July 10, 2024

Ep 431: Navigating Financial Advice As A Black Woman

46 minutes

According to the Institute for Women’s Policy Research, while white women earn 82 cents for every dollar earned by a white man, Black women earn just 64 cents. Dasha Kennedy says that for Black women specifically, there are a myriad of reasons for that.

Dasha Kennedy is the founder of the Broke Black Girl, where she shares her personal journey of overcoming financial struggles and specific advice for Black women. Dasha is also a Financial Wellness Board member with National Debt Relief. This Black Women’s Equal Pay Day, she joins us to talk about how she’s pushing back against the gender wage gap and her favorite ways to save money in 2024.

Have a question for us? Write in at [email protected].

Chapters:

00:00: Introduction

07:45: Creating Broke Black Girl

11:06: Spending Intentionally

16:22: Pay Yourself First vs. Prioritize Savings

17:57: Collecting Experiences Over Things

19:52: Debt Strategies

22:22: Renting vs. Buying

27:07: Mailbag Segment

29:01: Understanding Mutual Fund Fees

36:25: Credit Score Variability

Takeaways:

The gender pay gap is a persistent issue, and Black women face an even larger gap compared to white women.

Black women need specially tailored financial advice due to their unique experiences as the intersection of race and gender.

Strategies for overcoming debt include spending intentionally, setting spending limits, and prioritizing savings.

Collecting experiences can be more fulfilling than collecting material possessions.

Taking small steps and breaking down financial goals into manageable increments can lead to long-term progress.

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The HerMoney with Jean Chatzky podcast is sponsored by Edelman Financial Engines. The podcast team and its host are neither employees nor clients of EFE, however, the show does receive fixed compensation and is a paid endorser and therefore has an incentive to endorse EFE and its planners. To learn more about the sponsorship, please visit PlanEFE.com/HerMoney.

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By Jean Chatzky Her Money

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