UpTrajectory Review
Teri Williams, president and COO of OneUnited Bank, shares her journey of financial literacy, influenced by her great-grandmother's entrepreneurial spirit. Williams reflects on the challenges of instilling financial knowledge in her own children while managing a bank that serves the Black community. Her narrative highlights the importance of financial education, particularly in historically marginalized communities, where access to resources and knowledge can significantly impact future generations.
For small-business operators and community members, Williams' insights underscore the critical need for financial literacy, not just in personal finance but also in business operations. Understanding financial principles can empower individuals to make informed decisions that affect their livelihoods. As small-business owners often juggle multiple roles, the ability to navigate financial challenges is essential for sustainability and growth.
What stands out in Williams' account is the generational perspective on wealth and financial literacy. She acknowledges the common adage that wealth lasts for three generations, emphasizing the importance of breaking this cycle through education. This perspective is particularly relevant for small-business owners who may face similar challenges in passing on financial knowledge to their children or employees, highlighting a gap that needs addressing in entrepreneurial training.
The downstream effects of financial illiteracy can be profound, affecting not only individual families but also the broader community. When financial knowledge is lacking, it can lead to poor business decisions, reduced economic mobility, and perpetuation of poverty. Small-business owners who prioritize financial education can help foster a more informed community, ultimately contributing to economic resilience and growth.
Looking ahead, small-business operators should consider implementing financial literacy programs within their organizations or communities. This could involve workshops, mentorship, or partnerships with local banks to provide resources. By taking proactive steps to educate themselves and others, they can help build a stronger foundation for future generations, ensuring that the lessons learned from figures like Ma Honey are not lost.
“But they say wealth lasts for three generations, and I was the fourth.” — Business Insider
Takeaway: Invest in financial literacy programs to empower your community and secure a stronger economic future.
Excerpt from the original — Business Insider
Teri Williams has run a bank for 30 years.Courtesy of Teri WilliamsTeri Williams' great-grandmother was a business woman in the segregated south.Williams and her husband have run a bank for 30 years, while raising two children.She says building financial literacy can be challenging, even in her family.This as-told-to essay is based on a conversation with Teri Williams, president and chief operating officer of OneUnited Bank. It has been edited for length and clarity.Growing up in Indiantown, Florida, I used to follow my great-grandmother around, whom I called Ma Honey. Ma Honey owned a penny candy store, a barbecue place, and a juke joint, where I learned how to play pool. She also owned rental properties, and I'd go with her to collect the rents.Ma Honey's businesses shielded her family from the dangers of a segregated southern town. Her money also gave our family opportunities: she …