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