Ludwig Rosiclair understood great sacrifices would be required to cut down his debt of $230,000.

When it comes to personal finance advice, it can often feel difficult to find information that is relevant to the black experience. Black Americans often face financial hurdles such as pay inequality, predatory lending and hiring discrimination, all of which have contributed to a racial wealth gap. “People are working hard, but if every part of their life is discounted, how can they catch up?” says financial educator Tiffany “The Budgetnista” Aliche. According to the most recent data from the Federal Reserve, as of 2016, the median black household net worth was just over $17,000, while for the same year the median net worth for white households was over $170,000. And while the median household income for black Americans has risen between 2013 and 2018, it is still 33% lower than the national average . Marcus Garrett, co-host of the podcast “Paychecks & Balances,” says the answer to closing the wealth gap between black and white Americans is multifaceted. “First, we must address what...