Personal Finance Done During Social Unrest
Know why you should worry about personal finance in 2020?
Because every single society on Earth is imperfect. Doesn’t matter what country, tribe, creed, gender, or culture you identify with; there is nowhere on the planet that humanity has collectively achieved equality for all.
This in no way means we gotta throw the whole human race away. As a species we’re still growing and, gradually, progressing to a truly equal system. But until we do reach it, we’ll have to deal with those that do not want that equality; those that purposefully seek out the preservation of inequality. If those people had their way only a very small subset of people would have true freedom, and a queer woman like myself wouldn’t be one of them. Odds are good you wouldn’t be, either. And if you were, you’re keeping that position at the cost of everything an enriched mind could have given you.
Which is to say: every society will experience social unrest, given the flaws within them. Everyone protesting now is going after police brutality against BIPOC (BIPOC being Black, Indigenous, and People of Color) and the further systemic issues affecting them. There is a long list of injustices inflicted onto nonwhites, including and especially hindrances to building and maintaining wealth. Some of this is preventing widespread financial literacy, because financial literacy is like understanding a contract; you’re going to get screwed over if the other party knows you don’t know how to read it.
During these times of worldwide protests, use personal finance as an opportunity to further flex on grubby racists. Money is power, and it’s time to take back yours.
WHY WORRY ABOUT MONEY IN A TIME LIKE THIS?
“Now is not the time, Darcy!” you might want to roar at me. Someone must’ve forgotten about some cosmic deadline in 2019, because 2020 is dredging up one reckoning after another. The Trump administration kicked the year off by risking war with Iran and shit’s fallen straight off a cliff since.
“Social unrest” is about as a good descriptor of current events as is calling nuclear fallout an “icky weather event”. With this much on the line, who gives a shit about budgets or index funds? The house is on fire, and you see me to the side of it urging you think about the house in ten years.
“But personal finance in 2020!” I cry.
“THE HOUSE IS ON FUCKING FIRE,” you scream right back.
Okay, granted I’m not ignoring your house being on fire. I’m panicking right there with you and running up to the flames with more buckets of water to fight it. You shouldn’t stop fighting the fire, by any means. But you should start giving yourself more tools to fight back.
Money, in the burning-house metaphor, provides the infrastructure needed to put out the flames faster, like nearby fire hydrants. And firefighters to arrive and use the hydrants most optimally. And the equipment the firefighters need to reroute the fire hydrant water in the first place. Money, in this country, is what makes or breaks every institution, including systemic ones.
The more money you have to boost your power, the more flexibility you have in fighting the good fight.
It is no coincidence that rich minorities are what most threaten white supremacy. In fact, I will strongly argue racist divides were invented by the upper class to deflect working-class furor to some other group. Take back your power by increasing your net worth; it’s a radical act against the establishments built on oppression of others.
Caring for myself is not self-indulgence, it is self-preservation, and that is an act of political warfare.
-Audre Lorde
How to Increase Your Wealth During This Crisis
2020 might be the most challenging time in decades to get your financial shit together. You have to deal with a pandemic that is wiping out entire industries, while also ending almost half a million lives. You also have to deal with the spotlight placed on police brutality and the stress of knowing these protests might not achieve its goal in the end.
To sum up, you have to physically distance yourself from the rest of humanity, while grieving for lives lost, while also fearful it could still get worse.
You’ve got your work cut out for you, for sure. Luckily, you’re also human. If there’s one thing you carry with you through this, it’s knowing your humanity will be what carries you through this. It’s what carried our ancestors and history’s most famous rulers; when deployed correctly, it can also bring you (what might be) unimaginable wealth.
So buckle in and start viewing things long-term. Make your ideal future the motivator, instead of current motivators like satisfying your spending urge or not having to cook your own meals. Make a budget that gives you the freedom to spend on what truly betters your life. Then, when that budget gets you some hefty savings, keep enough for an emergency and dump the rest into index fund investments. Then rinse and repeat as you watch your money – and, by extension, your security – grow in real time. The absolute best time to do this is today, as is maintaining the work you put into this already. All of this will also free up some mental bandwidth to take care of other aspects of your life, including your work with the movement at hand.
Giving Back to the Movement
Maintain your passion for social justice in a sustainable manner; we’re not here to see you wipe yourself out before the endgame. If you’re deciding how much money you should donate, consistency is key. I’d recommend using your charitable giving as a barometer for how much you could donate, while keeping your social justice giving separate from your charity. They are two separate things, with charity treating the symptoms of injustice and SJ rocking the heart of the issue.
On that note, remember also that your time and your presence are also incredible sources of wealth. You can similarly deploy them as well to drive it home that Black Lives Matter, whether that’s during protests and/or by further educating yourself. Both will have you taking action to show you are purposefully aware of what’s going on and you decry it as an evil that must be eradicated.
It goes almost without saying that you should keep yourself in the best condition you can while doing this; staying your best means you can give your best, too. So take the measures for self-care in this time of upheaval. If you’re doing your part at the protests: wear sunscreen, stay hydrated, and wear the proper clothes and PPE to keep yourself safe. You’re not a failure if you need a quick break before continuing, so long as that break doesn’t unravel your progress. And don’t forget about racial injustice or let it taper off once it becomes unpopular.
This is the world we’re talking about. Do your part to help save it.
Photo cred: Clay Banks via Unsplash