The accounting industry is a vital part of our economy, and we are striving for it to be as diverse as possible. Certified public accountants like Jasmine Young are paving the way for those who wish to pursue a career in accounting or need resources to elevate their finances. As of 2019, only 2% of CPAs are Black in the United States, according to an AICPA study.
Young founded Southern Heritage Financial Group in Atlanta, which creates financial structures for families representing small business owners, sole proprietors, and seven-figure earning companies to build the road to generational wealth. She also made several global initiatives surrounding financial literacy in underserved and underprivileged communities.
What motivated you to pursue a career in this industry?
A high school classmate stated that I was fed with a silver spoon. While I disagreed with the comment, I realized that my peers were getting the bare minimum financial education, unlike what my parents gave me. This is an example of how to be financially literate and responsible. At that moment, I vowed to be a CPA and become the resource my peers and their families needed. I desired to provide everyone I came into contact with the same silver spoon my parents fed me: a scoop of hard work, education, and accountability.
Why is the H.O.P.E. Program important to the African American Community?
I created the H.O.P.E. initiative to give African Americans hope to become homeowners and acquire generational wealth through real estate. The Home Ownership Placement and Empowerment initiative allows us to review enrollees’ finances and credit report, create a budget to save for a downpayment and pay off their debt to decrease their debt-to-income ratio, research and provide recommendations on homebuyer programs they may be eligible for, and pair enrollees with realtors if they don’t have one. Finally, that agent will partner with us to help get people to the closing table and into their new homes. Many believe they can’t afford it or they don’t make enough. Our program gives them HOPE that they can, and they do.
Can you share some advice for someone that is stressed financially?
Don’t ignore the stress. Reach out to a CPA, someone to help share that burden. Ignoring it only makes it worse. Face it head-on. It’s like having a health problem. When you have an issue, you go to the doctor and see your doctor regularly for checks to prevent health issues. Treat your finances the same way and retain a CPA year-round.
