I’m the first lawyer in my family. I work for a law firm that, like other corporate firms, only in fairly recent history began hiring people who look like me.
I make more than my ancestors could ever have dreamed of making.
Part of it is that people simply were paid less back in the day. More of it is has to do with the history of the treatment of Blacks in this country.
Education for Blacks
Not too long ago, education was rare for Black people.
One of my grandfathers received an education and was the principal of the Black school near the town where he lived.
But one of my grandmothers wasn’t able to go to school, couldn’t read, and cleaned houses for White women—one of few jobs available to Black women who migrated north during the Jim Crow era.
It blows my mind that some of my grandparents lived to see me receive my law degree from a school they were forbidden to attend in a state that actively oppressed Black people and resisted integration.
I have had more opportunities for education than those who came before me, which allowed me to get the job I have.
Black wealth
A plethora of atrocious acts and systemic obstacles have prevented the accumulation of wealth in the Black community for centuries, while the wealth of some of the wealthiest Whites in America was built on the backs of Black bodies during slavery.
Aside from the tremendous, centuries-long head start that many White families have had, many Black families also experience a negative wealth transfer. Rather than receiving an inheritance, younger generations in Black families often help support the elder members of the family.
Blacks also tend to go further into debt to receive an education than our White counterparts, and we tend to make less on average for the same job positions.
Today, 150-some-odd years after the end of slavery and 50-some-odd years after the fall of Jim Crow, the average Black family has 10% the wealth of the average White family.
One. Tenth.
What does all this mean for me?
Against this backdrop, I entered the workforce 5 years ago.
I came out of school with a large student loan balance (and married into an even larger one).
Related: Our Debt Payoff Plan: Paying Off Over $670,000 of Debt
Despite the pay disparities that I know exist, I’m making good money and want to manage it properly.
One big reason that personal finance is so important to me is that I don’t want the work and sacrifices of everyone who came before me to have been in vain. I don’t want to waste the opportunities available to me that my ancestors never had.
I want to have something to show for the money I’m making.
I want to leave a legacy for my kids, grandkids, and beyond.
I want to be in a position to help family members if they need it.
I want to be able to help others coming behind me.
Financial independence is more than just not having to rely on a job anymore. It’s freedom and financial stability that weren’t available to my ancestors.
Today is Juneteenth. It commemorates the day the last slaves in Texas received the news that they were free, over 2 years after the issuance of the Emancipation Proclamation.
It’s amazing how far we’ve come as a people since that time. While we still have a long way to go, you can’t tell me that my ancestors wouldn’t be amazed at where we are today.
I am my ancestors’ wildest dreams, and I’m going to do everything in my power to ensure that I live a life worthy of the price they paid.
A huge part of that is working to achieve financial independence and changing the Black narrative for my family and for future generations.
You can’t help others until you help yourself.
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Hi, I’m Rho! I’m a wife, mom, and Biglaw associate who believes that true wealth is having control of your time. I help busy lawyers like you take back control of your time by teaching you how to achieve lifestyle freedom through mindset shifts and financial independence. Read a little more about me here.
