The Truth about Progress in the US and the Power of Bootstrapping

Harnessing the power of Bootstrapping is essential in modern times. For as long as I can remember, “bootstrapping” was given a negative connotation. In truth, it’s the same as hustling. Bootstrapping is the language of the marginalized.

It’s the ability to be resourceful and the fuel to persevere.

So where did the term come from?

Per Investopedia, “Bootstrapping is a business term that describes the process of starting a company with little capital and relying on money other than outside investments. An entrepreneur who bootstraps a company uses personal finances or the operating revenues of the new company. They may also use borrowed or invested money from family and friends, or earnings from initial sales.”

However, we can go back further.

The term “bootstrapping” originated with a phrase in use in the 18th and 19th centuries: “to pull oneself up by one’s bootstraps.” Back then, it was referred to as an impossible task. It branched off into two camps.

The positive American trope of people doing the most that they can with the little that they have. To earn one’s keep. To make it off your own sweat. As stated in the Huffington Post, in American political discourse, “pull yourself up by your bootstraps” is a common phrase, especially in conservative rhetoric about self-reliance. It means to succeed or elevate yourself without any outside help.”

And the latter which was more critical of economic inequality.

“It’s alright to tell a man to lift himself by his own bootstraps, but it is a cruel jest to say to a bootless man that he ought to lift himself by his own bootstraps.” MLK, Jr.

In the end, the entire entrepreneurship mantra is built on this disequilibrium. Creating a product to serve the needs of the people. To provide a great service for less. Even immigrants use it. That energy is Growth, and it’s powerful.

Why We Need to Redefine Terms Like Bootstrapping

The Financial Griot is a play on two words (Finance + Griot) that hold significance in closing the wealth gap while embracing our differences. In this vein, TFG strives to retell or better yet reframe our stories and our terms.

From Accountability to Bootstrapping, progress requires that we lean into the challenges and even the discomfort. While we talk about Finances and demystifying wealth, we also need to recontextualize ideas and the limiting beliefs that may come with it. Specifically, if you want to be financially free, you have to become Financially literate, incorporate actionable steps, and ultimately build generational wealth.

You have to learn to imagine opportunities and position yourself toward them. Yeah, it’s possible to become a millionaire. 80% of millionaires are the first generation. That means they didn’t come from wealth. It’s possible to retire and live happily ever after.

Click to Connect with the TFG Crew Hosts

• Alainta Alcin – Blogger, Travel and Money Enthusiast @alainta_alcin
• Lovely Merdelus – Entrepreneur and Small Business Growth Specialist @lovelymerdelus
• Lawrence Delva-Gonzalez – Financial Blogger and Financial Foodie @GQ_Accountant

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