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Original poster

To black people - what are you doing to ensure your black children GET PAID

191 replies

samosamo · 13/01/2021 08:32

Dear Black Women,

I am thinking about things I can be doing now to prepare my children who are black, who look black, and who have names which suggest they are black, for life in this world as an adult needing to make money despite all of that.

Yes yes, maybe in 20 years the world will be a different place and their cvs won't be rejected because the name doesn't fit, but just in case?

What are your thoughts on ways to make money where they can be anonymous? I'm thinking about the stock market at the moment. They can go in and become traders very simply and they simply interface with some graphs on a screen. Being black, female, young, old, none of this matters it is truly a level playing field. But finance is my bias.

Can you think of anything else where background truly doesn't influence how well you can do?

OP posts:
NoMoreManels · 16/03/2021 11:59

I agree with the previous post that competing on price is never a good idea. You'll end up doing the same work for less money. Better to be good at something and charge with confidence.

As well as business and management skills, learning about taxes is important and can save a lot of money with the right business structure, either for your own company or your buy-to-let portfolio.

My plan is to run my own business (professional services), save up for a buy-to-let flat (or more than one if I can), and also write non-fiction books about said profession that I can sell via Amazon. But I'm good at writing and there is a market for it in my field so I am trying to capitalise on my skills and what's in demand.

RedMarauder · 16/03/2021 12:10

@NoMoreManels one thing I can advise you is not to tell everyone your plans as people will steal your ideas.

NoMoreManels · 16/03/2021 12:15

@RedMarauder Thank you. I am keeping absolutely silent on it to both friends and colleagues, as in I never discuss finances, properties, my business structure/USPs or book ideas.

Do you think it's too telling on here without knowing my field and location?

RedMarauder · 17/03/2021 14:58

NoMoreManels my issue is I know people who have similar plans.

alilstressed · 30/03/2021 06:56

This is one of the most interbank useful threads i have ever read on MN, so thank OP. My eldest child is in Yr 3 and I am considering everything.

alilstressed · 30/03/2021 06:56

*interesting

OneDrop · 01/04/2021 21:20

Mamentor - bringing up success in the face of racism

Needs to be written

NurseButtercup · 02/04/2021 04:22

@NoMoreManels

My plan is to run my own business (professional services), save up for a buy-to-let flat (or more than one if I can), and also write non-fiction books about said profession that I can sell via Amazon. But I'm good at writing and there is a market for it in my field so I am trying to capitalise on my skills and what's in demand.

Something for you to factor, is that so so many people are doing this, but giving away the information for free via blogs & social media. Their rationale is to build followers & views on their social media, in order to develop income stream via brand partnership.

JackieWeaverFever · 02/04/2021 04:44

Education - the best you can get that is right for your child. My personal feeling is private education can be a "false friend" these days.

Resiliance - the reality is shit happens. Fair and unfair. You need a strong mindset, good internal sense of self, good work ethic and a thick skin.

A tech based career.
My pay is based on an algorithm. Everyone earns the same at a given level. Everyone is paid well. Everyone enjoys a lot of priviliefge and perks, including excellent private health.

Trading is fine for a few years maybe but I wouldn't want that lifestyle for my kids.

Original poster
samosamo · 02/04/2021 08:50

@JackieWeaverFever

Thanks. What i meant re trading was the activity. I know 65 year old grandmas who trade very successfully for income and have done for years from their comfy warm homes. The stock , and other, markets are very democratised now. I didn't mean trade for an investment bank. I don't think working in those organisations are race neutral at all. Even beyond that I wouldn't encourage my children to give over their valuable 20s and 30s to a bank (or magic/silver circle law firm). Their parents did that so they wouldn't have to.........

OP posts:
chocolateorangeinhaler · 02/04/2021 09:20

Why would you want your kids working for someone who discriminated on the basis of a name?
I'm in public sector in UK. HR remove all personal details before I get to see a CV. So I don't know age, sex, ethnic origin etc. the personal statement is what I read first. Honesty is what I like to see. Hate with a passion a 3000 word essay about how good they think they are and are the best person in the world for the role. - yeah so does everyone else applying, that's obvious- .

JackieWeaverFever · 02/04/2021 11:15

I wouldn't encourage my children to give over their valuable 20s and 30s to a bank (or magic/silver circle law firm).

God this x 10. Seeing friends lives first it's really just not worth it. They make 40-50k more pretax than me max and lose evenings weekends and a lot of key life events. One just had burn out and got signed off - he is 31!
Tech also has great flex for things like additional childcare leave and fully paid recharge after long service (1 month additional holiday every 6 years). I am not up for running my own business its not my jam, but would def encourage my kids to particularly when young with nothing to lose.

I'd also recommend teaching them basic business principles and demystifying C-suite. My husband and I came from very ordinary/nothingy backgrounds and that was all a bit of a mystery but really a non mystery as there isnt much magic going on behind the curtain!!!

Our backgrounds also meant we were a bit clueless on investing our money Confused and agree teaching children that skill of trading and investing is def valuable.

On the trading front im not sure what others think but I've found its a fine line with gambling for some people. i think its worth educating on approach/mindsets to trading.
We now keep a reasonable spread of investments but my husband is sooooo nervy and keeps obsessively monitoring our (volatile) crypto investments in particular even though they are LT holdings. 🙄
He also gets mega FOMO which makes him want to do frankly silly things.
I.e. he really wanted us both to chuck a grand each into deliveroo and sell when it floated to male a quick profit even though we both hate the business model. I refused as it's not our investing philosophy but said he could do what he liked, after HOURS of chat he didn't invest (I felt v vindicated when it flopped GrinGrin).
We also know people who overexposed themselves and lost a lot in trading too.

Ends tangent/

Original poster
samosamo · 02/04/2021 11:20

Agreed. I know a lot of spread betters. Very eeeeeeek to me.

OP posts:
Original poster
samosamo · 02/04/2021 11:24

@chocolateorangeinhaler

That's useful. What do you like to see in an application.

OP posts:
Original poster
samosamo · 02/04/2021 11:33

Now that I'm here. I also think getting children work experience at a young age us good, say from 8 or 9 years old and definitely once in high school.

And opportunities to speak publicly to a large audience.

OP posts:
Bellevu · 04/04/2021 08:05

Second language fluency and strong maths skills.

Enough savings to walk away from a job that's messing with confidence, emotional wellbeing, self esteem, etc

bevelino · 04/04/2021 20:22

@samosamo

Now that I'm here. I also think getting children work experience at a young age us good, say from 8 or 9 years old and definitely once in high school.

And opportunities to speak publicly to a large audience.

@samosamo, how would you get work experience for 8-9 year olds and what work could they legally undertake at such a tender age?
Lottiethelemming · 04/04/2021 20:51

We have homeschooled our boys since they started school. By that, I mean 2 hours of study after school on top of school homework. They are 6 and 8 and go to a state school.

We make it as interesting as possible and they enjoy learning. They do 3 hours each weekend day too as well as all holidays.

They spend their free time watching educational stuff on YouTube and in their Nintendo Switch.

We generally teach them Recieved Pronunciation too and they both have exemplary manners. They are both very well spoken and I sometimes have to pick them up for correcting adults, including me!

I come from a very broken home and I will do all it takes to make sure my boys have an advantage.

I am also absolutely bitter because we are only doing it because of the colour if their skin. It's not that we wouldn't have done all of this if they were white. Many, MANY white children don't have parents that are invested in their children's future. It's a fact.

We do it because we don't want our boys to become a statistic.

Original poster
samosamo · 05/04/2021 00:30

@bevelino

By that I mean have them accompany adults at work for a few days, do they can see (black) people working competently in a range of roles and sectors, some of which might interest them.

My daughter likes the idea of being a vet. I have a vet friend whom I'm speaking with about the opportunity. I'm not saying they should be 'working'.

For some reason I sense some antagonism in your questions, but perhaps I'm just tired after a few too many easter egg hunts today....

Thx

OP posts:
Original poster
samosamo · 05/04/2021 00:48

@Lottiethelemming

I'm not sure what RP us, but I have a sneaky feeling it is how Baroness Scotland speaks, and if so I'M IN!

I listened to her on black is the new black and the way she said thirties, 'thir-ti-es'. I'll never say firteesagsin, EVER. I've seen the light!

OP posts:
bevelino · 05/04/2021 15:16

[quote samosamo]@bevelino

By that I mean have them accompany adults at work for a few days, do they can see (black) people working competently in a range of roles and sectors, some of which might interest them.

My daughter likes the idea of being a vet. I have a vet friend whom I'm speaking with about the opportunity. I'm not saying they should be 'working'.

For some reason I sense some antagonism in your questions, but perhaps I'm just tired after a few too many easter egg hunts today....

Thx[/quote]
@samosamo no problem and I did not intend to offend, but was responding to your post about children doing work experience. I didn’t know that you meant accompanying an adult to work.

The company I work for have take your child to work days but it is for pupils in year 8 as younger children would not benefit as much as an older child.

MayIDestroyYou · 05/04/2021 16:12

Pleased to see this thread reactivated.

(Was previously here under a different name.)

maggiethecat · 05/04/2021 16:47

Not about paid careers but about money choices - I’m reminded as the tax year ends.
Encourage your children to save consistently from early. I will be drumming it into my dds to invest within ISAs monthly for the long term and to make best use of pension allowances.

The benefit of long term investments cannot be overstated nor thinking about pension the moment they start earning. My hope is that they will have financial freedom to allow for the work/lifestyle choices they want.

Original poster
samosamo · 05/04/2021 19:24

@bevelino

Ah, ok, I did think it might have been tiredness getting to me. Thanks

For me the benefit of seeing possibilities starts way younger than 13 years old. Your company is likely not thinking about the black aspect that we are discussing here?

OP posts:
bevelino · 05/04/2021 20:39

[quote samosamo]@bevelino

Ah, ok, I did think it might have been tiredness getting to me. Thanks

For me the benefit of seeing possibilities starts way younger than 13 years old. Your company is likely not thinking about the black aspect that we are discussing here?[/quote]
Hi @samosamo the company I work for are definitely working towards having as many young people of black and other minorities apply for internships and graduate roles as we can get. We are doing a lot of work to encourage applications.