Hey Reader,
Earlier this week, I finished the last episode of Franklin on Apple TV. The series recounts the story of Benjamin Franklin's secret mission to France to secure the support of the French against the British Empire. During the final moments of the last episode (don't worry - not a spoiler), Franklin is in conversation with a young French aristocrat traveling to America to start anew after being disowned by his family. Seeking the wisdom of Franklin, the young aristocrat asks, "Perhaps there is hope for me?" Franklin responds in the upmost American way by saying, "You'll have your opportunity, the rest will be up to you."
Franklin's optimism here is endearing, but the hard truth is this: opportunity, especially economic opportunity, isn't a birthright in our America. In fact, for many, the American Dream is nothing but a facade disguising the unjust systems at play behind the scenes working to intentionally keep the poor, poor and the rich, rich. Individuals trapped at the bottom of our socioeconomic ladder are often trapped in what scholars call a 'cycle of poverty' and breaking that cycle of poverty is nearly impossible. Why?
Because it is expensive to be poor.
If you are unable to pay a bill on time, what happens? You get slapped with a hefty late fee on a bill you are already struggling to pay and your credit takes a hit. Soon your only option becomes a Payday Loan with interest rates so high that your next paycheck barely covers your debt. As a result, you struggle to afford your other necessary expenses such as utilities, car insurance, and health care. The cycle continues month after month and you never can get ahead. This cycle, fueled by unjust systems, is the reason why 49% of 30-34 year olds who find themselves in the lowest economic quintile will still be in the lowest economic quintile by the time they reach the ages of 55-59 (Bookings Report, June 2022).
So, what are we to do? On a policy level - we have to organize and advocate for equitable economic policies that limit junk fees, reign in the predatory lending practices of loansharks, standardized the credit reporting process, and decrease the wealth gap through fair pay practices and corporate responsibility. But, on the personal level? We have to acknowledge our system is unfair with predefined avenues of engagement. As a financial educator, I confess that a big part of my work is teaching individuals how to 'play this system' in a way that is still authentic to who they are and what they believe. However, every day that task seems to get a little bit harder. So, on this Independence Day - as we celebrate and find rest - may we remember this divine truth:
Our economy should never diminish our humanity.
With Wild Imagination,
-Rayce
P.S. Enjoying the newsletter? I appreciate a shoutout on your socials as I work to grow Faithonomics' audience. Be sure to tag me (@raycelamb) and Faithonomics (@faithonomics)!
P.S.S. - A big welcome to our new subscribers from the Alliance of Baptists Family! I enjoyed connecting with you at Myers Park Baptist Church in Charlotte and look forward to embracing our wild imaginations together!
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Updates From Our Family Of Brands
Our Waitlist Is Open!
The Doers Creative - a platform to help faith inspired doers bring their bold ideas for good to life - is going under a big refresh and will reopen on Monday, August 5th. Explore our new landing page and join the waitlist by clicking the button below (by the way, it's FREE).
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New Episode!
This week on the Faithonomics Podcast, Rayce introduces us to the second stage of the My Money Mosaic framework which helps us identify the materials we have at our disposal when it comes to our Money Mosaics including our values, financial tools, and community resources.
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Save The Date
Saturday, July 20th from 3 - 6 pm
We are once again participating in The Big Chill Fundraiser supporting The Shalom Project of Winston-Salem. Join us in Bailey Park on July 20th to enjoy some of Rayce's homemade Sugar Mama Ice Cream -Cinnamon Ice Cream with Moravian Sugar Cake Crumble. Can't make it? Help us reach our donation of $500 and Rayce will send you the recipe to try on your own!
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How To Support This Work
Join The Creative
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