[MUSIC]
Let's talk about money.
When was the last time you told someone, how much you make?
How much is your bank account?
How about how you invest your capital, if you invest at all.
Would you be willing to tell me right now?
My bet, probably not, because that's what society has taught us, isn't it?
At the dinner table, we don't discuss religion, politics or money.
Wow, let me tell you why I wish we would talk about money.
Flashback to freshman fall.
I had just finished moving in and I mean the guys live down the hall,
Nick and Matt.
And Nick kicks off the unfroze.
Now at first, it actually seems like Nick and I have a lot in common.
He's six feet tall, I'm 5 10 and three quarters, but
it's basically the same thing.
He's in the sailing team and, I mean, I don't want to brag but
I was captain the JV volleyball team back in ninth grade.
But then he says, his dad works at a hedge fund.
What's a hedge fund Matt chimes in and
says that his dad also works in finance, he's a banker.
Well that one I know, like a bank teller, that's cool.
So I asked him, which bank?
So which Matt responds, Goldman.
Never heard of Goldman, must be some tiny bank.
Personally, I'm Wells Fargo boy.
Then they ask, how about you Kevin?
What do your folks do?
They're both waiters, Mom's been at the Sheraton since before I was born.
Nick, raises an eyebrow.
Wait, are you on financial aid?
Yeah, I lucked out and got a time.
You guys, and without answering me, Nick and
Matt exchange look, change the topic and move on.
What just happened, why are they so surprised?
Is it weird that I'm on financial aid?
Should I be ashamed that my parents are waiters?
Maybe I should say they work in hospitality or
maybe I should avoid talking about them altogether.
These unwelcome thoughts plagued me during my time at Harvard, as I continued
to meet peers who were shocked, almost uncomfortable to hear my background.
Making me feel like I didn't belong.
So, to combat this growing insecurity I decided to pursue the most
lucrative career path I could think of, investment banking.
So, fast forward a few years, I'm now 22 years old working on Wall Street,
making more than my parents combined.
And that's not a flex, it's the reality.
I'm chatting with my buddy Rob, and
he's complaining about the bank's no trade policy.
But as someone who had only learned about the stock market through econ
courses in college, I ask, why do you care, do you even own stock?
Yeah, of course.
My mom bought me some Apple shares when I was ten and
I started trading back in high school, don't you?
No, but that's cool, could you show me how to get started sometime?
I don't know what that man you just asked your financial advisor.
Who the heck has a financial advisor at 20?
While I didn't even know how to open a brokerage account,
Rob has been earning passive income before he learned long division.
What?
So at this point, I'm starting to feel pretty frustrated,
I went to the same college as Rob, I worked at the same firm as Rob.
I even had the same job as Rob, so I thought the playing field was levelled.
Why was I still so behind?
Well, the reality was,
as the son of blue collar immigrant parents who didn't go to college.
And as a product of Boston's public school system, I was financially illiterate.
Just like 90% of high school graduates in this country.
Here's some stats.
The average American makes around $50,000 a year.
Nearly two thirds of Americans, live paycheck to paycheck.
The majority of Americans, can't afford a $500 emergency expense, think about that.
One, unexpected accident and they fall into debt.
Why does this matter, why should you care?
Well, it's because financial literacy is directly linked to wealth inequality.
In the US, the top 10% of households hold 70% of
his country's wealth, while the bottom 50% hold
two this massive wealth divide is unsustainable.
And it puts our society at risk of instability.
But to bring it down to a more personal level,
it also results in limited opportunity and mobility for the disadvantaged.
For people like my mother,
who had the same job as a waitress her entire working life.
And put every penny she earned into a low interest savings account,
because she didn't know any better.
Had she developed financial fluency sooner, she wouldn't have torn
her shoulder, from carrying heavy platters for 30 years straight.
And today, she wouldn't be dependent upon the checks I sent home monthly as her
main source of income, since she can no longer work from her injuries.
Here at the GSB, one in ten students identify as first generation low income.
Meaning there are others in this room, whose family share similar stories.
If we want a fair and equal society, we must reduce this inequality.
And we need to recognize, that we all can help narrow this gap.
Sir, here's what I'd like to see more of.
Recently, I was catching up with my former boss,
he's a CFO and has become a life mentor and close friend.
Now, as someone quickly approaching 30,
I'm starting to think about financing preparing for the wedding,
the house, children, also known as money parasites.
So I really needed his advice, and
when I told him my net worth unprompted, he was taken aback.
Kevin, are you usually this open with your personal finances?
Yeah, why not?
Okay.
Well, I think you're off to a good start, but
here's some things I start thinking about.
And he starts rattling on, about increasing my exposure to crypto,
five to nine plans, backdoor Roth conversions, irrevocable trusts.
Let me just stop there.
Who in this room just heard complete gibberish?
My point exactly, these are tools and
strategies to diversify and grow my wealth.
And now I feel much better prepared, to start the next chapter of my life.
But recognize, that this only happened because of two things,
I was wanting to be transparent.
Ask questions share my numbers, and
I found someone who was willing to share their knowledge.
So here's my call to action for you, let's normalize talking about money.
For those of you who feel like you struggle with personal finances,
there's no need to feel embarrassed.
Your net worth, does not dictate your personal worth as a human being.
It takes a lot of courage to embrace your financial situation,
but allow yourself to be vulnerable and seek out advice.
Now, for those of you who are more financially savvy, share your knowledge.
While I appreciate the intent to be modest, that humility ends up being
harmful, because it prevents the exchange of valuable information.
Recognize that sharing your knowledge is infinitely more helpful than not.
And if we can all start doing this, we will take a massive step forward,
in addressing the financial knowledge gap we have in this country.
And my hope,
is that as a result we can tackle wealth inequality from a grassroots perspective.
And together, build a more trusting, financially aware society.
And in this world, maybe people like me,
don't have to face the same insecurity I did growing up.
More importantly,
maybe people with my mother will get the opportunities that they deserve.
All we have to do, is talk about money.
Thank you.
[APPLAUSE]
[MUSIC]