New approaches to financial empowerment

Iowans are in debt. Although we hold the least credit card debt on average in the nation, our usage of personal loans has been steadily creeping upward. We also remain one of only 27 states where payday lending — notorious for exorbitant and predatory interest rates — is both legal and thriving. The $8 billion rent-to-own furniture industry, long associated with charging up to five times the retail cost of home goods, is bustling in Iowa with brick-and-mortar locations in every major city. Who is most impacted by debt and why are not much of a revelation; those who are paid the least also tend to have worse health outcomes, more sudden financial emergencies related to car repairs and unstable or unsafe housing, and end up taking on more high-cost debt.

During a time when less than half the state population is able to demonstrate basic financial literacy, the requirement for high school students to complete “one-half unit” has been dropped in favor of districts offering the half unit as an optional curriculum — which schools can also work into a social studies or English class, if they see fit.

With financial literacy no longer a requirement for students in the public education system, this seems like a great time to take a look at innovative work being done both near and far to address the gaps in service for people of all ages when it comes to managing money.

Michelle Richburg's career in financial services spans four decades. She served as banker to many of the biggest names in hip-hop — and has now dedicated her work to empowering others through financial literacy.

“I was in corporate, I had a 401(k), I was a single mother, and then I got fired. That kind of unexpected job loss — you have to be intentional to know no one is coming to save you. If you don't put money into retirement, how are you supposed to survive?”

Michelle channeled her experience into building a personal finance enterprise of her own. Her inaugural financial and wellness summit in 2025, "Beyond the Bag," was a resounding success, organized amid personal challenges and tight timelines but driven by a commitment to impact.

"I’m still in shock," Richburg confessed about the summit's success. “I want to help the young person that I was. The young Black woman, single mother, overwhelmed … it’s my mission. It’s my passion.”

In Prince George’s County, Maryland, Shomari James and his cofounders have created something that often stuns visitors to the grounds — a K-8 public charter school that teaches children to invest in the stock market starting in kindergarten. Students have the opportunity to earn money to invest through academic and behavioral performance. The institution’s goal is for all students to graduate 8th grade with active investment accounts and an advanced comprehension of financial principles that — in addition to rigorous academics — will set them up for future success. Under James’ guidance, Equity Now focuses on closing the wealth gap through innovative Financial Education programs that start as early as kindergarten and extend through adulthood.

I asked James what led to his commitment to expanding Financial Education.

“I had just gotten married, purchased a new home and car, and we were raising my two-year-old son when I was abruptly told that my job as an industrial engineer was at risk. Although I was highly skilled and good at what I did, in that moment I faced a hard truth: my family’s livelihood was completely dependent on a paycheck that someone else controlled. That pit in my stomach turned into a vow — I would never again allow my financial security to be solely in someone else’s hands.

Determined to take control of my family’s future, I pivoted, launching my first company, and increasing my positions in the stock market. That experience was a financial awakening. I saw firsthand the power of ownership, investment, and financial literacy, things I was never formally taught but were essential for building lasting stability and wealth.”

How did that experience turn into a calling to empower others?

“Financial education is not just about individual success, it’s about creating opportunities for others to rise. That belief has shaped the way I mentor, lead, and build businesses … My guidance extends beyond advice, I actively create pathways for others to thrive.”

What lessons could other innovators in this space learn from your journey?

“No single person or organization can do this work alone. Working with politicians, schools, businesses, and community leaders amplifies impact and ensures that Financial Education is woven into broader economic empowerment efforts. Partnerships create ecosystems where knowledge, resources, and opportunities flow freely, allowing Financial Education to become a foundation rather than an afterthought.”

In October 2022, Cedar Rapids school board member and business owner Marcy Roundtree attended the African American Museum of Iowa’s redlining exhibit.

“As I walked the tour, I realized that some of the residue from redlining still lingers in our community. My husband and I decided that day that something had to be done.”

The two of them launched 100 in 24 of Cedar Rapids, and to date the organization has served over 100 clients seeking support in rebuilding credit, gaining financial competency, and finding pathways to homeownership. The organization aims to equip communities with strategies, resources, and knowledge, enhancing their cultural, educational, and economic fabric.

“I truly want to see families restored in our communities … a healthy, thriving, strong community is truly one of my greatest desires.”

Financial literacy is an essential life skill that equips people to make informed decisions that impact their economic stability and growth. The efforts of leaders like Richburg, James, and Roundtree demonstrate targeted educational programs can significantly uplift communities, particularly those who have been historically marginalized or underserved, offering a pathway out of economic disenfranchisement.

Each of these stories highlights an innovator driven to create solutions to the economic barriers faced by millions in this country. It does us no favors as a collective to legislate economic distress into existence and then point fingers at those we didn’t bother to teach the rules to the game.

Sofia DeMartino is a Gazette editorial fellow. sofia.demartino@thegazette.com