This piece is part of my 2016–2026 archive migration. Some original formatting, content, and external links may be missing, changed, or not be optimized.
To improve your economics, intake knowledge AND ACIt’s not always about how much you earn versus how much you keep. But earning a livable income will only help improve your economic situation.
How Are Women of Color Doing Financially?
Black Women
Median wages for Black women in the United States are $36,303 per year, compared to median wages of $57,005 annually for white, non-Hispanic men.
This amounts to a difference of $20,702 each year.
(Source: National Partnership Organization)
Latina Women
Median wages for Latinas are $30,551 per year, compared to the median wage of $57,005 for white, non-Hispanic men, the analysis calculated.
(Source: Axios)
Asian Women
Many groups fall under “Asian,” but Asian women are doing significantly better than women of color and white women.
This is positive; Latina and Black women can also close the economic gaps as many Asian women are.
What is the difference maker and critical contributor for Asian women?
Education.
Source: Image 2 – Hindustan Times
Census Gov Education Stats
“In 2022, the highest level of education of the population age 25 and older in the United States ranged from less than high school to advanced degrees beyond a bachelor’s degree.
9% had less than a high school diploma or equivalent.
28% had high school as their highest level of school completed.
15% had completed some college but still needed to have a degree.
10% had an associate degree as their highest level of school completed.
23% had a bachelor’s degree as their highest degree.
14% had completed advanced education such as a master’s degree, professional degree, or doctorate.”
We can learn from these figures that most people aren’t educated.
Though it’s not guaranteed, the more educated you are, the better you will perform economically.
There is a positive and direct correlation between education and economic resources. The more education you have, the higher the earning potential.
But having a formal education is only one part of the equation.
Education Can Improve Your Economic Situation
Most women of color don’t come from wealthy backgrounds or highly educated families; it is more common for us to struggle than to thrive financially.
But you can change this result.
I did not come from a wealthy or financially knowledgeable family. Still, my parents had us read personal finance books at the dinner table, which sparked my interest in personal finance.
They also got us piggy banks with three compartments:
Giving
Saving
Spending
If you’re getting value from this — sign up for my newsletter, a free daily 5 AM email. Discipline delivered before the sun comes up.
I quickly learned these were the three primary areas I would need to manage to build wealth effectively.
Eventually, I grew out of the piggy bank, and my mother got me a personal bank account, where I started learning how to manage my money more actively.
But it didn’t stop there. I continued reading books about personal finance and conversing with wealthy individuals, and still do so today.
I’m still ignorant of many financial things but I have a solid foundation to build wealth.
Proactiveness Will Change Your Financial Situation
I never wanted to be broke – even if I was theoretically broke, I always ensured I had money. Then I elevated to the point where I didn’t need to rely on anyone for money.
People say they don’t want to be broke and want to stop financially struggling, but their actions say something different.
If you don’t take a proactive approach to your finances, you will continue to fail at the game of money.
If you don’t learn how to manage your money and continue not to educate yourself effectively, you will continue to flounder financially.
How do you become better at managing money?
Education and learning.
How do you educate and learn about money?
By reading books and articles, listening to podcasts, attending seminars, etc.
We know what we need to do, so why aren’t more of us seeking opportunities to educate ourselves?
If we continue not taking a proactive approach to our finances, there is only one destination: Financial failure, lack, limitation, and financial struggle.
Change the script.
Women Of Color Historically Don’t Thrive Economically
But you have the power to alter the narrativemedium.
This content is for informational purposes only — not professional advice. Consult a qualified professional before making any major decisions.