Jayson Thornton, CFP is an award-winning Financial Advisor and host of Pocket Watching with JT, a financial Q&A podcast and YouTube channel.
Nationwide — Certified Financial Planner (CFP) and Enrolled Agent Jayson Thornton is issuing a strong warning to the Black community, emphasizing the critical link between problematic consumer debt and the inability to achieve financial security. Thornton, the host of the popular finance Q&A podcast Pocket Watching with JT, cautions that aggressive, high-interest financial products and fraudulent “business ofers” act as dangerous obstacles that disproportionately burden working families.
Thornton’s concern stems from data showing that a higher likelihood of problematic debt is common among Black Americans, even those with higher incomes. For Black Americans earning $75,000 or more, 63% considered debt a problem for their household, according to the 2025 Retirement Confidence Survey: A Closer Look at Black Americans, compared with 45% of non-Black Americans in the same income bracket.
The Dual Threat: Predatory Loans and Fake Gurus
Thornton highlights two primary threats contributing to financial instability and inhibiting wealth-building:
1. The Debt Trap of Pay-Advance Apps and Title Loans:
Apps advertised as “Earned Wage Advances” (EWA) are often criticized for operating like high-interest payday loans. Research indicates that users of these apps often find themselves in a cycle of reborrowing, escalating their usage over time and accumulating fees that can equate to an Annual Percentage Rate (APR) of around 383% according to a report by Davis, Jonathan M.V. (June 2025) The Economics of Earned Wage Access: How Giving Workers More Control Over Pay Timing Can Boost Financial Stability, Productivity, and Well-Being.
Furthermore, traditional short-term lenders, sometimes operating as “credit access businesses” or “loan arrangers,” charge average fees that can equal interest rates of 200% to 500% APR, according to a report Payday and Auto Title Lending in Texas by the nonprofit Texas Appleseed. Thornton points out that these loans are structured to keep the consumer paying fees without ever reducing the principal, leading to a “debt trap.”
2. The Illusion of Instant Wealth from “Fake Gurus”:
The second threat is the proliferation of scams disguised as business ofers or coaching programs. Thornton, a CFP who distinguishes his work from “fake gurus” who “play one on the internet,” warns that these scams exploit the desire for quick financial fixes.
Key warning signs of these scams include:
Unrealistic Guarantees: Promises of “guaranteed income,” “large returns,” or earning “six-figure incomes in 90 days” with little or no experience.
High-Pressure Tactics: Using urgency (“limited spots”) to push consumers into making a quick decision before they can research or seek a second opinion.
Pyramid Structures: The primary focus is on recruiting new members rather than selling a tangible product or service.
Hidden Fees and Upsells: Starting with a low-cost ofer that quickly escalates into tens of thousands of dollars for worthless mentoring or services.
Thornton’s Action Plan: The Pocket Watcher’s 7 Money Rules
To combat these threats and build financial stability, Thornton insists that individuals must follow a rigorous, sequential financial framework, starting with The Pocket Watcher’s Seven
(7) Money Rules.
1. Budgeting (The Foundation): Thornton stresses this is the “Money Scorecard”. The goal is to gain clarity and control over cash flow, identifying “Want Money” to use as “Debt Killing Fuel” later.
2. Emergency Savings (The Guardrail): The second, mandatory step is building a safety net of three to six months of essential living expenses in a high-yield, liquid account. This “Debt Spiral Guardrail” is crucial to prevent unexpected expenses from forcing consumers into new high-interest debt.
3. Debt Planning (Kill the Money Monsters): Once the emergency fund is established, all focus turns to aggressively eliminating high-interest consumer debt, such as credit cards. This involves choosing a focused repayment method, like the Debt Avalanche or Debt Snowball, to free up future cash flow.
Thornton emphasizes that the Pocket Watcher 7 Money Rules is a simple system that anyone can use to achieve financial freedom. To learn more or submit a finance question to Thornton go to PocketWatcher.net
About
Jayson Thornton, CFP is the founder of Thornton Financial and host of Pocket Watching with JT, where he answers your financial questions. To learn more or submit a finance question go to PocketWatcher.net
For press inquiries, contact Jayson Thornton, CFP at PocketWatcherJT@gmail.com or 314-776-9076