Why Black Men Need to Save More; Less Spending, More Money. : ThyBlackMan.com

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Why Black Men Need to Save More; Less Spending, More Money.

November 12, 2015 by  
Filed under Money, News, Opinion, Weekly Columns

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(ThyBlackMan.com) There is a huge generational wealth gap between black and white families in this country. That disparity has meant that black families actually get poorer with each generation as opposed to building on the wealth acquired by their predecessors. It’s never to early to start putting money away to protect yourself and your loved ones from whatever the future might bring. Saving is so much more than just putting money to the side each week. Here are some quick tips to get you started on your path to financial wealth.

  1. Arm Yourself with Knowledge: Finance can be complicated, there’s no need to google every single finance option. Start by picking a product you really like and that you feel has a bright secure future. Go online and research the stock on this product. Buy a share, a single share and use this as an experiment to launch you into learning more about how the markets work and what services are out there to make your money work for you.
  1. Get Insured: Insure your home, your life, make sure you have catastrophic insurance in case you are ever injured and unable to work. If you can spare it, use insurance as a safe guard to make sure that you can keep whatever wealth you build for yourself and your family. There’s no way to know what tomorrow is going to bring, but you can make sure that you’re ready for whatever comes.
  1. Budget, budget, budget: Budget for everything. You know how much you make, set goals for how much you want to save and what your next big move is going to be. Is it a new car, buying a home, maybe an engagement ring or starting a business? Whatever your goals, planning for it at least a year in advance puts you in the ideal situation to make a calculated decision that will guarantee a positive outcome for you and your wallet. Getting into the habit of budgets, breaking down the cost of your meals per person or controlling energy, transportation and entertainment costs can save you thousands. It’s also a good idea to plan ahead for your wardrobe. Find out when your favorite brands start discounting their latest looks and get your clothes at a savings.

The bottom line here is to make your money work for you. You earn it and if you invest it wisely, you can construct a comfortable future for yourself, something to many of our men neglect to do. Life doesn’t have to mean living pay check to pay check. No matter where you are now, make a plan to get to where you want to be in the future.

Staff Writer; Greg Poole


Comments

2 Responses to “Why Black Men Need to Save More; Less Spending, More Money.”
  1. hoodgirl says:

    Good Article. There are three distinctive qualities of millionaires. They are hard workers, devoted savers and live below their means which is why Budgeting is the prerequisite to achieving financial security.

    It really doesn’t matter what someone thinks of you just what you think of yourself. That’s why engaging in continual self development is crucial to a healthy psyche.

  2. Marque Anthony says:

    We need to invest more, spend less, save more and have our own businesses. I have owned a business for over 12 years full time.

    What’s sad is that we African Americans are still calling ourselves BLACK because Caucasian oppressors called us that to contrast their color and to assign to us all the negative things BLACK is equated with in the dictionary. The fact is, like it or not and believe it or not, YOU ARE BROWN and your car tires are black. You can say black is a culture but when they deal with you, they deal with you based on it’s definition – dismal, gloomy, dark, diabolical, treacherous, devoid of light.

    WAKE UP AFRICAN AMERICANS. We do not call the Asian yellow man because he would not stand for it. We do not call the Native American a red man because he would not stand for it. We do not call the Hispanic man a brown man because he would not stand for it. And many Africans, Haitians and Jamaicans do not accept being called a color they know they are NOT.
    Ironically, African Americans are the only ethnic group/race on the planet which allows ourselves to be called a color we are not, allowing ourselves to be defined by color, by someone else and to allow ourselves to be attached to a color we are not – a color they filled with negative denotations. Then we fight to help keep the lie in place.

    Is it any wonder that cops treat us as BLACK people by the definition of dismal, gloomy, treacherous, evil etc? We will never rise and overcome as a people if we allow other groups to define us, to define us with a lie and we are sadly willing to help them. AFRICAN AMERICAN LIVES MATTER PEOPLE. Black is the color of my car tires, not my skin. I am a family and relationship counselor who specializes in deprogramming African Americans from slavery mindsets.

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