The other day I interviewed financial coach Shannaan Dawda of True Financial Coaches. You can check him out at Our talk was phenomenal. You’re certain to gain a lot from it in the upcoming audiobook release How To Raise Your Black Child To Be A Millionaire. In the mean time, let’s discuss one major point Mr. Dawda emphasized in our talk and his book, From Paychecks To Power: 7 Power Moves To Unlock Wealth Building. That point is the lesson of the value, or lack thereof, of credit.

pic for blog 11 creditcardsWhen reading Dr. Dennis Kimbro’s masterful book, The Wealth Choice: Success Secrets of Black Millionaires, I took particular interest in the point that he made that of the wealthy Black millionaires he surveyed and interviewed, they all maintained very little, if any, credit card balances. As it relates to Mr. Dawda, this is very important, because he teaches strongly that there is no need to rely upon credit at all, if we’d properly manage our finances. To validate his point, he brings to the audience’s realization that in order to build credit and maintain high credit scores, one must go into and maintain debt. His point is that it’s simply not necessary or worth it, when all of your needs and wants can be achieved without going into debt at all. For more specific tips on how you may achieve this, I strongly recommend getting his book and parse the words like you would a good recipe or a football playbook (for all of my sports enthusiasts). To make it easy for you, here’s the link:

pic for blog 11 credit-score-breakdownNow, I know that many of us have read wealth building books and observed wealth building schools of thought that teach the difference between good debt and bad debt; and encourage you to responsibly get rid of your bad debt so that you may position yourself to acquire and leverage your good debt to build assets. That may be okay for some. However, because our effective and efficient financial management has been an elusive concept within our culture for so long, it’s far more likely that it is better for us to take Mr. Dawda’s approach and a note from the Black millionaires Dr. Kimbro mentioned towards our wealth-building and financial mastery pursuits.

pic for blog 11 Bad-credit-black-listed-677x316_cNow, I completely understand that many of us have a hard time believing or fathoming that it is in any way possible to acquire our homes, our vehicles, and all of our needs that we typically only think are accessible to us through financing, through any other means. But the harsh truth is, if you’re having a hard time seeing this as a possibility, it’s likely that you’re not maximizing the use of and the discipline necessary to properly manage your income. This thinking and the habits that follow are, clearly, not what we want to pass on to our children.

Young beautiful black teenage driver holding car keys driving her new car
Young beautiful black teenage driver holding car keys driving her new car

So, the question becomes, how is this relevant to #RaisingBlackMillionaires? Well, when I first went off to college, I heard so much about being careful to not go into credit card debt while away at school; because it would ruin my credit. I didn’t, however, hear anything about how to not go into debt with student loans or receive any teaching about exercising a plan that would prevent me from needing to worry about credit or student loans in the first place. Where was Shannaan Dawda when I was eighteen? Well… in all fairness, he was probably still in grammar school. Nonetheless, we all have the benefit of his maturity and expertise now; and it’s never too late to implement his strategies. And the point is, if we begin using his strategies and teaching them to our children now… like right now… today… don’t wait… then we’ll give them the right tools to perhaps inspire Dr. Kimbro to write another book where our children are among the millionaires featured.

pic for blog 11 RaceCharts5What do you think? Let us know by sharing your comments and likes below. Don’t forget to follow me on Twitter with the #RaisingBlackMillionaires.


One thought on “What To Teach My Children About Credit

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