Leveling up is something we all want to see happen in different areas of our lives. Whether spiritually, professionally or personally, most are looking to improve their outlook. According to a study on the African-American Financial Experience conducted by Prudential last year, most people surveyed reported a greater sense of advancement and optimism about their financial situations compared to the general population. In fact, more than half of those surveyed said they are better off than they were five years ago and feel better off than their parents were at their age. Also, 58 percent indicated they expect the next generation of their family will have a better financial situation than their own. This is compared to only 46 percent of the general population.
Though optimism is growing, there are still disproportionalities when it comes to the degree to which Black people are aware, engaged and prepared when it comes to taking control of their finances. Data shows that Blacks in America typically carry larger amounts of consumer debt than their white counterparts.
Over a decade ago, Rev. DeForest Blake “Buster” Soaries Jr., senior pastor of the First Baptist Church of Lincoln Gardens in Somerset, New Jersey, was going through a transition. His small church was on the verge of becoming much larger. They were moving from a simple building to a multimillion-dollar facility, and his trustee board challenged him with the task of increasing church spending. Soaries was not a fundraiser; the pastor held such an aversion to it that he considered leaving his post, believing that this marked the end of his work with the church. A fateful walk through the church’s parking lot, resignation letter in hand, changed that.
“As he was headed to turn in his resignation letter he noticed that there were all these foreign cars in the parking lot and they were speaking different languages to him, Japanese, German, all kinds of languages,” said Tamika Stembridge, executive director of financial literacy program dfree. “And there was a Maserati. He knew the one or two people who could own the Maserati, and it didn’t belong to either of them.”
It was at this point that Soaries realized his congregants were in need of some help. Many of them were using their wealth largely on material things and not exercising restraint to save for their futures. Knowing that it would take much more than a sermon, Soaries set out to educate and inform his flock, and in 2005, the dfree movement was birthed. The “d” stands for debt, delinquencies and deficits.
“dfree was born in an effort not just to assist with giving, but to also help people change their lifestyles and get a handle on their financial priorities,” said Stembridge.
The movement has gained national notoriety as it was featured on CNN in 2010 as part of the acclaimed and highly rated Black in America series.
“People across the nation are benefiting from the dfree belief that if we manage our lives well then we will use money strategically to reach our life goals,” Soaries said in a written statement. “We’re not teaching money management. This is a journey. It is a process and it begins by the way we think about ourselves, the way we think about our money and the way we plan for our future.”
Stembridge, an attorney, speaker and motivator, shared that the movement has helped to change her life, as well. In 2007, she quit her corporate job to work for a nonprofit — a move that resulted in a whopping $50,000 per year pay cut. Stembridge then decided to go to law school eight months later and remarked that throughout the process, she never had to change her style of living.
“I took this huge nosedive financially, but it wasn’t until I hit a brick wall and started going through the dfree process myself that I was able to see the error in my ways. Like, there’s no way that I should have had a two bedroom with a car note living two hours away from my school with no job and thinking that’s OK. That’s crazy, that makes no sense,” she said. “It took me looking at myself looking in the mirror and practically applying the dfree tools to get better.”
She went on to say that the overall goal of dfree is to maximize impact with these tools.
“Our goal is to serve as many people as possible and we’d like to see Black America, minority America, diverse America pay off $20 million in consumer debt by 2020, that’s our quantifiable goal,” said Stembridge. “There are systemic historical things in our community that have set us up for financial failure or at least financial hardship, but knowing that, we can’t keep living the way we’re living and letting our daily habits dictate where we’re going to be. There are certain things we can control.”
This weekend, the “Say Yes to the Next Level” dfree conference, hosted by the dfree Global Foundation Inc., Eastern Star Church and Prudential, will be held at Eastern Star Church at 750 E. 30th St., in Indianapolis. The conference begins on Friday at 3 p.m. with an Empowerment, Employment and Financial Resource Fair, followed by a live concert featuring multi-award-winning gospel artist/producer Fred Hammond.
Soaries will host a special Pastor’s Mentoring Session on Friday, as well. On Saturday, attendees will hear from experts in the field via a host of workshops and trainings when Soaries, “The Money Coach” Lynnette Khalfani-Cox, Eastern Star Church Senior Pastor Jeffrey A. Johnson Sr., and Emmanuel Missionary Baptist Church Pastor Darryl K. Webster offer keynote addresses.
Additionally, a host of local leaders who have been champions of the dfree movement will be honored. Stembridge noted that Indianapolis is the organization’s second largest market and Emmanuel Missionary Baptist Church in particular has been a strong partner and supporter.
There is a $25 conference registration fee that can be paid online at mydfree.org. Those who want to attend but do not have the funds to do so are encouraged to reach out via email to obtain a scholarship.
“We really want this to be about empowering and reaching as many people as possible,” said Stembridge. “We are a nonprofit ourselves, and it’s a privilege for us to be able to come out and do these events in the communities that have been supportive of dfree over the years.”
