EP24: Health is Wealth

Money, cash, pesos — whatever you call it, it will affect your health. You can’t put a price on good health, but a capitalist society will nickel and dime it regardless. Money and the Black community have a relationship that has evolved over time. The rise and fall of Black Wall Street helped and hurt our pockets. An overall lack of financial literacy has made it difficult for some Black people to gain and sustain wealth, along with the harsh fees and practices credit companies have in place. 

This week we have Ricardo Thomas on the podcast, financial advisor and president of Thomas-Waddell and Associates financial consulting firm. While he agrees that the fees from these financial institutions do not help generate wealth in our communities, Thomas says we can always choose to patronize elsewhere. However, most of us don’t do so because we either don’t have access to something better or simply don’t know that there are alternatives.

Aidil mentions how the conversation about wealth goes beyond spending habits and knowledge of saving. She argues that our environment and transgenerational financial problems play into this as well.

Ritney believes most people have an innate desire to learn how money works and want to make better choices. For example, those who do not have a lot of money might spend it on unhealthy food or avoid spending on necessary health insurance which can lead to poor health and a shorter life expectancy. Lack of money can keep you from professional advancement, in turn preventing you from getting the job needed to buy said healthy food or healthcare.

So how do we keep the green in our community and wallets? How do we fix a multifaceted problem? Send your thoughts and feedback to info@centerforblackhealth.org