Episode 123 with Briana Franklin
Education is an investment in the future, but for many, the cost of that investment can be crippling.
This week, I sat down with Dreamer and Forbes 30 under 30 fellow Briana Franklin, the driving force behind The Prosp(a)rity Project whose mission is to empower Black women burdened by student debt and provide a path to prosperity.
Briana was knee-deep in student debt after graduating from an Ivy League school as she faced the reality of inconsistent income, making it challenging to pay off her loans with the unforgiving interest. After experiencing first hand how challenging it can be to build wealth while facing student loan debt, Briana launched, The Prosp(a)rity Project, her platform to combat a system that often leaves young professionals financially overwhelmed.
In this episode, we discuss:
- 35 to free: Black women’s 35% financial literacy rate and student debt
- The reality of having $120k in debt after graduating for Dartmouth College
- Predatory lending practices and how they can trap borrowers in never ending high-interest debt cycles.
- Debt constrainment
- Mentorship and guidance to help set women on a path to prosperity.
- Mindset Shift: understanding the importance of transitioning from being an “ower” to an owner to set the stage for financial success.
- The Prosp(a)rity Project and why it is targeted toward Black women.
- Looking Beyond Debt Repayment: understanding the necessity to financial goals beyond repaying debt.
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- Introduction of Dreamer Briana Franklin [1:32]
- Inspiration of Prosp(a)rity Project 03:10]
- What is SLAM for Prosp(a)rity Project and its activities? [5:49]
- Learn the different kinds of loans and their impact on debtors [9:43]
- Be aware of predatory lending that drowns people to debt [11:41]
- Assess our tolerance to debt to shape our mindset on loans [14:21]
- 35% financial literacy rate and 35 Billion student debt put black women in a compromised position [18:16]
- Student debt relief is a means to an end [20:45]
- How feedback guide the restructuring betterment of Prosp(a)rity [23:12]
- Be in control of your financial debt by creating a plan and a discipline to follow [28:34]
- Rapidfire Question [30:33]
Dreamers’ Wealth of Wisdom:
- Predatory lending is subprime lending with the intent of giving someone a bad deal. – Briana Franklin
- Many of us are so used to being “owers” and not owners that we are overly tolerant of debt and of loans. – Briana Franklin
- The crux of the program is to show that student debt relief is a means to an end and not the end itself. – Briana Franklin
- The key thing to remember is that you have to be the one to take and stay in control because you just cannot put your faith in an entity like that to solve this problem. – Briana Franklin
- Not all debt is predatory or has been traumatic to people. Get in touch with your debt tolerance. – Briana Franklin
- My advice boils down to remaining in control, having a plan, and being disciplined enough to follow it. – Briana Franklin
Mentioned on the Show:
About the Guest:
Briana Franklin is a businesswoman, philanthropist, and student debt expert/thought leader on a mission to help Black women overcome financial disparity.
Having taken on a burden that eventually ballooned to nearly $120K in student debt through her undergraduate studies at Dartmouth College, Bri developed an acute appreciation for the challenges many student debt holders experience, including diminished ability to establish financial independence, take advantage of personal freedoms—such as starting a family and/or home buying—or launch business ventures.
In recognizing the extent to which other Black women in particular experience adversity at the hands of the $2T student debt crisis as well as lack of financial literacy, she founded The Prosp(a)rity Project as a solution to help eradicate these systemic barriers. Brianna’s accolades include being a Forbes 30 and 30 fellow and winning the South by South West’s 2023 Innovation Award for Social Impact, and being named Visionary Women’s 2023 Rising Visionary.
Connect with Briana Franklin:
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Other Episodes You Might Like:
- Paying off $220k of Student Loans in 3 Years While Investing and Pursuing Financial Independence Before 50 with Andong Florinas
- How to Graduate from College Debt-Free Even If You Have Student Loans with Chris Corinthian
- Paying Off $700,000 of Debt and Designing Your Life with Drs. Renée and Nii Darko
- How to Overcome Your Financial Trauma to Build Wealth with Jacent Wamala