In Black communities, wealth isn’t just about dollars; it’s about healing, freedom, and building a future. But many Black millennials are operating with outdated, inherited money beliefs that no longer serve us. These aren’t just harmless ideas; they’re myths that quietly limit our ability to grow, invest, and pass down a legacy.

Here are 7 common myths holding us back, and the truths we need to replace them with:

1. “Only rich people need financial advisors.”
Waiting until you “have more money” to seek advice is backwards. Financial guidance is most critical when you’re trying to grow, plan, or pivot. You don’t need a six-figure income—you need someone who can help you map a strategy.

2. “Credit is dangerous—just pay in cash.”
Yes, debt can be a trap—but avoiding credit completely limits your access to business loans, homeownership, and travel perks. Building good credit is about control, not fear. It’s a tool, not an enemy.

3. “Budgeting means you’re broke.”
Budgeting isn’t a punishment, it’s clarity. A solid spending plan gives your money direction. You can still brunch, travel, and buy Jordans—just not at the expense of your future self.

4. “Investing is only for the wealthy.”
Stock markets and ETFs may feel foreign, but they’re not off-limits. You don’t need to be an expert; start with what you know, like Black-owned companies or index funds. Investing = ownership.

5. “Life insurance is for older people.”
Life insurance is one of the easiest ways to leave wealth behind. It’s not just for when you’re older, it’s a tool that protects your family, builds generational wealth, and often costs less the earlier you start.

6. “Talking about money is taboo.”
Silence keeps us stuck. Talk money with your friends, your partner, and your elders. Wealth grows faster in a community. Transparency breeds opportunity.

7. “You have to do it all alone.”
The lone-wolf mentality won’t help you scale. Cooperative economics, rotating savings clubs (susu), and group investments are traditional Black wealth strategies that we can reclaim.

What You Can Do

• Find advisors who look like you.
  Seek out Black financial coaches and platforms rooted in our community’s needs and culture.
  
• Embrace collective wealth strategies.
  From rotating savings clubs to community investing, we’ve always known how to build together.
  
• Use tech to your advantage.
  Financial apps, budgeting tools, and online investment platforms make managing money easier than ever.
  
• Educate yourself constantly.
  Financial literacy is not a one-time class; it’s a lifelong journey. Podcasts, webinars, and local workshops- use what’s out there.
  
• Document your journey.
  Write down your goals, your progress, and your questions. Self-accountability is a quiet form of power.
  

Unlearning is the first step toward liberation. These myths didn’t come from nowhere; they were often rooted in survival. But now it’s time to move from surviving to building. Black millennials don’t just deserve wealth; we’re capable of creating it, sustaining it, and passing it forward.