Over the decades, I’ve observed seismic shifts in personal finance and the industry as a whole. My vantage point comes from nearly 40 years in financial services, 30 years running my own business, and working with a diverse array of individuals, families, and businesses.
Amid these shifts, another force has quietly reshaped countless lives—both personal and financial:
The parallel rise of the self-help movement and personal finance gurus.
Both were gaining traction as my career was getting started in the late 1980s. Right alongside the event that sparked my interest in behavioral finance and economics and the rapid economic and cultural shifts I mentioned in the previous piece I wrote.
A Cultural Symbiosis
I’ve read my share of self-help books.
Likewise, I’ve “metaphorically” sat at the feet of several personal finance gurus. That is, until I started to see the world of money differently than the one-size-fits-all approach so many of them espouse.
I remember the first time I watched Suze Orman on PBS, and thought: I want to do what she does. And the only reason I remember the approximate date is because it corresponded with the publication of her first book, “Nine Steps to Financial Freedom,” in 1997.
In hindsight, I now think of that book and PBS special as part self-help and personal finance education.
At first glance, self-help and personal finance might seem like separate movements—one focused on personal growth and emotional resilience, the other on mastering money. But their rise is deeply connected, united by a shared narrative: that individual empowerment and responsibility are the keys to transformation.
Both movements preach a similar ethos: that with the right mindset and tools, individuals can transform their lives, whether by achieving personal fulfillment and/or financial stability.
Self-help emphasizes overcoming internal barriers—fear, doubt, or a fixed mindset—while personal finance gurus teach strategies to master external challenges like debt, budgeting, and investing. Together, they’ve created a framework for navigating modern life, blending emotional resilience with financial competence to help people pursue their dreams and build stability.
This cultural synergy, however, is not without its problems and complexities.
Oversimplification, Personified!
I believe it’s pretty evident, by my body of work, that I believe it is important for people to lean into their power to control their lives, their businesses, and their finances— according to what they want and need, vis a vis their choices.
That’s why it feels contradictory to hear, “You are solely responsible for your financial well-being,” while witnessing societal and economic shifts—deregulation, globalization, the decline of pensions—that systematically erode financial stability for many.
There simply isn’t enough inner mindset work or personal finance tools one can do or use that will offset wage stagnation, income inequality, and increasing racial wealth gaps—aka: the systemic issues caused by these large-scale changes.
Yes, it is a narrative that persists and often centers on the idea that success is purely a matter of mindset or discipline—if you work harder, think positively, and budget better, your circumstances will inevitably improve.
This is why I cringe when I hear one-size-fits-all suggestions that often oversimplify the challenges people bump up against. Or, worse, that causes them to feel guilty or frustrated when they can’t achieve the “success” they want or they see as being possible because of what others are experiencing.
It’s why sentiments like, “just work (or hustle) harder,” piss me off. Because they tend to minimize or dismiss the real struggles people face. Especially in marginalized communities where discrimination and (legally) limited access to generational wealth prevail.
A Juxtaposition: Collective Economic Power
Now, that’s not to say there aren’t plenty of examples of people who have achieved tremendous financial success, despite significant odds.
But, from my perspective, it is unwise to use the success of some who’ve achieved success despite the odds as a reason to place undue responsibility on individuals and downplay both the systemic barriers and the need for systemic advocacy.
Hence, the reason, on this MLK Day, I am thinking about Dr. Martin Luther King, Jr.’s message about economic freedom and justice.
Yes, the Montgomery Bus Boycott was pivotal in the Civil Rights Movement; it desegregated the public bus system and played a key role in segregation becoming unconstitutional.
More than a pivotal victory in the fight against segregation, the boycott was a masterclass in the power of collective economic pressure to challenge systemic oppression.
I don’t know if it was intentional, but in revisiting the financial implications of the boycott, I see it as a sharp contrast to the ethos of individual empowerment and responsibility.
Consider this:
- The boycott lasted 381 days.
- It’s been estimated that the City of Montgomery lost approximately $3,000 per day. Or, over $1 million dollars (at that time.)
- Local businesses felt the impact.
Today, I’m reflecting on the boycott not just as a victory against segregation but as a powerful counterpoint to the individualistic narratives dominating self-help and personal finance. Its success reminds us that progress is rarely the result of solitary effort but of strategic, united action.
Are personal agency and self-empowerment necessary and essential? Absolutely!
So, too, are collective action and systemic advocacy. They are equally vital for achieving lasting economic freedom and justice.
The success of the Montgomery Bus Boycott serves as an historical reminder that lasting change comes from strategic, united efforts, not from relentless individual hustle.
For those navigating the modern self-help and personal finance movements, the boycott offers a blueprint for challenging toxic productivity by emphasizing community, sustainability, and systemic change over isolated, exhausting efforts.
Ultimately, the boycott reminds us that individual financial health is inseparable from the broader economic systems we navigate.
Progress is never a solo endeavor; it’s a shared journey. Our personal growth, emotional resilience, and financial success depend as much on collective action as on individual effort.
In other words: We are not in this alone!
That’s what I’m remembering as I reflect on Dr. King’s work today.
