SACRAMENTO, Calif. — New financial goals usually come with the new year and it’s a big topic in 2024. It could be saving for unexpected emergencies, investing or just trying not to overspend. When it comes to financial wellbeing, there are disparities.
Del Meka Wyatt is focused on building generational wealth.
“It was a constant struggle of trying to figure out how to make ends meet for basic needs,” said Wyatt.
It’s why she started talking to her family about finances.
“We actually took a look at our bills and budgeting and found out — wait a minute — there’s more money here than we thought. The difference was we had to learn how to tell our money where to go instead of our money just going,” said Wyatt.
She was successful at creating a family budget and sticking to it.
“We went from an apartment with our children to buying our first home here in Del Paso Heights,” she said.
According to the Federal Reserve’s survey on consumer finances, Black households have the lowest median net worth at $45,000. Hispanic families are next at $62,000, white families at $285,000 and Asian families at $536,000.
Wyatt works with the Greater Sacramento Urban League to help others become financially fit. The Greater Sacramento Urban League partnered with Golden One Credit Union to offer free financial wellness workshops.
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“It's really the community’s chance to have one-on-one help with a certified financial coach,” said certified financial coach Daniela Alvarado.
Alvarado helps lead the workshops and says financial education is key.
“We cover everything from checking and savings accounts, what a credit union is, what a bank is and different insurance levels,” she said.
David Fontaine is a financial expert and author of ‘The Black Financial Literacy and Wealth Building Bible.’
“What it speaks on is how to grow your wealth, how to make money, how to keep your money and how to safely pass on your money to future generations,” said Fontaine.
He says one of the most important rules to finances is living below your means.
The Greater Sacramento Urban League is holding the next financial wellness workshop Monday, Jan. 8 at 1 p.m. The workshop is free. You can find more information HERE.
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