News Highlights

Carter teaches people how to get out of debt

2006-04-09

By Amanda Dyslin, Free Press Staff Writer [published in The Free Press, Mankato, MN]

Photo by Amanda Dyslin

Malcolm D. Carter, a panelist at Minnesota State University?s annual Pan African Conference last week, authored a book detailing practical applications for turning a failed financial past into a more positive direction. Carter and his wife, Michelle, grew up poor in New Orleans and, having been educated in finances, decided they wanted to do something to help those without access to such education.

MANKATO — Despite his reputable status in the financial world, Malcolm Carter knows what it means to be poor, or po' as he and his wife refer to it.

Both growing up in New Orleans, they learned from their parents how to manage money, just as their parents learned from their parents. Trouble is, Carter said, until he went to college, none of them had been properly informed about finances in any practical way.

Carter's single mother knew how to get by, how to pay bills on time and put food on the table. But she didn't have a grasp on the concept of a mortgage or the know-how to dig out of the paycheck-to-paycheck rut. And so, neither did Carter.

Growing up in the foster-care system, Michelle Washington Carter never learned about credit, managing finances or making good decisions about student loans. And her trial-and-error approach to managing money eventually resulted in bankruptcy.

"She went through a lot of financial troubles. She was learning on the fly," said Carter, who moved with his wife to Mankato last year. "She was po', as we call it. ... She had no guidance, no basis for financial education."

But the two of them dug out on their own by educating themselves, a privilege they say not all people who grew up in similar situations can afford. Which is why Malcolm Carter decided a few years ago to put his financial experience to good use and write a book geared toward the financially challenged.

Carter's book, "$7 an hour ain't no job: The Second Emancipation of the Black Race," edited by Michelle Carter, explores the financial history of blacks in America and the issues still standing in the way of many Americans digging out of debt and poverty. The self-help guide also teaches practical applications for bettering a person's financial status, including credit reports, credit counseling and bankruptcy.

Carter has served as a corporate trainer, finance manager and bank vice president for 10 years. Michelle Carter is the director of the Ronald E. McNair Post-baccalaureate Achievement Program at Minnesota State University, has a master's degree in communication studies from Northwestern University in Illinois and a law degree from Southern University Law Center. With their combined experience and education, Carter said they were able to write a book that can make a difference in the lives of poor Americans.

"There are so many people who have a similar story or the same story (as us)," Carter said. "I wanted to create a way for groups to teach financial education at a young age."

Just released in February, the book already has had an impact on MSU graduate student Andrea Drummond's life. Drummond — who grew up in a household where everything was bought with cash — read the 95-page book on a weekend and by Monday was calling around to get information on her credit report. She also plans to start a savings account and learn how to repair her credit.

"Everything, everybody he was talking about in the book was me," Drummond said. "I learned all kinds of financial things I can do for myself."

The catalyst moment for the self-published book happened when Carter saw a newscast segment about a housing project that was about to be destroyed, kicking families out on the street. One woman was crying on camera, saying she'd lived in the projects for 40 years, her daughter had lived there 20 years and now her granddaughter lived there with them, too.

"She was crying for one reason, I was crying for another," Carter said. "The projects have become a generational curse."

Carter said the segment woke him up to the fact that, despite the projects being set up to aid impoverished families, they were trapping generations of poor people, giving them no incentive to work toward a better life. At that point, he said, he felt compelled to do something.

Founding with his wife the M. Carter Group — an organization dedicated to financial empowerment through seminars, newsletters and consultation — more than a year ago was one way to get his message across. Another way was to offer financial tips in his book, from welfare to repairing credit.

"It makes me feel good," Carter said. "All this work, all this money spent ... hopefully will make a difference."

"$7 an hour ain't no job: The Second Emancipation of the Black Race," by Malcolm Carter is available at Amazon.com, at the MSU's Barnes & Noble bookstore and several other local bookstores. Or visit www.mcartergroup.com for more information.

Email this article | Permanent link | Topstories news | Topstories news archives