By Devon Jones
In 2004, Congress designated April as National Financial Literacy Month. To celebrate, The Cleveland Observer and the Phe’be Foundation are collaborating to bring financial literacy tips to the community. This collaboration begins with a series of articles discussing various aspects of Equitable Money Matters that empower. The Phe’be Foundation is a 501(c)(3) organization which has been in operation for more than two decades, and it is geared towards educating the community on financial literacy. This article features a brief interview with Phe’be Foundation Director Sharron Murphy-Williams on the core elements of Financial Literacy.
When asked, “What are the main components to becoming financially literate?” Director Murphy-Williams responded with three tips. The first being, “know your money, no matter how much or how little; you need to know what’s in your pockets.” The second is “date your finances. The more time you spend with your money the longer your money will stay with you,” said Murphy-Williams. The final component is “hold yourself accountable.”
Murphy-Williams discussed a question many are asking within the community which is, “After the passage of the most recent rescue package, what’s next?” She started her concerns around our false sense of wealth, “we have a false sense of financial security with the recent economic stimulus. This may leave people in more financial turmoil than pre-COVID conditions.” She suggested maintaining living expenses as if it were pre-COVID. In conclusion, she recommended that those receiving unemployment should have taxes deducted now, so they will not have to pay at the end of the fiscal year.
Murphy-Williams discussed how the Phe’be Foundation is looking to innovate and adapt in this ever-changing world. “We are going to find new ways to stand in the gap to offset the barriers our communities face. With new programs such as Wired2Work, and the creation of our new Youth Advisory Council, we are finding unique ways to inform and prepare our community for the challenges we face.” She urged everyone to stay tuned for more to come.