Historically Black Colleges and Universities (HBCUs) have always been a large staple in our community and America’s history. If not for the Black scholars who came before us pursuing a more educated tomorrow, there would be no space for Black intellects to thrive in full bloom.
For over a century, HBCUs were the only option for Black students looking to escape the generational curses set in place by a system expecting them to work instead of learn. Now, HBCUs are one of many higher education options for Black students, and, for many, an only choice. There is no experience on earth like an HBCU experience. From the curriculum that prepares students for life post-graduation, to opportunities through their robust alumni networks across companies and industries, HBCUs represent the resilience of a people still working toward a brighter future for the newest generation of minorities turned major.
This year, EBONY hosted its inaugural HBCU Yard Fest, bringing together students across the Atlanta University Center (AUC) for celebration and fellowship. Throughout the event, students connected with one another while participating in activations and performances on the campus of Morehouse College.
Keeping with the day’s excitement, EBONY teamed up with Wells Fargo to bring a live recording of the Funky Friday podcast to Morehouse where former NFL quarterback, Cam Newton, held a thoughtful discussion on the importance of financial literacy for Black students.
Wells Fargo has also had a long-standing commitment to HBCUs, providing more than $40 million to HBCUs and organizations that support them, including the United Negro College Fund (UNCF), Thurgood Marshall College Fund, as well as the Jackie Robinson Foundation, making it a natural fit to partner with EBONY in supporting the inaugural HBCU Yard Fest, championing the rich heritage and financial empowerment of Black students.
To kick off the conversation, Newton sat down with EBONY and JET CEO, Eden Bridgeman Sklenar to discuss her upbringing. As the daughter of former NBA player Junior Bridgeman and mother, Doris Bridgeman, she credits them for her and her family’s financial success. When asked about her privilege growing up in such a prominent household, she said, “I grew up blessed by God.”
Bridgeman talked about how her siblings worked together to keep their family’s wealth in the family: “[With] generational wealth, generational change has happened.” Bridgeman worked her way up in her family’s business, from her first job as a janitor at just 12 years old. That experience molded her into the multi-business owner the world knows today.
The importance of access to financial literacy for Black college students was also a topic of conversation with Bridgeman and Newton. They spoke on factors that can impact students’ success as their dreams post-grad, with Bridgeman sharing some sound advice to students that: “Passion alone without a plan is where so many do the next generation a disservice.”
EBONY also spoke with Wells Fargo’s Head of External Engagement Gigi Dixon, a proud HBCU graduate hailing from Tennessee State University. Known for her work and advocacy as a member of the NAACP Board of Directors, Dixon’s thirty years of experience in banking gave merit to the insights she shared about how college students could better access financial education, tools and resources and free financial coaching offered through programs such as HOPE Inside, which is located within select Wells Fargo branch locations. When asked about how to get started with financial literacy for those experiencing the pivotal adult college years (18-22), she shared, “Financial literacy starts with the education of money,” and reminded students to “pay yourself first,” meaning to invest in your career, your dreams and your essential expenses.
Newton then turned the floor to the audience with a financial literacy exercise he called “50/30/20.” The objective is to separate your essentials (50%) food, lodging, transportation, etc., from your wants (30%) and your savings (20%). This conversation created a dialogue amongst the audience for many different students at different stages of their lives. For freshmen, the most significant essential was being able to afford off-campus food during hours when the cafe was closed, as opposed to graduate students facing mortgages and credit card bills. The exercise opened a world of conversation to what some may deem a necessity and what others believe to be a luxury.
The event proved informative and entertaining. Newton gave students a chance to come on stage and interview Bridgeman and speak to Dixon about financial advice they may have to offer young minds. Students shared that the event made them feel “very involved” and reminded them to stay humble when climbing toward their post-grad successes.
Jordan Bennett, a junior at Morehouse College majoring in Biology on a pre-dental track, shared his insight from the event, mentioning the 50/30/20 rule by name and added that it helped him further examine “what you are putting your money into so that you can have more to work with in the long run.”
The full episode of the live Funky Friday taping can be checked out on YouTube.
