The Culture Of Money: A New Charity To Elevate People Of Color Through Financial Literacy, Education, Programming And Services Throughout The World

Interview with the Culture of Money founder De’Andre Salter

In the Celebration of his 50th birthday and 20 years of entrepreneurship, De’Andre Salter, the author of The Culture of Money, reflects on his successes and the need for people of color to gain more wealth. He discusses the newly formed The Culture of Money nonprofit and its mission to elevate people of color through financial literacy, education, programming, and services throughout the world.  

Can you tell us about your entrepreneurial success?

De’Andre Salter, Author of The Culture of Money book

I founded Professional Risk Solutions nearly 20 years ago in my home office. I remember the first customer who called. I pretended that I was a receptionist, tapped the phone on my desk (to make a transfer call sound), and then answered in another voice. Sometimes you have to “fake it until you make it.” It's hard to believe that Professional Risk Solutions (PRS) grew from hustle to becoming a trusted trading partner of the largest insurance brokerages in the world. PRS places over $70,000,000 in gross written premium a year. God has uniquely touched my business, and it has been my primary vehicle to create significant generational wealth. 

What brought about the decision to create a nonprofit after writing The Culture of Money book?

The racial wealth gap is real. In America, the average White family has 10 times more wealth than the average Black family. Black Americans know that modern budgeting advice is broken and tone-deaf. It’s hard to build an emergency fund when facing wage and hiring discrimination. It's hard to build wealth when you have little financial education. It's hard to build wealth when you have learned negative money behaviors because you are not surrounded by enough role models. 

We will elevate people of color by increasing their financial literacy, connecting them with wealth mentors, and providing them access to wealth-building opportunities.

I introduce some powerful concepts in The Culture of Money book, but now it's time to work on the movement. I don’t just want people to read my book. I want their lives to change. I want to help others repeat my story. I want them to live a blessed life. We will create new pathways for people to create wealth. 

How exactly will the nonprofit help people gain wealth? 

First, we will educate and inspire people to get informed and start making longer-term money moves. The stock market, cryptocurrency markets, and real estate are the world's most powerful wealth creation tools. But for many people of color, these tools are financially out of reach, and many don’t have the financial education needed to prosper from them. The classes that we will offer focus on changing behaviors so we can get better outcomes. Teaching people to control their financial behaviors puts them in a better position to prosper. All of the classes are designed with the simple goal to make sure that anyone can become financially astute

Secondly, we recognize that financial education can only go so far. Black and Latino Americans fight systemic racism, unconscious bias, an education gap, and many other roadblocks to building wealth. Those who complete our financial education classes will have exclusive access to the type of pooled investment opportunities that will create wealth for generations. This is how we will change the game. I’ve made a lot of connections in various investment circles, and my goal is to gather opportunities from allies who understand that God has blessed them to bless others.

Thirdly, we will start conversations through partnerships with churches, schools, civic organizations, and business groups to understand the dynamics of generational wealth and to start a revolution in wealth distribution. We will train mentors/coaches to create wealth mentorship circles around the world.

This is how we make Know More, Own More and Pass Down More a reality!

Why must People of Color take the connection between financial education and wealth seriously?

I can't think of any other situation where education can help someone be better prepared and have a greater chance of survival or wealth creation. Most aren’t born into a family of generational wealth. Their financial literacy is lower than needed to take full advantage of accelerated wealth-building activities. 

Helping others understand financial literacy is a win-win for all. People who have a good understanding of their money, how to invest, and the marketplace will generally be better off and have a more extraordinary ability to make and invest money.  

What are the benefits for corporate partners, grant makers, and donors in the long term? 

It is a mistake to view charities solely as a donation mechanism. One of our core beliefs is that nonprofits should be envisioned as value-creation businesses. Their primary focus should be value generation. Our purpose is to create value for donors and grant-making funds. Ultimately, we want donors to know that their dollars will create The Culture of Money. Their investment in our work will help millions of people get better at handling money and creating wealth. As everyone experiences the power of ownership, it will create a new, more inclusive economy that is good for all.

What roles do you see people around the world playing?

We welcome all volunteers who will dedicate their time to making this dream a reality. In our initial phase, we will need to financially educate mentors/coaches around the globe. We also need ambassadors who will increase the awareness of our work and be advocates for financial education and creating a more inclusive and equitable economy. We really want local churches to see the opportunity to add value to their communities by offering excellent financial education and access to legitimate wealth creation. Of course, monetary donations, grants, and sponsorships are also welcome.

What do you hope to achieve with The Culture of Money nonprofit?

Writing The Culture of Money book was only the beginning. I was inspired to write it by my inner circle. It was only the beginning of what we aim to accomplish. Over the last 20 years, I’ve helped some launch profitable  businesses and created private funds to help others access investments from which they would’ve otherwise been excluded. Thousands have been educated in my workshops and ministry. The Culture of Money nonprofit will systematize the concepts I teach in the book. The words will become a reality as we shape people into The Culture of Money. We are about to help a lot more people gain a seat at the wealth table.