What started as a Facebook group in 2017 became one of the most impressive sources of online personal financial advice for hundreds of young black women. Yet her rise to success doesn’t follow a lot of the hallmarks of similar advisors in the space. She learned what works and what doesn’t in her field, and it showed her how to offer something others wanted.
A Disastrous Financial Advisor Meeting
Kennedy was a newly divorced, single mother of two trying to find her way in the world. She met with a financial advisor in 2017 to help her plan what she should do, and the meeting was a complete waste of her time.
As a former professional in the finance industry, what most advisors could offer her wasn’t what she needed. She also figured that many other people were getting financial advice that didn’t cater to their needs either. That’s what prompted her to start the Facebook group.
Making Assumptions Makes Her Rethink Seeing An Advisor
Her initial interaction with the financial advisor was about building a budget from her earnings to support herself and her children. The advisor was an older white male, someone who was totally disconnected from her life experience.
He sat across from her and made assumptions about her financial situation and what she had to deal with. He was very robotic and not empathetic to her situation. It left her with a bad taste in her mouth, and made her think if she was facing this, how many others were as well?
Experience as a Young Black Woman Counts for a Lot
What set Kennedy apart from other financial advisors is that she had experience as a black woman, both growing up and working in the financial sector. She woke up the very next morning and started the Facebook group she entitled the Broke Black Girl.
She chose the name because it’s how she felt at that point. She had a decently paying job with great benefits and struggled to make things work out. She wanted to know where she and other black independent women fit in the grander scheme of things. The Facebook group gave her the vehicle to ask those questions.
The Group Sees Massive Growth
In a short time, the group exploded in popularity, with thousands joining, looking for a way to kickstart their own personal finance journey. She started by teaching people how to break down their financial goals into smaller, more accessible chunks.
From budget planning to finance tracking, the group taught its members the basics of personal finance and helped them figure out their personal monetary situation. It was unique and the first time something like this was showing up in the community, so it was openly discussed.
Using Social Media for Outreach
Kennedy’s success comes from how widespread her social media reach has gotten. Her members have shared her posts with many people, which has led to more people joining the group and learning what she has to teach.
She’s avoided the “aspiration” posting that many social media personal finance gurus have depended on for their audiences. Instead, she looks at practical considerations that have a real-world impact on many people. These considerations help her to create content that helps people.
Showing Off is Not Kennedy’s Style
One of the most essential things Kennedy wants people to know is that it’s not about buying the big ticket items. Some of these things just aren’t a fit for your current financial situation. Even if you can afford these things, like a new car or a house, does buying them increase or decrease your financial stability?
She doesn’t like the idea of “shiny red ball” syndrome. Sometimes, influencers will push people towards doing things because they want to be like those influencers. Kennedy says that when she feels that urge rise up, she takes time off social media to gain some perspective on what she’s doing.
The Lightbulb Moment – Not Broke Anymore
Kennedy says that the moment she realized she wasn’t broke anymore was when she could put her bills on autopay. For a long time, they caused her anxiety because she wasn’t sure where she would get the money to pay for those bills. It weighed heavily on her mind each month.
When she could finally pay her bills without looking at the bank balance, she knew she got to where she wanted to be. Instead of reviewing her bank balance daily to make sure she could meet her obligations, she could leave it to once a week to manage her spending.
Facing Criticism With Style and Class
One of Kennedy’s earliest criticisms of her group was the name. People weren’t pleased with the word “Broke” being in it. However, she stuck to her guns, noting that broke was a perfect descriptor for people even though it made them feel bad.
She argues that someone could be broke even while working a full-time job like she was. No amount of hustle culture or side-job income could make someone be less broke if that’s their reality. Kennedy realized early on that changing someone’s mindset was how you could get them to change their economic situation.
The Mindset Shift Is Not Everything
Kennedy notes that many personal finance gurus have content about shifting people’s mindset about money. She sees this as essential but not the final piece of the puzzle. Instead, it should be about planning around what’s present and the reality of the situation.
Most personal finance gurus talk about an average salary that’s far in excess of what the average African American makes. She wants to change that discourse to focusing on how average African Americans can manage their earnings and remain financially solvent.
Consulting With a Professional
Today, Dasha runs a consultancy focusing on finance for black people in the US. She often appears on podcasts and magazine articles, showing people that there’s a way to manage debt and escape poverty. Kennedy shows us that learning how to manage finances shouldn’t be a one-size-fits-all solution. Each person is unique, and so are their needs.
