. You should leave something for other people and your children to have.”
Martin Booker is the AARP Foundation’s director of Financial Health. Booker said the AARP Foundation aids members in being financially solvent.
“The AARP Foundation has published articles on money that members can access,” he said. “We also have interactive tools such as videos that are helpful.”
Booker mentioned an article “99 Great Ways to Save” on the AARP website that informs members on the various methods to conserve money. He also told the attendees to analyze the subscriptions they receive and get rid of those that are not needed and to ask creditors to lower their interest rates on their credit cards.
“It doesn’t hurt to ask,” Booker said.
Billie Jean Wright is the CEO of Momentum Title Escrow. Wright advised the attendees to get in the habit of saving some of their money and investigate ways of investing.
“When I got some money, I used to go out and buy Louis Vuitton
but now I invest in stocks and other investments,” Wright said. “I am proud of how much money I save.”Wright stressed the importance of regularly checking credit reports for accuracy and eliminating credit card debt as much as possible. To those who think they are too old to become wealthy, she said “it is never too late to build wealth.”
Tax attorney Ruthven R. Phillips agreed with Wright on paying off credit card debt and advised them to use only one card for holiday shopping.
“It doesn’t help when you have charged up gifts on different cards,” he said. “It is easier to keep track if you are using one card.”
He also emphasized the importance of budgeting.
“Budgeting is not a bad word,” Phillips said. “Your budget should be dynamic and able to change over time as circumstances change.”
In a nod to the young people in the audience, Phillips gave out a book “Motley Fool: An Investment Guide for Teens” by David and Tom Gardner. When he announced the book, Jalen Carter, from Austell, Georgia, instantly hopped up and went to the front to get the copy.
“I am happy to get this book,” Jalen, 15, said. “It will help me learn more about money and how to spend it.”
Jalen said he was happy he attended the event along with his family.
“I learned a lot about money here today,” he said.