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One of the damaging ways that generations fail or what keeps us from progressing is when you let problems, enemies, or circumstances get in between your family. I am very passionate about family, family legacy, support, growth, and faithfulness. In this particular write-up, I want to focus on the financial struggle and why it seems like others are progressing and building wealth. How can we better prepare, prevent, and establish more opportunities for the next generation, especially in the black community? In the near future, I will touch on more specific ways and alternatives to move forward, but now its more about getting the focus on the topic.
Everyone, family or every business, goes through a period of famine and drought. Things won't pick up, we find ourselves making the same mistakes with managing our money, don't know where to turn to learn information, or get guidance on ways to grow financially. What I have noticed about myself is that I had analytical gifts, always willing to learn, and can understand bigger pictures; but where I struggle is being able to allocate efficiently and being creative on finding ways. Once you figure out what has been holding you back from progressing, you can focus on strengthening that area. As a black community, restructuring our minds, reorganizing our priorities, and having self-love, love for others, and putting our family in the front of our minds will help us be more open to opportunities and more willing to collaborate with other successful people to build each other up. On the other hand, if you have gained a certain level of success and you aren't passing information on or lending your guidance based on experience, then you are a part of the problem. We have to get out of our own way.
Be a supplier, not a consumer.
Having wealth or a strong financial background doesn't necessarily mean you have to have millions of dollars (yet), or you have to be a business owner. you just need to be able to have a healthy turnover and have a plan to create income and stability for the present and future generation. At the end of the day, time will continue to move, and if we don't think about those kinds of things, then our kids and their kids will continue to start from ground zero.
One of the ways to prepare for change and prevent setbacks is addressing the fear of taking risks, the fear of discipline, and the dependency on our wants instead of our needs. The mindset of the wealthy isn't to think about or budget how to spend, but ponder on what is actually important and will produce what I want. How many times and you have written down your budget or list of things your paycheck will go to and its all about spending? I am definitely guilty of thinking that the money I have is to give away and something I live for. We should make sure we bring value into our lives so that we become of value. We should be healthy in mind, body, spirit, and the money will follow.
It is absolutely okay and healthy to treat yourself and to spend money on things that make you happy. The difference in that, which refers to the title, is if you are thinking like a consumer, you are spending money you don't have and you are spending money that isn't in excess of prior investments or after taking care of responsibilities. When you think as a supplier, you invest in your (retail store reference) inventory, employees, assets/property, and you distribute to other future needs. Then you would have your store party, celebrate birthdays, or have that BBQ.
What are some easy, simple, and necessary ways to get started? Where can I find some ways to put my money?
- Figure out what your goal is and find that fault that has been keeping you from moving forward and making the right decisions.
- Speak, surround, listen, and perform in the same ways that the ones you look up to, admire, and want to learn from.
- Starting off small (depending on your income), you can put money aside until you reach as certain amount. Investing in stock, finding a financial advisor that can provide savings accounts, and other platforms to hold and grow your money.
- There are apps that are good for stock portfolios and ones that save money for you. Apps: Stash, RobinHood, Digit, and Acorn.
- To flashback on four, if you don't have that extra money to put away you can either find a side hustle or cut back on spending. We don't realize how much money adds up on things that we can either do ourselves or are over priced. Do an audit on your expenses and income. Things like going out to eat two or three times a month as opposed to six to seven times can easily give you and extra $100/month.
- Lastly—which I'm really hard on—is life insurance. Just being able to leave your family something to start ahead and to not leave them with a pile a debt or nothing to live on through that transition can be a major aide in giving your family a chance to have a better lifestyle moving forward.
About the Creator
Jarrod Foster
Learning myself through writing. Anyone is welcome.
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