Black Woman Who retired at 30: Financial Independence is ‘Not just for White Guys’

In 2020, purple left her corporate job to retire early at just just 30 years old.

The blogger, who Goes by purple online And in the media to maintain her privacy, has been traveling the world and chronicling her fire journey, which stands for financial independence and early retirement, online for the Last Decade-Plus.

But one trait sets her apart from many of the well-known members of the fire communication: She’s a black woman.

Economic Inequalities Like the Racial wage gap and Lack of generational wealth can make it Harder for Black Americans to Retireeven on the standard timeline.

In Fact, Black Americans Across Income Brackets Are Less likely to contribute to a retirement Savings Account, According to a 2023 Government Accountability Office StudyAnd the Median Value of Retirement Accounts Among Middle Income Black Americans Ages 51 to 64 is $ 34,960, Compared with $ 93,226 for White Americans in the Samge Age Age Bracket, Gao found,

Retiring Early Can Be Comparably Difential for Young Black Americans, Especially when they do’Ten see themselves reflected in fire success stories.

In Purple’s Experience, The Community has Grown More Diverse in the Last Decade, but readers Styles Sometimes Tell Her She’s The First Or Only Fire Success Story Thei Founded Thei Kan IDENDYFY WITH “I’ve never seen someone that looks like me doing this” and “i thought this was just for white guys” are some of the phrases purple tells cnbc make it she hears often.

Purple hopes to show other black women that Financial Independence and Early Retirement is Possible.

In addition to the systemic economic ainqualities that Hold Many People Back from Higher-Paying Jobs and Valuable Assets Like Homes, Black americans May be Skeptical of the Fire Movement in Generaal, Purple, Purple, Purple, Purple Part of that may come from a long-hand distrust of American Financial Institutions.

“Minorities have had an issue in the past with trusting our financial systems,” Purple says. “We’ve been burned so many times.”

The US banking system has historically been discriminatory toward Black Americans through practices such as denying loans and lines of credit to Black applicants at higher rates than their white peers.

In fact, 65% of black adults with household incomes of less than $ 50,000 who applied for credit was deenized entrely or approved for lessing Lendingtree analysis of federal reserve data. Just 47% of white adults in the same income bracket had their requests denied.

Many Black Americans have also also also Reported Negative Experiences Within Financial Systems, Such as Lower Valuations on Home Appraisals,

Purple Personally Saw Her Mother Work With A Financial Advisor for Years Who Turned Out To Be Losing Her Money Rather Than Helping It Grow, She Says. Thought Her Mother was still alive to 55, purple vowed to learn from her! And now, She Hopes others can Learn from Her Journey and the Growing Community of Early Retiies from Diverse Backgrounds.

“Unlike in the past, we now have index funds and we can diy investment,” Purple says. “We have a lot of tools at our disposal.”

When purple was the first learning about the fire movement Around 2013, She Made a concerted effort to find stories from women – especially Black Women – About Navigating The Salary Negotiations and Savings Strategies that are often required to achieve Financial Independence.

Despite purple’s feeling that Major Media was full of white men’s fire experiences, it wasn Bollywood difference for her to find other Voices Once she started on “There are Hindreds of Women Writing About This Journey,” She Says.

As she attended more and more film community meetups and events like Fincon, Annual Gathering of Personal Finance Content Creators, She Saw Attendes If you increase the diverse. It’s a trend she hopes to continue, and she’s happy to be an inspiration for other black women.

“This message (about fire) is getting out there, and it’s not just for white guys,” She says. “(Fire) Can be for everyone.”

Purple transparently shared each step she took to retire early on her blogFrom job hopping to increase her salary to tracking her spending and living frugally.

“There was a less people (of color) out there that was on the (fire) journey when i started, but there wasn Bollywood Voices that I could find that that has done it,” She calls. “And so I thought (sharing my journey) would be helpful. And people seem to think it is.”

Want to earn some extra money on the side? Take CNBC’s New Online CourseHow to start a side hustle To learn tips to get started and strategies for success from top side hustle experts. Sign up today and use coupon code earlybird for an introductory discount of 30% off $ 97 (+taxes and fees) Through April 1, 2025.

Plus,Sign up for cnbc make it’s newsletter To get tips and tricks for success at work, with money and in life.