In 2021, Black women of all ages are continuing to rise and step into their excellence as leaders.
During the first-ever ESSENCE I Am Speaking Summit, we heard from three Gen Z girl bosses who are making major moves in their respective industries and inspiring other young women to do the same. In this candid conversation led by Phace The Youth Founder and ESSENCE Girls United Co-Founder Phia Dennis, Kenyan Actress Foi Wambu and Girls United Co-Founder Rechelle Dennis opened up about what’s kept them motivated and pressing forward towards their goals.
The ladies also weighed in on what’s inspired each of them to want to effect change in their respective spaces and why it’s imperative that gatekeepers recognize today’s many young leaders and include them in conversations earlier on, rather than waiting or excluding them all together.
Check out the full conversation in the video above. For more of everything you missed at the ESSENCE I Am Speaking Summit, visit www.essencestudios.com.
The ESSENCE I Am Speaking Summit is presented by Coca-Cola.
The Ultimate Financial Guide For Child-Free Black Women
A strategic guide to building wealth, securing your future, and embracing financial freedom—on your terms.
Serious Afro-American woman is sitting on a sofa and looking at a laptop while holding a paper in her hand. She is wearing glasses. She might be working from home or studying, or paying a utility bill. She is wearing a green shirt and jeans.
Living a child-free life is a deeply personal decision that challenges long-standing societal expectations and sparks conversations about identity, fulfillment, and legacy.
While parenthood is often framed as the natural next step in adulthood, more people are intentionally opting out, prioritizing career ambitions, financial freedom, personal growth, and relationships in ways that don’t include raising children. Yet, despite growing acceptance, the choice to be child-free still comes with stigma, misconceptions, and persistent questions about “who will take care of you when you’re old?” or “won’t you regret it?”
These have been queries I’ve faced for years, mainly when I’ve answered honestly, “Do you want kids.” Responding to “no” often brings mixed emotions, but empowerment rises above the rest. I own my role in my legacy-making, and a considerable part of that is planning for a future that many financial institutions don’t consider.
Dr. Jay Zigmont is on a mission to reshape financial planning for those who choose a life without children. As one of the few certified financial planners in the US specializing in child-free finances, Zigmont understands that traditional wealth-building strategies often revolve around raising a family. But what about those who are forging a different path? In his new book, The Childfree Guide to Life and Money: Make Your Finances Simple So Your Life Without Kids Can Be Amazing, Zigmont offers a roadmap for financial freedom tailored to the unique needs, goals, and aspirations of child-free individuals.
From retirement planning to legacy building, his approach challenges the notion that wealth is only for those with dependents—and instead, helps readers craft a fulfilling, financially secure life on their terms.
Why A Book Like This Is So Important
I live to travel, so buying a house is not a big goal. Since I love my career, saving for retirement isn’t a priority. I’m also not working as hard as I do to pass on wealth to the next generation. With that, many financial advice platforms aren’t geared toward my goals.
Zigmont says this is precisely why he decided to write his book.
“Building generational wealth, creating nest eggs for future children, those types of things Tare core assumptions among personal finance experts,” Zigmont tells ESSENCE. “That means that the other rack of financial planning books, because there are a bunch, do not fit.”
Although my choice to be a child-free woman isn’t as popular, I’m not special, Zigmont.
“I hate to say it that way, but you’re one of 32% of US child-friendly folks who are single and will never marry. There are 50 to 60 million child-free people in the US. So, there are about 16 million child-free soloists like you. That’s why this book has to exist.”
Child-Free Planning Tools
Zigmont points out that popular personal finance experts like Dave Ramsey have created entire programs around family planning, which helps users figure out debt management, when to buy a car, a house, and other life milestones when you’re also aiming to have children shortly.
“Ramsey does not have a plan for after you have kids,” Zigmont says. “Ramsey says, ‘That’s between you and God; they come whenever.’ They’re not part of that plan.”
Although Zigmont attests Ramsey’s advice is phenomenal, there’s a crucial next step that his guidance doesn’t include.
“What about the second half of your life?”
Zigmont’s book delves into this and outlines everything from retirement policies to life insurance plans that make the most sense for child-free people.
Life Insurance
Life insurance is usually what people purchase to financially safeguard their nuclear families’ future in the event of their death. Understandably, life insurance may not be a fitting investment for child-free by-choice individuals.
“What people miss about life insurance is that it’s supposed to protect your income if somebody needs it after you pass,” Zigmont explains.
In most cases, our emergency funds alone far outweigh what a cheap life insurance policy offers.
With that, Zigmont suggests looking into disability insurance to cover unexpected interruptions in income due to an injury, accident, or illness. Essentially, it’s a life insurance policy that works for YOUR life while you’re living it.
Long-term Healthcare
Zigmont implores child-free-by-choice people to think about who is to “take care of them” in the event of an emergency.
“If you’re hit by that proverbial bus and go to the hospital without any executor paperwork,” that could be an issue. The medical staff doesn’t know who makes decisions for you. That means the healthcare organization or government will decide for you. And I don’t care what political position you take; nobody wants the government making decisions for their lives.” He points out that that’s usually the origin of horror stories about people being stuffed in Draconian conservatorships.
“What I tell all of my child-free people is, I don’t care what age you are, you have to get a will, medical power attorney, and financial power attorney in place. And you can do it because it’s not hard. There’s a website called Freewill.com, which is free to use. You might have to get a notary, usually less than $15 bucks. The next question is figuring out whose name you will put as your fiduciary because it can’t be your parents’; that’s going in the wrong direction.”
In answer to this, Zigmont said he’s working on a product in which “we’ll partner with a trusted company to serve as the executor of medical and financial power of attorney and carry out the wishes of the child-free person.”
Caregiving resources
Child-free-by-choice individuals are often assigned the role of caregiver in their immediate families since they don’t have their own kids to care for. Zigmont created a roadmap in his book to help this group have the resources they need to care for their aging parents or an ill sibling for instance.
“It’s called No Baby Steps, which is your plan for your parents,” he explains, sharing that his mother has been disabled most of his life, and he’s been caring for her for many years.
In it, he not only outlines some financial guidance, but also guardrails for keeping yourself in the center of your caregiving.
“My wife and I set boundaries,” he says. “That’s incredibly important—just because you’re not a parent doesn’t mean everyone should have ownership of your time and money.”
Coping With Societal Judgements As A Child-Free-By-Choice Person
Black women are often expected to be the caretakers of the family, even if they don’t have children of their own. And even if you forego that hurdle, culturally, women choosing to remain child-free are often judged harshly. In answer to this, Zigmont simply says, “that’s not your problem.”
“The reality check is you’re not going to change your parent,” Zigmont says..” It’s just the truth of it. What I often will tell folks is to do some work to figure out who’s voices in your head are saying you have to have children, or even consider having children. And it’s usually culture and religion. Once you identify that, you can figure out where you are as a person. The problem is you are choosing a harder path. I’m just being transparent.”
He suggests looking into resources like the Love Jones Cohort, a study that looks into the voices and lifestyles of members of the Black middle class who are single and living alone. Zigmont also recommended No Bibs, Burps, Bottles, a child-free platform that specifically geared toward Black women.
“These platforms help you remember that this is your money…this your life. You get to live how you want.”