Closing the Wealth Gap with Financial Literacy

Thrive
by LWP LIFE
Thrive is a series of fireside chats held
on September 17, 2022, at the Atlantis
Manor, in Port Jefferson, New York.
The high-level topics of discussion
promote diversity and inclusion in
areas including Financial Literacy, the
Wealth Gap, Law, Art, STEM,
Community Service/Civics--& more.
LWP LIFE aspires to use this series to
bridge the gap between today’s youth
and the generations that came before
them. And the highest intention of
creating necessary change, in our
communities & beyond.

LWP LIFE
One World Trade Center
Manhattan, NYC

Contents
your guide toThrive
Page 9.
Introducing our Fireside Leader
Page 11. Introducing our Panelists
Page 14. The Sparks: Outlining the takeaways
from Fireside Chat 1
Page 22. LWP Life Initiatives
Page 23. Become a Member Today! Membership
Packages detailed
Page 30. Thank you

Atlantic Ocean
Long Island, NYC

Fireside Chat 3
Closing the Wealth Gap
with Financial Literacy
Navigating a system that was built to work against you
by Closing the Wealth Gap with Financial Literacy
Presented by:
Dr. Tennille Paredes

MEET:
Dr. Tennille Paredes
Dr. Tennille Paredes is a highly accomplished business
executive and certified financial specialist. She holds the
distinction of becoming the first-ever African American person
and first-ever woman to receive her Doctorate in Business
Administration with a focus on Forensic Accounting, along
with CFA & CFP designations. With more than 15 years of
experience overseeing multimillion-dollar companies' financial
operations through accounting, tax preparation, medical billing,
and government contracting services - she leads TEAL
Business Services with expertise.
Tennille's enthusiasm for promoting greater levels of Financial
Literacy has also driven her mission to bridge disparities
between individuals coming from marginalized communities;
this inspired her philanthropic venture: LWP Life Academy- an
organization committed to providing comprehensive learning
programs encompassing Financial Literacy education plus
Entrepreneurial training as well as essential life skills nurturing
efforts designed to lift people out poverty whilst narrowing
existing wealth gaps significantly within these populations.

MEET THE:
Panelists
Dr. Sockalingam is a Partner and Managing Member of
Change Matrix, LLC. Change Matrix supports agencies &
addresses equity, diversity, Cultural Competence, &
Cross-Cultural Communication. They also provide
leadership, collaboration, and conflict engagement. Her
focus is on supporting individuals, organizations, &
systems to motivate, manage, and measure systems
change/transformation.
Currently, Dr. Sockalingam directs a consulting firm,
TeamWorks International LLC, which provided coaching
and consultation to health and education organizations
seeking transformation to be equitable and just. She
also served as the Associate Director of the Georgetown
University National Center for Cultural Competence and
previous Director of the Oregon Health Division’s Office
of Multicultural Health.
Dr. Sockalingam has co-authored book chapters, articles
for peer-reviewed journals, content-specific issue briefs,
and other publications. She earned her doctorate at
Washington State University and has worked in many
capacities in Public & Behavioral Health--both nationally
and internationally, for over 25 years.
Dr. Sockalingam directs a consulting firm, TeamWorks
International LLC, which provides coaching and
consultation to health and education organizations
seeking transformation to be equitable and just. Before
retiring, she was a Founding Partner and Managing
Member of Change Matrix, LLC. Change Matrix supports
agencies & addresses equity, diversity, Cultural

MEET THE:
Panelists
Hassan Gordon currently works in Higher Education
Budgeting & Finance. A previous supervisor of Hassan
believed in him--gave him the opportunity to be trained,
mentored, & guided. Upon this previous supervisor's
retirement, it opened the door for Hassan to pursue his
career in the Finance industry.
Hassan became focused and excelled in Finance, having
been employed for 17 years in the industry.
Hassan works with the Vice President of Finance as the
primary financial consultant for other VP’s, faculty,
office, and program directors. He is also the campus
liaison for the university system’s central office.
Hassan grew to love being in the higher education
setting, as he gets to shape the minds of students and
impart his knowledge to them. He emphasizes the
importance of having basic financial literacy--because
no matter what endeavors they are going to pursue
professionally--financial literacy will be beneficial.
And powerful.

MEET THE:
Youth Representatives
Déja Daniel attends Howard
University as a B.A. Criminology
and Spanish candidate, with
minoring in Political Science. In
2022, she was named as
recipient of LWP Life Academy's
Arthur L Salmon Law Scholarship.
Her vast dedication to bringing
forth informative, awareness, &
being a source of youth
empowerment she will continue
upholding the core values of LWP
LIFE. Déja not only dedicates
herself to her career path in Law
and Civics, but she wants to
expand her understanding of
Financial Literacy to be a resource
for other students. Especially
those with similar backgrounds
as herself--knowing they can
benefit from this important
knowledge & insight.

MEET THE:
Youth Representatives
Tyreeque is eldest child of
Tennille Paredes and the
youngest IAR on the Teal
Business Services team. He’s an
Investment Specialist, as well
as a Financial Coach, on the
road to becoming a CFP.
Tyreeque is also a registered
tax preparer and business plan
strategist. He is currently
studying Accounting and
Finance to follow in his
Mother’s footsteps. Additionally,
Tyreeque is developing a male
mentor program to match teens
with adults in the specific career
or industry they are pursuing.
He also serves as the Treasurer
of the Board at LWP Life
Academy.

Closing the Wealth Gap
with Financial Literacy
Being financially literate is essential across
generations, but others often neglect it. Whether
by choice or lack of education, making smart
money decisions is usually something one learns
too late in life. It is reflected in our education
systems as the basics of managing one's finances
are absent in today's curriculum.
It's essential to catch the youth early and teach
them financial literacy to help them navigate the
world and not struggle like generations before.
Older women who retire or are divorced struggle
with finances because they don't know how to
navigate them. Many people from ethnic or low
economic backgrounds aren't taught much about
finances past getting a job. It's essential to
understand how to handle finances and not be
taken advantage of by others who know how to
navigate them.

Fireside Chat 3
Do you believe
there is a
wealth gap in
the U.S.? Does
it affect
financial
equities?
Together We Thrive

Suganya
Sparks
your guide toThrive
Fireside Chat 3
Jeff Besos will be our first trillionaire, and we still have people who
are homeless and children who are going to bed hungry; we can
see the inequities daily.
Hasson
The general household income, on average, is less than $50,000 in
the U.S. The gaps between the wealthy, middle class, and lower
class are all widening; it's perpetuated by people not being
educated or prepared for what's to come, like retirement.
Tennille
Frequently, millionaires and billionaires look like each other,
lacking the diversity that comes with people who look like us.
Hasson
People see what's tangible; you don't know anything but your
surroundings, so you don't shoot to aspire.

Fireside Chat 3
What does a typical
accountant look like to
you?
Tennille: I often hear, "You don't look like
you're in finance," and think, is it because I'm
black or female that I don't seem to be in
finance?
Tyreeque: I'm a young black man with
tattoos; people may think, "Oh, he's a
rapper," but I want to shift their perspective
by being an accountant.
Together We Thrive

Sparks
your guide toThrive
Fireside Chat 3
Deja
In schools, they need classes to teach you about financial
literacy, credit, and filing taxes. In my high school economics
class, a teacher went outside the curriculum and tried to educate
us about finances. For example, he taught us how to write a paper
check since society uses it less frequently. I appreciate teachers
like him who go beyond what's expected of them to educate their
students.
Tyreeque
They don't want to teach us everyday things but focus on the area
of a triangle; instead, I would prefer them to teach me about life.
Hasson
My father didn't graduate from high school, but he self-taught
himself how to do his taxes through the IRS tax code book. He
was so skilled at it that he'd done all our family's taxes since. In
addition, he taught me the value of owning and purchasing
something versus someone buying it for me or giving it to me.

Sparks
your guide toThrive
Fireside Chat 3
Hasson
In different communities, you see empowerment fused into
finances for youth through cultural traditions like the Barmitzvah.
So along with it being a celebration of becoming a man, it also
puts them on a financial platform to start their lives. I would like
to see something similar to that in the black community.
Tennille
I see that in many ethnic cultures and communities, they band
together. Whether helping provide things when a family moves or
putting funds together to help start a business, they trust that they
can support them and receive that support back; our community
lacks that.
So we're tearing each other down instead of giving each other what
is needed or sharing the knowledge or resources we have to assist
each other.

Fireside Chat 3
This nonprofit believes
in a community that my
grandmother engrained
in me. When she put on
events in our
neighborhood, she
always hired people
she knew or wanted to
allow a chance to show
their skillset.
-Tennille
Together We Thrive

Sparks
your guide toThrive
Fireside Chat 3
Deja
I interned at a senator's office and met a constituent who was
applying for a business grant for a business that his grandfather
started. It made me reflect on my community and sparked a want
for my community to do the same. We should establish
businesses for our families so our kids, grandkids, and greatgrandkids
can have those businesses and accumulate money.
Suganya
I came to the U.S. at the age of 24 without my parents' blessing. I
had two suitcases of clothing, a few hundred dollars, and a check
from my uncle to use when needed. Although my background was
in chemistry, I found a chemistry assistantship and excelled. With
that position, I could have my tuition paid for and funds provided
to assist with rent and groceries; I went 6 ½ years without
applying for any loans.

Sparks
your guide toThrive
Fireside Chat 3
Suganya
I often see that immigrants only know how to save, which is
saddening because I see them struggle as what they are saving is
insufficient for the times they need it. No one taught them how to
grow or build their cash.
There are so many ways we can help people of color, and if we
could start while they're young, what a difference we could make.
Deja
Although my journey was different, I also had to put myself
through school. My father advised me against going to Howard
University because of the cost, so I told him not to worry about it
and that I would fund it myself. I didn't know it would work out
then, but I spoke it into existence through scholarships and other
modes of funding.

Sparks
your guide toThrive
Fireside Chat 3
Tennille
People must read the fine print regarding loans or credit cards.
They get them and think, " Oh, I have this now; I can spend it and
do this," and forget it has to be paid back. But, when it's not paid
back, there are serious repercussions: your wages can be
garnished your credit score can diminish.
The core curriculum in this country is not for people to advance.
It is to produce workers; they teach you to sit still, pay attention,
and follow instructions. It doesn't teach free thinking,
entrepreneurship, taxes, credit, or other things you need to know
to survive.
Suganya
The point of our education system to create workers is
intentional; it has been since slavery and through racism to build
a population of people who will be the workers.

Sparks
your guide toThrive
Fireside Chat 3
Hasson
The concept of higher education has contributed to this gap; it's
how they separated the classes: the educated had money, and the
rest were working class.
Be conscious of the credit card companies on campus because
they take advantage of naiveness and those who don't understand
how they work.
How do you overcome fear and prepare for the future through
smart financial decisions?
Suganya:
To overcome the fear of finances, you must utilize the available
tools and resources to guide you.
Tennille:
Trust me, it will be uncomfortable, but the growth is in what you find
uncomfortable.

Sparks
your guide toThrive
Fireside Chat 3
Tennille
In 2014 I sold my grandparent's home, which initially cost
$15,000, at 1.9 million dollars. Although people told me not to sell
my grandmother's home, I could sacrifice and put funds into the
next generation.
It is best to invest what you can lose; if you lose it, you're not
starving. Also, your investments will grow faster than your
savings, and if the stock market starts to go down, you can sell
and still have your money.
Finances are not one-size-fits-all; everyone's relationship with
money is different. Ask yourself about your relationship with money,
why it's important to you, why you want it, and what you will do with
it when you have it.
Freedom, Stability, Time, Material things

Sparks
your guide toThrive
Fireside Chat 3
Suganya
People hesitate out of fear; Becoming financially literate and
financially secure requires us to take action
We must shift our mindsets; our society focuses on immediate
gratification, so being aware of credit card interest rates is crucial.
You could be paying for something for the rest of your life, although
it costs $500 initially.
How do you want to live your life, and how much would it cost?
Once you know, that tells you how much money you need to save
and build. I was good at saving money, but outside of that, I was
fearful. So I learned I had to trust someone more knowledgeable
to help me do it.

Fireside Chat 3
With fear, I went
through a period
where I knew
what I could do
to change, but
the fear of failing
made me not
want to do it.
-Tyreeque
Together We Thrive

Sparks
your guide toThrive
Fireside Chat 3
Hasson
I like to stand by having cash; if you don't have it, don't buy it. If
you need to use a credit card, only do it if you know you have the
funds, just not now because you want to pay it back before
interest accrues.
Tennille
As an entrepreneur or business owner, you can do things with your
taxes to get tax breaks, but you have to be careful and strategic
about setting up your company to benefit you the most in the
long term.
Suganya
-Learn something, get out there, and read some information.
- Get help, don't be too proud or wait til later because you're young.
- At any age, it is vital to protect yourself through insurance.

Sparks
your guide toThrive
Fireside Chat 3
Suganya
-Have an emergency fund.
-Build your cash, budget, and save.
- Invest a small amount that you're confident in losing.
- Have a will; even if you don't have money, you can let your family
know what to do if you fall ill.
Tennille
It is common to see in communities of color that parents and
grandparents gatekeep information. We need to tell the children
where or how to process things. The people around you need to
know what to do if something happens to you.
When talking about life insurance, most people think it's to pay for
your funeral, but its proper function is to give to the next
generation. You can also use your life insurance to navigate life
now; for example, you can leverage it for credit or loans.

Don't wait until you
don't need it to try
and get help.
There are companies out
there that have financial
planners available with
sliding scales to assist
you where needed.
-Tennille

Fireside Chat 3
As these experiences happen,
memories created
& shared
never forget you can
change & shape the future.
We believe in your
possibilities.
Live your best LWP LIFE.
Together We Thrive

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in YOUth.
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are a possibility. And a reality.

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Thrive
by LWPLIFE