Guyanese should invest in financial literacy

I RECENTLY reposted lyrics from one of Jay Z’s most popular songs. The song is called “life of O.J” and Jay Z explained through his own experiences why financial literacy is important in minority groups, especially the Afro-American group. While the song has been released quite sometime now, its message is still relevant.

In fact, it is essential to be aware of how financial intelligence can be utilised to develop third world countries and further help minority groups. If you’re reading this, I urge you to set financial resolutions for yourself. As descendants of slaves and indentured labourers, we’ve been forced to settle for the “money doesn’t buy happiness” mantra because we didn’t have a choice. In that same breath, the Europeans exploited our lands and labour.

Yes, money doesn’t bring true happiness, and while that is subjective—I think we can move past the shackles of financial dependence if we understand the difference between the concept of wealth and financial

We should strive to build generational wealth, shift the stratifications and collect what was owed to you by those who stole from us. It starts with us. We have to break those generational curses that were unwillingly placed onto us because of who we are and where we came from. My parents were savers. They didn’t understand that money sitting in the bank is not always financially wise.

I don’t know if it’s my ability to be bold, the knowledge I’ve gained over the years on finances,or both, but I’ve taken risks for my family and the generation after me. It’s paying off so far. I created a business that can easily become my children’s business in years to come. I’m in no way saying take a dive or make an irrational decision to invest. Do your research, make your business plans and models and evaluate your options.

If it’s worthwhile, go for it. This is something I’ve learned extensively throughout my journey on learning how to be financially literate.

If you do acquire it, remember to distribute your wealth within your community because hoarding it doesn’t make us any better than them. Remember to invest in real estate, stocks and even business ideas. Remember not to beat yourself up if you don’t get it right the first time.

Remember that the majority of the rich European and first-world women & men in the world came from “old money.” Most of us blacks who are black & brown do not have that luxury–we’re the firsts of many things in our families. The “secrets” on how to be financially literate were never passed down to us because our ancestors were stripped of what they had. Remember that to avoid credit of any kind, no matter how tempting it may be, credit devalues your financial net-worth.

Remember your initial goal at all times. While time does not permit me to share every detail on why financial literacy is important for us in Guyana, I urge you all to invest in yourself by learning more about managing money better and understanding how financial systems work. More than ever, financial literacy is needed amongst Guyanese due to our oil and gas industry. We cannot let history repeat itself twice.

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