5 Financial Lessons from Dr. Martin Luther King Jr.
Most people know about Dr. Martin Luther King Jr’s fight for civil rights and racial equality, but he was also an ardent supporter of economic equality.
Shortly before he was assassinated in the fall of 1968, he planned to launch a protest and progressive movement called the Poor People’s campaign.
The campaign wanted the federal government to provide jobs, unemployment insurance, a fair minimum wage, and education for poor adults and children. “Desegregation and the right to vote were essential, but King believed that African Americans and other minorities would never enter full citizenship until they had economic security.”
While a lot of progress has been made with these policies, it’s obvious that inequities still exist in our country today when it comes to wealth, income and employment, and there is much work to be done to close the gaps.
This backdrop is an important reason why I created Tailored Financial Planning: I don’t want to just work for high net worth clients. I want to give solid financial advice to working people who don’t already have millions in the bank. There simply aren’t enough advisors who have a fiduciary responsibility (i.e. legally have to work in the client’s best interest) serving this part of the market.
And so, in the spirit of increasing financial literacy and awareness to improve economic security for all, here are five financial lessons that we can learn from Dr. Martin Luther King Jr.
The following lessons are summarized and sourced from this article that was written by Lynnette Khalfani-Cox for Ebony Magazine. It’s well worth the full read.
5 Financial Lessons From Dr. Martin Luther King Jr., by Lynnette Khalfani-Cox
Don’t wait for economic change—create it.
Dr. King didn’t wait around to see the world change, he sacrificed to make the change happen. How do you plan to actively fix your circumstances and move forward positively?
“There is nothing in all the world greater than freedom. It is worth paying for; it is worth losing a job for; it is worth going to jail for. I would rather be a free pauper than a rich slave. I would rather die in abject poverty with my convictions than live in inordinate riches with the lack of self respect.”
2. Financial freedom is worth fighting for.
Don’t give up your convictions to stay in a situation that pays well but makes you unhappy. Be willing to make economic sacrifices to have funds set aside so you can do work that aligns with your morals.
“Faith is taking the first step even when you can’t see the whole staircase.”
3. Sometimes you need to step out on faith and take a risk.
Having faith and taking risks are necessary components to building wealth and managing one’s finances.
So what are some ways to take prudent risks and achieve financial freedom?
4. Your education, job or career status doesn’t define you
If you aren’t where you want to be yet in your career or life, don’t let anything hold you back. King reminded us all that you can go as far as your faith and hard work take you.
“Everybody can be great ... because anybody can serve. You don’t have to have a college degree to serve. You don’t have to make your subject and verb agree to serve. You only need a heart full of grace. A soul generated by love.”
5. Take your work seriously
“Even though King taught us that we are not defined by our careers, I love that he nevertheless urged people to take their jobs and their callings in life seriously. He suggested that no matter how lofty or how common your profession, you should do it with honor and pride.” ~Lynnette Khalfani-Cox
Lynnette Khalfani-Cox is a personal finance expert and co-founder of the free financial advice site AskTheMoneyCoach.com. She recently published her latest book, Bounce Back: The Ultimate Guide to Financial Resilience. You can find her on Instagram @lynnettekhalfanicox and her website here.
