Your paycheck helps you live, but accumulating wealth takes more than a steady 9 to 5 with a nice salary. The average millionaire has seven streams of income. Rather than solely earning a salary from a single occupation, financial prosperity is generated by multiple investments that earn money without requiring active work, also known as passive income. If you’ve ever heard someone say, “it takes money to make money,” or something along the lines of, “rich people make money in their sleep,” you’ve heard about passive income. Take a look at the first Black female and male musicians to reach billionaire status, Rihanna and Jay-Z. Rihanna went nearly bankrupt then grew a $600 million net worth. The majority of Jay-Z’s income is the result of smart investments and business ventures, such as clothing lines, sports teams, music streaming and restaurants. The path to wealth building is rarely that straightforward, however. The racial wealth gap offers some proof. According to the 2019...

This month, First Boulevard — a digitally native neobank building generational wealth for Black America — announced a joint initiative with actor, and media personality, Terrence J, who is their Strategic Advisor of Financial Education. Together, they will empower HBCU students through financial literacy efforts. According to a press release shared with AfroTech, the two entities have joined forces to kick off Project Tassels — 1,000 students, 1,000 degrees, 1,000 new outlooks on life. The new financial education initiative — also being spearheaded by Terrence J — aims to educate HBCU students about various finance topics, including credit scores, student loans, credit cards, life off-campus and the importance of budgeting and savings, through a video series. Simply put, First Boulevard describes Project Tassels as a program that’s helping “1,000 Black students reclaim their stranded credits” — which is the case when a student earns college course credits but cannot claim them due...