Tremaine Wills
speaker
60 appearances
1 recordings
1 series
first heard Feb 2021
last heard Feb 2021
Tremaine Wills’s voice in public audio — every appearance, attributed to the second.
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Appearances
But the reality is you have other responsibilities that sometimes don't exist in other communities.
And so when we think about our networks and how that helps elevate us.
When African-Americans tend to look around their peers, if they are the first in their space to step into wealth, that usually means that many of their peers are not doing as well as they are.
And so when you go back home and you're expected to
help a sibling or help a parent or help you know whoever person in your circle that's this additional stress on your resources that stretches your money so while you might have had you know forty fifty sixty thousand dollars of disposable income well all of that can't go towards building wealth it has to go towards who else needs assistance so that I can support and bring them along could that put somebody in a position to drain some money from their 401k
Absolutely.
Right.
So when you think about the proximity of resources.
Right.
So let's say I have a sibling that in my eyes has all this money and I need help.
Right.
And I have nowhere else to turn.
And I go to my sibling and I'm expecting this assistance.
Even if the sibling knows it is not in their best interest to make this withdrawal from their 401k and they know all of the implications that are around it, this emotional burden can often say, hey, OK, this is my sibling, right?
I have to help.
And so that additional responsibility then turns to I worked so hard for all of this, but now I have to help.
take this step back and help out.
So, you know, it definitely can have an impact on our ability to grow the money that we have in retirement plans if so many people are pulling at our emotions.
Thank you so much for having me.
This was awesome.
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