“It’s Not What You EarnIt’s What You Keep: A Call for Financial Literacy in the Diaspora”

A Tanzanian-born financial educator based in Missouri, USA, has sparked an important conversation about financial literacy among immigrants living in America.

Ernest Boniface Makulilo(EBM Scholars )is calling on immigrants to rethink their approach to money after relocating to the United States, noting that many focus on getting jobs and earning income but overlook understanding how the system works.

He explains that while earning in dollars is often celebrated as a major milestone, the lack of financial education can limit long-term success and stability.

According to Makulilo, key areas such as understanding taxes, learning how to legally reduce taxable income, utilizing retirement accounts, and building wealth through compounding are frequently ignored.

He emphasizes that the real issue is not how much immigrants earn, but how much they are able to keep after taxes and expenses.

Makulilo notes that two individuals earning the same salary can have completely different financial outcomes over time, with one building wealth and the other continuing to struggle.

“The difference is not effort, but knowledge,” he states, adding that the American system rewards those who understand and apply financial strategies effectively.

He is encouraging immigrants to go beyond working hard and instead focus on learning how money works, describing financial literacy as the foundation for long-term freedom.

Through his initiative, EBM Scholars, Makulilo is offering free personalized one-on-one financial education sessions to help individuals make informed financial decisions.

The program is open to individuals currently residing in the United States and Canada.