CHARLOTTE, N.C. — A new report from Wells Fargo says money continues to be a tough subject for many families.
The data shows 82% of Americans consider money to be a private topic, with nearly two-thirds of respondents expressing reluctance to discussing money altogether.
As part of Financial Literacy Month, financial experts are encouraging conversations about spending habits so people make sound decisions with their money.
Rev. Tony R. Jackson is a certified financial education instructor and ordained minister.
He founded The Real Money Coach LLC, a business providing financial coaching and educational services to families and businesses worldwide.
Jackson has received several accolades for his services, including a national award for the Champion’s Club and Entrepreneur of the Year.
Through radio appearances and weekly podcasts, Jackson has been helping people make smarter money decisions.
“What I’ve done for 25 years is help people with their finances, particularly their retirement, life insurance, setting up strategies that will help them save on taxes and retirement,” Jackson said.
Jackson and his wife, Alisa Jackson, worked hard to build a successful life for themselves and children.
He’s proud to see his kids taking his advice and experiencing financial successes.
“When my parents talked about money, they always sent us out of the room,” Jackson said. “I think it’s good to have those conversations with [your kids] in the room. We have four children and three of them are homeowners in their 20s, so they listen.”
Jackson is dedicated to helping others, particularly the Black community, with reaching financial freedom.
“That’s my passion,” Jackson said. “It’s such a wonderful feeling when you have helped someone, and you see that come down the road.”
Jackson says financial literacy is an issue many people struggle with.
“People get stuck,” Jackson said. “When it’s something they’re not familiar with, it’s hard for them to do. When we can help people in that regard, I think that’s huge.”
Growing up, Jackson says he made mistakes with his personal finances.
“As a freshman in college, [I was] getting a credit card and stereos and things, not understanding credit and debt, and I was an accounting major,” Jackson said. “I’m passionate about this [issue] because of my own life and experiences.”
Jackson’s parents inspired him to help others in the community.
Jackson says his parents worked hard to provide a good life for their family. They never went without food or any life essentials.
“They were very good at surviving and providing a good living, but there wasn’t the extra. There wasn’t the inheritance or the things we really try to coach people to do. The real shocker to me… when my mother passed, she had six life insurance policies, and we found out none of them was going to pay. They thought they had all that taken care of. I realized if they didn’t know, how many more families are like that?” Jackson said. “Fast forward 15 years later. My dad passes. We find out his benefit as a retiree had been reduced, so it wasn’t enough to cover his funeral. I realized we got to do something about this.”
Jackson is now doing all he can to help others create a life of financial freedom.
He says it’s important for people to have conversations about money, and work toward building a life and legacy they can leave behind for their loved ones.
“Everyone talks about generational wealth, but what are you doing to create it? Spending all your money doesn’t create it,” said Jackson. “The Bible says a good man leaves an inheritance for his children’s children. In order to accomplish that, you got to get your own stuff together. You have to create this environment where your children are in a better place than you are, therefore your grandchildren can be in a better place than your children, and that’s ultimately what our goal is with generational wealth.”