On February 26th, Black Young Professionals of Metro Detroit teamed up with Maurice Miller and Tylene Henry to host Follow the Money, a financial optimization crash course for young professionals. This event was held at Macomb Community College, and is the first in a series of events tied to the financial well-being of young Black professionals.
Due to extreme weather conditions, some registered audience members were unable to safely travel to the event. In light of this, the entire event was recorded and is now available below. Some extraneous elements of the discussion were removed for brevity. Additionally, the PowerPoint slide deck created by Black Young Professionals is also below for your reference.
We won’t say a whole lot, because we have the entire audio transcript, but some of the more interesting topics touched on are listed below. Listen to the full discussion for actual context and details:
- Black wealth, overall, is headed toward zero.
- Income is not wealth.
- Wealth transfers should be taken seriously and preserved when possible. Talk with those you stand to inherit from about their life insurance policies and their will.
- The stock market is a leading indicator, everything else follows.
- Each person’s healthcare coverage needs vary based on their personal situation at that point in time in their life, including HSA strategies.
- Not everyone is making the traditional 20% down payment on their first home, and it may not be necessary or most appropriate, even if it means private mortgage insurance (PMI) may be required.
- Employer-sponsored retirement accounts
… and more!
Please feel free to reach out to our subject matter experts Maurice and Tylene using their contact information below.