A man in North Carolina, Kyren Gibson, grabbed the internet’s attention when he posted a viral video where his son effortlessly recited definitions of some financial terms. In the viral video, the 28-year-old dad is heard questioning his son, Kyng, who flawlessly answers back with the correct answers.
The reason why many black homes struggle to make generational wealth is due to lack of financial education. In fact, a report released by the Global Financial Literacy Excellence Center showed that only 38% of black children answered correctly on personal financial questions compared to 55% of white children. This shows that there exists a clear gap in educating our young ones on personal finance.
Gibson is clear on what needs to be done.
“Don’t talk at them, talk to them. Figure out what they like and start early. That’s what I’m screaming. Start with your kids early. Do not wait until these kids are 12 and 13, not giving a damn what you say and going through puberty, and already infiltrated by society. You’ve gotta do this early so it’s a second language to them.”
The school system is biased against black children. It’s been designed to keep african-americans away from financial literacy. Breaking the financial illiteracy is key to ensure we level the playing field for future generations.
Teaching your kids about financial terms is all about repetition. You have to dumb it down and make it easily digestible for these kids. Don’t get frustrated when they don’t get it right the first time. Make it fun.
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