Chad Sanders, known for his work as a writer for Issa Rae's show "Rap Sh!t," has a compelling story that intertwines artistic pursuits with the realities of financial literacy. His journey is detailed in a new Audible podcast titled "Direct Deposit," where he explores his relationship with money and shares insights from other successful individuals.
Issa Rae and the cast of "Rap Sh!t"
Early Life and Artistic Inclinations
Growing up, Chad Sanders, now 34, demonstrated a natural talent for the arts. He found writing as a way to express himself, influenced by his older sister and parents who were avid readers. "I found writing [as] a way that I could express things that I didn't always feel allowed to say or even embody in the life that I lived as a Black kid growing up in largely White suburbs," Sanders says. His artistic endeavors included acting in plays, playing the piano and trumpet, and even landing a role on Discovery Kids' "Adventure Camp" at the age of 12.
Higher Education and a Shift in Focus
However, his passion for creativity waned as he entered Morehouse College. "I saw how much our school and the American economy push people towards economics, finance sciences, and away from the arts, and I followed the trend," he confesses. Sanders found employment at Google in Human Resources and later worked at YouTube in its sports and music division, moving from California to New York and then to London.
"I got to see the world; they showed me what enterprise looked like at the biggest scale," he says. "I got to see what I wanted to eventually build, which was a big company capable of doing a lot, and I think that has changed over the last ten years. In the time I've been out in the workplace, I don't want to have a bunch of employees anymore." Instead, he envisions a corporation with like-minded contractors, a structure he learned from his time at Google.
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Reconnecting with Writing
Despite his success in the tech industry, Sanders felt unfulfilled. "I got away from writing. Probably four or five years out of school, I was repressed and hurt from not having my creative outlet." He eventually returned to his first love, embracing a minimalist lifestyle to pursue his dreams. He examined his expenses, canceled subscriptions, and avoided dining out and dating while living in a Brooklyn apartment on a mattress.
"I couldn't go to homecoming, birthdays, and weddings. All of a sudden, my life just got small and singular, and in a way, I liked the simple lifestyle," detailing his experiences as an aspiring television writer. He wrote his first TV pilot, "The Archer Connection," and even met Spike Lee at a coffee shop in Brooklyn. Although initially nervous, Sanders eventually reconnected with Lee, leading to opportunities in Hollywood.
Breakthrough and Mentorship
Sanders went on to write for "Grown-ish," a spin-off of "Black-ish," and credits Lee for believing in his potential. He maintains a close relationship with the director, who advises him on navigating the industry. As his career progressed, he received offers to work on projects for BET, Netflix, and Issa Rae's "Rap Sh!t."
Chad Sanders
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Financial Awakening
Working on "Rap Sh!t" was a turning point, as Sanders realized his lack of financial literacy. Growing up with employed parents and a full college scholarship, he never faced financial challenges. However, after leaving the tech industry, he had to confront the realities of managing his finances.
"Besides writing on Rap Sh!t I haven't had a direct deposit since 2015. So now, what I think about money is how much longer do I get to try to live out my dreams until I have to tuck my tail between my legs and work for somebody else. I don't mean to sound disrespectful to anyone in that position. But I am wired in such a way that makes me sad. The idea of working to build someone else's vision instead of mine breaks me," he says.
He cashed out his 401k from Google, unaware of the tax implications, and realized the importance of credit. He also learned that some clients might not pay after services are rendered, making him more aware of the necessity of money. "Two years ago, in the middle of COVID, my fiancée and I were living in rural Maryland at my grandmother's house because we fled New York. I had to call around, chase down lawyers and executives because studios were not paying me because Hollywood [was] on a freeze, and I was running out of money. My financial literacy - I've been thrown into the pool's deep end by this industry."
The Role of His Fiancée
Now engaged, Sanders credits his fiancée for helping him build a healthy financial foundation by living within their means. He understands that financial freedom is essential for continuing his work as a television writer.
"Direct Deposit" Podcast
Sanders launched the "Direct Deposit" podcast to share his experiences and guide others in achieving financial competency. "It says a good way to make a mark is to be the first of something and have a singular title for what your thing is because this project is not like two people in a garage with a microphone talking about dating or something; this is a fully written, mastered, musically produced podcast album," he reveals, with a beam in his eyes.
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"You'll get a unique conversational experience, musical experience, and the storytelling we do for HBO or on a premium network. So that's the format, eight episodes, 30 to 40 minutes apiece. I'm walking you through the journey of a Black person out in the wild trying to get rich and starting on a very visceral level, trying to get that first person to give you money for your screenplay, to invest in your business, eating ramen noodles to make it work, looking for mentors like Spike Lee to put you on.”
Each episode features conversations with successful individuals like Issa Rae, Soledad O'Brien, Gabrielle Union, Pinky Cole, Charles D. King, and NFL quarterback guru Quincy Avery. He wants his podcast listeners to become enthralled, elevated, and connected to him as a storyteller. Yet, while he is relaying practical financial advice, he wants his audience to consume it as art the way they would analyze their favorite album or movie.
“They tell me about those moments where [they] were, honestly depressed, scared, couldn't get out of bed, because you didn't know if this was gonna work out for you. So we take you through the whole experience, trying to get money working with White people, mental health, therapy, and having fun with your money. I tell the whole story in a way that is almost a three-dimensional audio experience,” he adds.
Sanders wants to share all his valleys and mountaintop experiences with listeners to help guide them in achieving financial competency.
He is also addressing the financial literacy gap in the Black community. The statistics showing Black families "having 25 cents for every dollar of White family wealth" in the second quarter of 2022 show why having a discussion around the dinner table about 401ks, IRAs, credit, and home ownership is even more imperative.
Key Financial Insights from Chad Sanders:
- Invest in Securities: Seek advice from financial experts.
- Build Credit: Understand and improve your credit score.
- Keep Fixed Costs Low: Manage monthly expenses to maintain financial flexibility.
- Invest in Your Business: Build a team to help you grow and generate wealth.
Sanders advises that members of the Black community must also become emotionally literate about money. If admirers of Issa Rae, actress and producer Gabrielle Union, or entrepreneur Pinky Cole want to follow in their footsteps, they must accept that the trek will be arduous. "You're going to feel the weight of risk, feeling isolated when your friends can afford to do things you can't do. You're going to walk into rooms with White people who are going to be condescending to you, who are going to make you feel like you don't belong to be there, who are going to question whether or not you have the merit to be there and that's going to take a toll on you. So, you [must] have a financial and emotional foundation sewed up. I'm still working on that. I'm a work-in-progress, and there's a lot of ways to do it," he discloses.
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