Building Taxiways to the Runways of Success
By Greg Coverdale
On a recent flight to Omaha to attend the annual Berkshire Hathaway investors event, I looked out my window and marveled at the intricate ballet of the flight operations outside. Dozens of people were moving in harmony to get the flight safely off on time. Working together toward a common goal only to be delayed as the plane entered the taxiway with two planes ahead.
While we waited, I thought about this occurrence and how it relates to the black community and the need to build wealth and a brighter future for all. We need to build more taxiways to success.
As a black man, I have been disheartened to see the erosion of faith in our community in exchange for falling victim to consumer capitalism. A recent poll showed that a slight majority of black adults surveyed say the U.S. economic system does not treat them fairly.
But I understand it all too well as I grew up in this community and my life could have taken a vastly different course if not for my mom, my teachers, and the horses at Fair Hill Racetrack.
I have heard people call the stock market the world’s biggest casino. Well, my first job was at the races at 14 years old. It was changing the horses’ odds on the tote board while my mom, a school teacher during the year, sold tickets at the steeplechase. It was there that I developed an interest in probabilities and wagers, interests that would later serve me well in analyzing markets and making investments.
While being around racetracks may not be for everyone, it did teach me a lot about how to acquire money and how to use it intelligently. It gave me my first entrance – a taxiway if you like – toward the runway for success.
It's incumbent upon black businesspersons, me included, to reflect the trust we have from our community back to them and lift up our neighbors to show the way to prepare for success. Every kid who works a part-time job is preparing their way upwards and is rising above the traps and detours of the streets.
Our community – and other underserved and unappreciated communities across our state and nation – need to build these avenues toward success. The best way to do it is a subject for debate, but I believe there are some key milestones to get there.
Better education, safer streets, improved housing and more opportunities are important elements of building a stronger future. Creating wealth for black families is desperately needed to help achieve our nation’s promise to all Americans. As a member of the State Board of Education, I promoted efforts to include financial literacy education in our public schools. I believe that empowering our children with financial knowledge is a crucial step toward economic independence and prosperity. It builds a sturdy foundation for long-term success, encourages entrepreneurship, and strengthens our community.
They are learning about building self-confidence and, at the same time, building self-discipline and a sense of responsibility. A job gives each of us real meaning in our lives and lets us know that we are needed and important in the world. Combined with an effective education, these experiences are part of the success sequence that encourages responsibility and sidesteps failure.
Finally, we do our kids no favors by telling them that the system is rigged against them and they have no shot at success. Our successes prove the opposite and we should act and speak accordingly to refute those baseless claims.
I am committed to helping kids across the region find success through my business and my work at my alma mater, Delaware State University, as the director of the school’s financial planning program. I call on other leaders in all underserved communities to help me show all of our kids – regardless of race, religion, or region - that their future success is a collaborative effort and we will strive side by side with them to realize their hopes.
Our children are future leaders, innovators, and change-makers. By investing in their education and development today, we are paving the taxiways toward a brighter, more prosperous tomorrow at the end of that runway.
Greg Coverdale, MBA, CFP® is the CEO of Wall St LLC, a financial planning firm based in Wilmington DE. He is also Director of CFP® Board Registered Financial Planning Program / Financial Literacy Institute, College of Business, Delaware State University with campuses in Dover and Wilmington.
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