On July 30, hundreds gathered at Cossitt Library in Downtown Memphis to hear a conversation between Memphis Mayor Paul Young and renowned financial literacy advocate John Hope Bryant of Operation HOPE, Inc.
But as Bryant made a fiery case for financial literacy and economic empowerment, the fireside chat felt more like Sunday church — with Bryant preaching from the pages of his new book “Financial Literacy for All” and Young holding down the Amen Corner.
“Financial literacy is the civil rights issue of this generation,” Bryant told a packed room at the library. “Nothing changes your life more than God or love, than moving your credit score 120 points. If you want to save Memphis, you need to focus on raising credit scores and homeownership.”
Bryant was a firehose of wit, wisdom, insight, inspiration and financial savvy at the Memphis stop of his American Aspiration Tour 2024. The tour is a nationwide initiative aimed at uplifting marginalized communities through enhanced financial literacy and economic empowerment.
The tour features insightful discussions, workshops, and testimonials from individuals who have benefited from Operation HOPE’s programs, emphasizing practical steps to improve credit scores, foster homeownership, and encourage small business development.
One testimonial came from Arnika Carter, co-owner of Loaded Juice in Memphis. Carter recounted how Operation HOPE’s small business class helped her expand her business. Struggling with personal health issues, Arnika started her juice business to improve her gut and skin health. The business quickly gained popularity, prompting her to seek further education and resources to grow her brand.
Through Operation HOPE, she met a guide who provided invaluable resources and guidance on creating a business plan and preparing for small business loans. Arnika successfully secured a $25,000 loan and she’s been rolling ever since — literally.
“With that loan, I have been expanding my local juice business. At first, I just offered cold-pressed juices,” she told the crowd. “Now, I have my food truck.”
Leanne Brown also shared her inspiring story of overcoming financial challenges with the help of Operation HOPE.
Initially reaching out to the program with a low credit score in the 500s, Leanne worked closely with financial coach Lester Watts. Despite initial doubts and setbacks, her persistence paid off, and within 12 months, her credit score improved by 120 points.
This significant improvement allowed her to achieve homeownership, profoundly impacting not just her and her family’s lives, but the broader community.
“Not only do you buy a home, but you change the community. When we change the community, we change lives,” she said.
And all of that was before Bryant started erupting financial a-ha moments. Whether it was history lessons, conservative DEI backlash, or weighing in on how Young should respond when businesses come knocking, Bryant peppered the audience with wit, profound insights and hard data to back up his points. Among them:
On building wealth: “Real wealth is built in your sleep—through real estate, stocks, bonds, business, homeownership, investment accounts, and education.”
On changing the culture: “It takes 20 years to change a culture. In the last 20 years, I think we’ve made dumb sexy. We’ve dumbed down and celebrated. And now it’s time to make smart sexy again.”
On drug dealers: “(Being) a drug dealer is unethical and illegal . . . but one thing they’re not is DUMB. They work with import-export, finance, marketing, wholesale, retail, customer service, security, territory, logistics . . . and a gang leader is a frustrated union organizer.”
On attracting economic activity to Memphis: “(Mayor Young’s) job is to be a salesman or a saleswoman for your city. And if somebody with legal money, ethical, legal money — not Pookie-nem, but legal, ethical money, a billion, $100 million, $50 million — and they want to do something positive, or remotely positive, or could be positive, in the City of Memphis, his job is to say yes.
“If it’s not hurting the citizens of Memphis and not coming out of the city’s account, that’s his job, to say yes,” Bryant continued. “Figure it out, say yes, drag it to the negotiating table and work out the details so it benefits the City and the citizens of Memphis.”
Those were among his opening remarks — about 20 minutes straight. But while the session was intended to be a conversation with Young and the audience, no one was bothered at Bryant’s rapid-fire style.
“You were on a roll, so I didn’t want to stop you,” Young quipped as Bryant caught his breath.
By ZIP Code, Bryant broke down the financial realities of Germantown (38139) and New Pathways (38126), areas just 15 minutes apart geographically, but wildly different.
Germantown boasts an average credit score of 755, while New Pathways lags significantly behind with an average score of 583. This credit score disparity reflects broader economic inequalities, with Germantown’s median household income at $165,956 compared to New Pathways’ $16,112.
Homeownership rates further illustrate the divide, Bryant said, with 96.4% in Germantown versus a mere 12.4% in New Pathways. Additionally, Bryant pointed out that life expectancy in Germantown is 82 years, compared to just 71.3 years in New Pathways. He noted that improving credit scores and increasing homeownership could significantly enhance economic stability and quality of life in underserved areas.
“If we can move credit scores 100 points, we can stabilize this city,” Bryant said to raucous applause. “Addressing these disparities is crucial for the future of Memphis.
Thanks to a bulk purchase by First Horizon Bank, event attendees received a free copy of Bryant’s bestseller “Financial Literacy for All,” and lined up afterward to have their copies signed. He encouraged guests to read and share it, and buy copies for public and school libraries.
“Financial literacy is the civil rights issue of this generation,” Bryant reiterated. “I call it ‘Silver Rights’ — the right to financial literacy, access to capital, and the ability to create wealth. It’s as important today as civil rights were in the past.”
