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Financial Literacy for All
Book

Financial Literacy for All

Disrupting Struggle, Advancing Financial Freedom, and Building a New American Middle Class

John Hope Bryant
Wiley, 2024
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9

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  • Applicable
  • Engaging
  • Inspiring

Recommendation

Nearly 40% of Americans lack adequate financial resources to cover an unexpected $400 bill — just one symptom of the devastating financial hardships many Americans face. In this eye-opening guide, John Hope Bryant — former vice chair of the President’s Advisory Council on Financial Literacy — proposes that the key to unlocking financial freedom isn’t just earning more but understanding how the system truly works. Diving deep into the systemic issues that often keep individuals from achieving lasting financial success, Bryant offers clear insights into the hidden forces that shape people’s financial lives. He delivers a compelling resource for anyone looking to break through economic barriers, gain control of their money, and create a better future.

Summary

A lack of financial education in the United States traps low-income communities in cycles of debt.

When he was young, the author took out a high-interest home equity loan of $90,000, with monthly payments of $1,000. Years later, a friend suggested he open a low-interest $1 million commercial line of credit, which offered similar payments at a much lower cost. Realizing his mistake, Bryant switched to the more favorable credit option. Yet not everyone is so lucky; his error reflects a larger issue in the United States. Despite the critical importance of financial literacy, the country’s educational system largely fails to equip individuals with the essential skills to manage their finances effectively, especially in low-income communities.

This lack of understanding leads to poor financial decisions, such as taking out high-interest loans, overspending on credit cards, and missing opportunities for savings or investments. For example, a person might unknowingly accept a high-interest car loan, which over time could cost thousands more than necessary. As a result, many Americans trap themselves in cycles of debt, exacerbating their financial insecurity...

About the Author

John Hope Bryant is an entrepreneur and executive focusing on financial literacy. He’s founder, chair, and CEO of the nonprofit Operation HOPE and CEO of The Promise Homes Company, and has served on multiple presidential councils under presidents George W. Bush and Barack Obama. He’s a CNBC contributor, host of the podcast Money and Wealth with John Hope Bryant, and author of books including The Memo: Five Rules for Your Economic Liberation and How the Poor Can Save Capitalism.

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