“As long as there is poverty in this world, no man can be totally rich even if he has a billion dollars.”
-Dr. Martin Luther King, Jr.
Dr. King’s light is an eternal flame which will live ablaze in our hearts forever. His visionary efforts to ensure equality and unity for all people has transformed generations. He is well-known for promoting Mahatma Ghandi’s principles of non-violence and charging all to unlock the Strength to Love. With unrelenting urgency, he eloquently and powerfully declared all the reasons Why We Can’t Wait for racist policies and ideologies to be eradicated.
We can draw so many important life lessons from Dr. King’s work and legacy to end segregation and uplift humanity. But, we must not forget that he also elevated the importance of financial wellness as a key lever for social justice. Before his assassination in 1968, Dr. King was organizing a march on Washington called the “Poor People’s Campaign” which was intended to fight for economic justice and equality for the poor in the United States.
Today, we must carry on Dr. King’s dream for financial opportunity for all.
And, we still have a lot of work to do. Data confirms wealth disparities are pervasive and staggering. Just 1% of the world’s population controls nearly half of all global wealth. By 2030, it is projected that this richest 1% are on track to control two-thirds of the world’s money and assets!
The gap between rich and poor has grown at a faster rate in the United States than any other developed country, as 90 percent of Americans have become poorer since 2009. 37.9 million people (11.6%) fell below the poverty line for a family of four with a total income of less than $27, 479 in 2021. These numbers are even more disheartening when examined by subgroups with 17.1% of Hispanics, 19.5% of African-Americans, and 24.9% of persons with disabilities falling below the poverty line.
We must wrestle with the realities of these statistics of the haves and the have nots. There are folks struggling to keep their lights on, pay for bus fare, and feed their families. While select others have the means to purchase multiple mansions and write off yacht purchases many times over.
Everyone deserves a chance to live comfortably and build wealth. However, racist policies – such as redlining – have put minorities behind in collecting assets and building generational wealth.
But, we don’t have time to despair. Instead, we must “be the change!” Here are four financial lessons we can learn and apply from the legendary Dr. Martin Luther King, Jr.:
Education
“The function of education is to teach one to think intensively and to think critically. Intelligence plus character – that is the goal of true education.”
Not only should we reclaim our time to think about money, but financial literacy education has to be explicitly taught in our homes, schools, and communities. Breaking the cycles of poverty in some contexts can be realized through education. In other contexts, the infrastructure and politics are daunting, but all hope is not lost. As a community, we must liberate ourselves and others through information and knowledge.
Courage to Act
“Faith is taking the first step even when you don’t see the whole staircase.”
Building wealth is not necessarily a guarantee – especially when starting from scratch. That first business. First investment. First degree or job opportunity. It’s often feels risky to jump out there and try something new. However, Dr. King reminds us to believe in ourselves and carry out our passions.
Resilience
“If you can’t fly then run, if you can’t run then walk, if you can’t walk then crawl, but whatever you do you have to keep moving forward.”
Sometimes life knocks us down. Just remember, we’re not out. There’s always hope. Progress is advancement – even if it’s at an inch at a time. Keep going to pursue your life and $$ goals!
Compassion
“Life’s most persistent and urgent question is, ‘What are you doing for others?'”
Whether you have $10 or $10 million in your bank account, we all must answer Dr. King’s question above. Volunteer. Donate to a charity. Support small businesses. Share $$ information within your circle of influence. We all have the ability to help and serve others in some capacity in true honor of Dr. King’s life and legacy.
