For many Black millennials, conversations about money began with stories of lack, not abundance. Financial struggles were often a background hum in our childhoods, whether it was watching a neighbor’s car get repossessed or hearing adults stress over grocery bills. Khayla McCoy, founder of Ed Opal, understands this all too well. Raised in a small Tennessee town, she heard those conversations early and internalized a powerful message: financial freedom is necessary for true happiness.

However, as Khayla admits, escaping a poverty mindset isn’t automatic. In fact, she carried it with her into adulthood, even when she began making a steady income. Despite living in New York and earning a decent salary, she still hesitated to buy new boots she desperately needed, a classic sign of scarcity thinking.

This is a reality for many Black millennials today. Studies show that Black households have a median wealth of about $24,000 compared to $188,000 for white households, a stark reminder that financial literacy isn’t just a nice-to-have; it’s essential for our survival and empowerment.

Khayla’s journey reveals an important truth: surviving minimalism isn’t the goal; thriving in abundance is. Many Black families already experience what she calls “forced minimalism,” where living with less isn’t a lifestyle choice, it’s a necessity. That’s why shifting from a mindset of lack to one of abundance must become an intentional act of liberation.

Therapy played a crucial role for Khayla, helping her realize that investing in herself wasn’t indulgent—it was essential. Healing those generational wounds around money allowed her to set healthier boundaries with spending, saving, and self-worth.

For Black millennials looking to shift their relationship with money, here are three essential takeaways:

• Acknowledge the Narrative: Understand that growing up with scarcity doesn’t have to dictate your financial future. Healing begins with awareness.

• Invest in Yourself: Whether through education, therapy, or mentorship, spending on your personal growth is one of the best investments you can make.

• Reject Forced Minimalism: Building wealth isn’t about pinching pennies indefinitely; it’s about creating systems that allow you to live fully, joyfully, and with purpose.

Breaking free from the chains of a poverty mentality is challenging, but it’s both possible and essential. True freedom isn’t just about physical or political rights, it also includes financial independence. Gaining control over your finances is the next critical step toward a fully empowered life.