FINANCIAL EDUCATION AND COUNSELING FOR PEOPLE OF COLOR IN THE SANDWICH GENERATION.

My Personal Story

As a Certified Financial Social Worker and a Licensed Social Worker, when it comes to money, it is not just looking at the numbers, just as important is discussing the mental and emotional aspects that relate to our finances. 

I was raised in the Highbridge section of the Bronx by both my parents.  During the 1980's, my dad was the sole breadwinner however we were also on public assistance.  I'm from the generation of the "face to face appointments", now known depending on your area as the Department of Social Services/Medicaid/Food Stamp office. 

When the 90's came, my mom received her Associates Degree and worked as a paraprofessional in the NYC public school system.  In my teen years, both my parents worked full-time.  

I grew up without having much discussion about money with my parents other than my dad telling me when I work, to save money in the bank. 

By the time I got to college in the late 90's, there still was not any financial discussions with my parents.  I was not for one to initiate these conversations.  It was just assumed to apply for and use student loans to pay for school.

As a young adult, my mom got a life insurance policy on herself and on me.  She mentioned with regards to herself as "a just in case" measure.  Again I didn't ask questions.  On the other hand, my dad would tell me to apply for a credit card.  I asked "for what?" He would just tell me I need credit.  However he didn't know how to leverage credit.  

Years later, when I married for the first time, my ex wife grew up with much financial education.  She was terrible managing a check book.  Living paycheck to paycheck, then having 2 children caused a financial strain.  

After our divorce in 2015, I moved back to the Bronx with my parents.  My credit score was a 550 with debt collections owed, student loan payments to be made and raising 2 kids.  However I was focused to improve my once great credit score.  

I was able to pay down my debt and make my student loan payments monthly.  I still was not able to save much mony in the bank.  Prior to my divorce I had gotten a life insurance policy on my wife due to her poor health.  

Unfortunately, my ex wife passed away in 2016.  The life insurance policy taken on her, ended up being one of the best financial decisions I ever made.  After the funeral, I used the reminder of the life insurance payment as my "rainy day fund" or emergency fund.  I was not able to save money in the bank prior.