photo by steed media service

Financial literacy is of paramount importance to anyone attempting to build wealth. Irvin Ashford Jr., VP of Public Affairs for Comerica Bank, believes in raising awareness in the community regarding financial acuity. “I would say the most important thing that people can do in regards to their finances is know what you’re spending and spend less than what you earn,” he advises. “I think a lot of people have no idea how much money they spend on a day-to-day basis on frivolous things. That money adds up, [and] while you get a temporary benefit from that cup of coffee and from listening to that CD, there are really no long-term benefits in the future.”

“In the African American community, what we need to do is save more and invest more and [consume] less,” continues Ashford. “I think that in most cases, people are receptive to changing their spending habits because everyone wants to do better, save more money and build wealth.” 

“It’s the wonderful thing about living in the United States of America — anything is possible,” says Ashford. “It is possible to not have any money and in the next period of time, have [lots of] money, but you must incorporate positive systems.” Ashford believes in spreading information. “When you teach budgeting and investments, savings and investments, you educate a population about their finances [and] they make better financial decisions.” –todd williams

Send this Article to a Friend
facebook