My husband and I run a bank, but our kids still make financial mistakes. Here's what we're teaching them about money.

This as-told-to effort is based connected a speech pinch Teri Williams, president and main operating serviceman of OneUnited Bank. It has been edited for magnitude and clarity.

Growing up successful Indiantown, Florida, I utilized to travel my grandmother around, whom I called Ma Honey. Ma Honey owned a penny candy store, a barbecue place, and a juke joint, wherever I learned how to play pool. She besides owned rental properties, and I'd spell pinch her to cod the rents.

Ma Honey's businesses shielded her family from the dangers of a segregated confederate town. Her money besides gave our family opportunities: she paid for my grandparents to move truthful that my begetter could be precocious school, since location wasn't a Black precocious schoolhouse successful their town. She besides built houses, 1 of which my parents and I still lived successful erstwhile I was increasing up.

But they opportunity wealthiness lasts for 3 generations, and I was the fourth. By the clip I went to assemblage astatine Brown University, I was connected a scholarship, and I felt embarrassed astir Ma Honey and my small-town Southern roots.

I started moving a slope while raising kids

I didn't deliberation astir Ma Honey arsenic a businesswoman until I was successful my 50s. But looking back, I tin spot that her tone shaped my success. I went to Brown, past Harvard Business School, earlier moving for awesome nationalist banks.

In the mid-90s, my hubby Kevin and I consolidated 4 banks successful Boston, Los Angeles, and Miami to shape OneUnited Bank. The banks we consolidated were serving the Black community, and that's what we've done since.

Kevin and I were increasing the slope — he arsenic president and CEO, maine arsenic president and main operating serviceman — while we were raising our kids, who are now 30 and 32.

I taught my kids to prioritize savings

I'm funny if my kids thought astir america arsenic bankers aliases conscionable accepted the situation they were raised successful without questioning excessively much, arsenic I did pinch Ma Honey.

The manner of bankers isn't what group mightiness think. In our house, being bankers meant prioritizing savings. One of the astir important things we've taught our kids is to save, save, save.

I explicate it for illustration this: savings allows you to return risks. And to succeed, you request to return those risks — moreover much mainstream ones, for illustration owning a home. The higher the risk, the higher the reward, and having a patient savings relationship gives you a cushion for erstwhile mistakes and pitfalls inevitably happen.

Financial literacy is hard, moreover successful my family

Building financial literacy was besides very important — not conscionable for my kids, but for the wider Black community. I wrote a children's book that addressed immoderate of the issues successful the Black community, specified arsenic cheque cashers and payday loans. At OneUnited, we've integrated these position into our financial literacy programs successful schools.

All the financial position tin still beryllium overwhelming. One of my children called maine erstwhile she was a young adult. She was confused astir the equilibrium connected her in installments card. In talking, I realized that she thought her equilibrium was what she had available. I had to show her it was what she owed.

I almost fell disconnected my chair, thinking, "Where did I spell wrong?" Then I reminded myself that financial position tin beryllium complicated. There's nary embarrassment aliases shame successful not knowing position that aren't easy to comprehend astatine first glance.

My kids usage money otherwise from me

I tried to retrieve that arsenic my children transitioned into adulthood. We had talked pinch them astir money a lot. And yet, erstwhile you're abruptly dealing pinch your ain paycheck, taxes, bills, and in installments cards — well, that's a roadworthy that's different erstwhile you're really walking it.

My kids grip money otherwise from the measurement I did. I invested mostly successful communal funds, whereas they often chose individual stocks. They invested successful crypto, which I wouldn't do. It's earthy for financial decisions to alteration complete time, truthful this doesn't interest maine excessively much.

I dream this adjacent procreation thinks bigger. Ma Honey was capable to service her town, and done OneUnited, my hubby and I now service each 50 states. I dream my children, aliases my children's children, mightiness beryllium capable to service the world.