The Tiffany Ferguson Show with Sidekick Lionel Foster

Friends, here’s this week’s episode.

You know, I consider myself a good public speaker. A lot of people I know don’t like having a spotlight turned on them. I do not have that problem. I am a ham. Also: sometimes I have things to share that I think are important, so, yes, I WILL take the microphone you so casually extended to me, please and thank you.

But about 10 minutes into my conversation with Tiffany Ferguson, I found myself thinking, “She is frighteningly good at this speaking-into-a-microphone thing.” The poise, the joy she exudes.

I know when I’m beat. Game recognizes game. So this episode of Money, Honestly I’m officially calling the “Tiffany Ferguson Show with Sidekick Lionel Foster.” It’s cool. Sometimes you gotta mix things up.

Tiffany is one of many heirs to hundreds of acres of land in southern Virginia that were deeded to an ancestor of hers who had been enslaved. This is on her father’s side of the family. The heirs attempted to consolidate their interests to make it easier to reach decisions on the land’s use. After a series of meetings, they were ultimately unsuccessful. But that process led her to work with other family members to establish what they now call the Family Financial Accountability Alliance (FFAA), monthly meetings where they talk about individual financial goals, teach each other about elements of consumer finance, and just check in on the things they want and the progress they’re making. Tiffany says it pushes her loved ones out of their usual dynamic, in which they can regress back to long-practiced roles (e.g., mother/daughter interactions or the wise-cracking that never gets old) and into something concrete, meaningful, and forward-looking. It’s a loving form of accountability that’s about showing up for one another.

If, for you, the prospect of mixing family and money sounds a lot like trying to juggle a chainsaw with a few sticks of dynamite, I get it. But Tiffany goes step by step through how her family got started in this process. She just might inspire you to do something similar. She certainly inspired me. More on that below.

Related To This Episode

Heirs’ Property

It sounds like Tiffany and her family had clarity around exactly who and how many people possessed a claim to their inherited property, but confusion on this issue, which can multiply generation by generation, has led to a tremendous loss of wealth within many African American families. The National League of Cities has a great article explaining the issue and offering policy recommendations for municipalities.

Investment Club, Anyone?

As I spoke with Tiffany, I started to imagine what my family’s version of FFAA might look like, which led to a conversation with my mom and one of my sisters about a family investment club. You can pool resources, invest together, and learn together. If we get this up and running, we’ve talked about using any money we make–if we make any–on a big family vacation. I found this article from Investopedia helpful.

Why Wait to See the World?

As you’ll hear in the episode, Tiffany is a world-traveler. She sets goals for the trips she wants to take and makes them happen. This reminded me of one of my best friends, Michael Carroll, who, at this point, has probably helped a few thousand people get up, away, and make new friends through his travel agency Travelitis. He’s been doing this since we were in college. I can only imagine how many weddings and births he’s helped initiate as a result.

By the way, I offer all of the links above only because I found them helpful and think you might too. They’re not paid endorsements. Mike is just that much fun, and I’m laughing like an idiot at the mere prospect of some of you meeting him. That would be epic.

Thanks for listening–and reading.