A new generation of finance experts, many of them women and people of color, is challenging traditional shame-based financial advice and critiquing capitalism, even as they encourage people to invest in retirement funds. These experts acknowledge systemic failures that favor a privileged few while keeping millions in debt.
Investing as a Tool Against Systemic Inequality
"The system is designed for us to work until we die," says Amanda Holden, activist and author of How to be a Rich Old Lady. "If we don't want to do that, the strongest tool the average person has is investing in a 401(k)." Maria Melchor, a finance coach and author of Always Have Enough: How to Build Wealth When You Don't Come From Money, adds, "Do I think that our financial institutions and capitalism are the best systems for helping people find financial stability and prosperity? No. But the price to pay if you opt out is staying in survival mode and living month-to-month indefinitely." She notes that index funds are accessible, allowing investments with as little as $1.
Redefining Wealth Beyond Homeownership
Investing coach Delyanne Barros challenges the notion that homeownership is essential for wealth. "In the minority community, we've been told for so long that owning a home is the way to build wealth," she says. By investing in low-cost index funds instead, she paid off loans and retired early. Money coach Bernadette Joy emphasizes creating a personalized vision for financial freedom, which helped her and her husband retire at 40.
Negotiation and Mental Wellness as Financial Strategies
Carrie Joy Grimes, former union organizer and author of The Joy of Money, advises negotiating debts: "Calling someone to negotiate a lower interest rate requires some belief that you have earned the right to demand better." She notes institutions like the IRS are often open to payment plans. Shang Saavedra, finance coach and author of Wealth Is a Mindset, stresses investing in mental wellness: "If you have a healthy mind, that leads to better executive functioning skills required to handle money well."
Credit Card Points and Estate Planning
Stacy Roberts, known as Stacy Travel Points, warns against store credit cards, favoring travel points instead. Despite having 16 cards, she never carries a balance. Jannese Torres, host of the Yo Quiero Dinero podcast, plans to save $1 million for her daughter by 18 using family contributions to a 529 college fund. Jeremy Schneider, founder of Nectarine, advises avoiding commission-based advisers: "If your financial adviser is earning a commission, I say, run." Noelle McEntee, founder of Legado, urges everyone to create an estate plan, regardless of wealth.
