With grocery prices rising and inflation rates at a four-decade high, the path to financial freedom is getting trickier by the day. But that burden is especially heavy for Black women, who face unique challenges when it comes to building wealth, paying off their debt and getting access to financial services.
According to a report published in The Education Trust in 2022, titled How Black Women Experience Student Debt, about two-thirds of the $1.7 trillion in student debt in America is held by women. And since Black women live at the intersection of two marginalized groups, they struggle the most to pay back loans—largely thanks to the gender pay gap and systemic racism. As if this weren’t challenging enough, another study by The American College Center for Economic Empowerment and Equality found that discrimination negatively impacts the access Black women have to wealth-building tools.
So yes, the journey to living debt-free and gaining financial independence is uniquely challenging for this group, which begs the question: What are the most effective, practical ways that Black women can achieve their financial goals? Fortunately, author and financial coach Paris Woods offers a simple, step-by-step guide on how to do so in her book The Black Girl’s Guide to Financial Freedom. Here are her eight best tips.