Financial literacy means simply being aware of your finances in terms of savings, debts, and more. However, as simple as that may sound, you would be surprised to find out how many people are still financially unaware, in the US and across the globe. This was the problem picked out by Carter Cofield after going through some rough patches in life, and now he is on a mission to help people ultimately achieve financial well-being.
Growing up in Avalon Park, South Chicago, Carter did not experience the most pleasant childhood. His parents had passed away by the time he was 17 however instead of letting this break him, Carter decided to push on. He went ahead and put himself through college, receiving a Master’s degree from the University of Illinois through a full ride from the Accountancy Diversity Fellowship.
Carter’s next goal was to attain his CPA license, which he did. Shortly after, he started working at a Big Four firm, KPMG, and Northern Trust Asset Management for 4 years. During that time, Carter learned that although he was successful in his career, he wasn’t doing much for his community. This lead him to co-found Melanin Money.
Through Melanin Money, Carter aimed to bring financial literacy to minorities, especially melanin millennials. Carter worked and specialized in helping melanin millennials save, budget, invest, and prepare their finances better than they could have imagined. Carter’s efforts in this space truly took his clients to a more stable and secure financial future.
While specializing with this group, Carter noticed that they were also business-driven, and most of them wanted to do something of their own. This is where he came in and started to help them with entrepreneurship. Carter also understood that most people in his community can’t afford expensive financial advisors so arranged their payment structure to be a low monthly payment of $49 per month.
During his time working as an advisor for financial literacy, Carter achieved immense success. He was on the cover of Journal of Accountancy magazine as well as Crain’s 20 in their 20’s. However, his success was further reflected when he became a millionaire at the young age of 30.
When Carter thinks about his biggest plan for the future, he wants to develop a financial education platform that will be accessible to everyone and all ages. His plan to drastically reduce the wealth gap between African Americans and the rest of the country.
When talking about advice, Carter says that everyone should find a mentor and start from there. As for his own personal goals and ambitions, he aims to further extend his work by teaching millions of people the importance of financial literacy as well as entrepreneurship.