Tavis Smiley on African American Finances

I caught this interview over on BV On Money with Tavis Smiley. Tavis talks about social media, Twitter, and President Obama.

What are some of your thoughts on the importance of financial education in the black community?
Put simply, too many of us spend money we don’t have, to buy stuff we don’t need, to impress folk we don’t even like. If we could ever arrest this development, we could get on down the road toward financial prosperity.

What personal philosophy do you follow on money?
The same advise my Grandfather gave me years ago: “Make all you can. Can all you can. Sit on your can.” In other words, make it, invest it, and watch it grow.

How do you think the internet and social media has helped or hindered financial education?
The short answer is, there is so much financial information available via the internet that ignorance is no longer an acceptable excuse. I’ve tried through my internet outlets, namely through a program that we call Road to Wealth, to empower people with financial information that can help them live better lives and leave greater legacies.

Do you have any financial and professional advice for the black community?
Yes, save more and spend less. It’s really that simple.

Is it necessary for President Obama to create more economic programs targeted towards the black community?
ABSOLUTELY! This notion promulgated by the White House that “a rising tide will lift all boats,” is nonsense. All the boats didn’t go down at the same time, and all the boats are not going to come up at the same time. Wall Street and Harlem are on the same island called Manhattan. Wall Street is coming up and Harlem is going down. And besides, if when the tide does comes up, and you’re in a yacht and I’m in an inner tube, we’ve still got a problem! And we haven’t even talked about the folk who are in the water! But I digress.

Catch the full interview here.