- Upon graduating from college, I understood how critical financial literacy was to succeed in my career.
- Because of my success, I’m now a financial success coach for others in my generation.
- Getting rid of debt, reducing housing expenses, investing more, and automating my savings contributed to my financial well-being.
There is a vast disparity in wealth between the rich and the poor. In general, Black individuals are less wealthy than their white counterparts. Many factors contribute to this disparity, but our responsibility as Black people is to face and overcome them each day.
Jobs with perks or knowing how to invest are neither simple nor obvious.’ adverb Black students are more likely to be saddled with student loan debt due to their educational pursuits. There are a limitless number of obstacles to accumulating money in our society.
When I was 15, I got my first job. I was aware of the need to save money, but I had no idea how to develop wealth. Going to college and working hard till I could retire was all I could think about. In my mind, all I needed to become wealthy was a rise in income.
I was fortunate enough to get accepted into college. My parents were firm believers in the notion that I was solely responsible for my education. After graduating with $65,000 in student debt, I obtained a master’s degree in education.
I came to understand that I was putting myself in a position where I would have to work for 30 or more years before I could retire. All of this drove me to educate myself in financial literacy and make deliberate adjustments to grow money, such as taking on a second job and automating my savings.
My net worth has increased from $65,000 in debt to over $350,000 in the previous seven years.
I was able to perform better since I better understood my money. To help students of color better manage their money, Moore Wealth conducts seminars and awards scholarships.
Every Black person should be able to enjoy financial security. After being inspired by others, I employed the following five strategies to increase my fortune.
Tips to Avoid Bankruptcy and Save Money
The burden of debt can impact how you live your life and may cause you to declare bankruptcy. The process of filing for bankruptcy can be a stressful experience. In some cases, you need to make a Chapter 13 or Chapter 7 bankruptcy. In this case you’ll require an experienced lawyer like San Diego bankruptcy lawyer. A bankruptcy lawyer can help you find the most effective options to keep your business from bankruptcy.
In order to file for bankruptcy, it is necessary to look into different options. Once you have completed the process, it will be straightforward to restore the credit score. Here are some ideas to help you to follow on bankruptcy and learn more about bankruptcyhq.com.
Speak with Debt Collectors and Creditors
Debt settlement is possible in normal situations. The risk of bankruptcy is not typical. If you’re looking to choose between filing bankruptcy and paying off certain debts, then try to pay off the debts. It is crucial to organize everything better.
Do not choose an organization for debt settlement. More money and time are required by these firms. Additionally, you should avoid paying off any current debts. Always make minimum payments on debts that are in existence to ensure they remain in good order. Be mindful of the charges you have already made off debts. You should prepare yourself to make a one-time payment in settlement following an agreement.
To stay out of bankruptcy, attempt these strategies. You can stay out of bankruptcy through the sale of your assets. Save more money and make arrangements with your creditors.
1. I became more aware of how much money I was spending.
My resources are restricted. I’m not in a position to buy anything I’d want. When I decided to acquire wealth, the first thing I did was become conscious of how and where I spend my money.
I realized that my actions inform my values, and my principal value is what I spend the most money on. Intentional spending has enabled me to better match my financial goals with my core beliefs.
2. Reduce my housing expenses.
Dr. Lakisha L. Simmons, a FIRE coach and author of “The Unlikely AchieveHer,” gave me the push to be more mindful of my living expenses. After a divorce, Dr. Simmons was introduced to FIRE (financial independence/retirement early). She made the difficult decision to reduce all of her spendings due to the fact that she had two children and just one source of income.
To save money, Dr. Simmons downgraded her home from a five-bedroom, four-bathroom house to a two-bedroom apartment. As a result of this decision, she could retire at the age of 41 with a nest egg of $900,000.
The typical person’s monthly housing cost is enormous. The savings from moving into a smaller apartment inspired me to pursue the following three stages, so I followed in Dr. Simmons’ footsteps.
3. Reduced and eliminated additional debt
I owed $65,000 in student loans when I graduated. When I subsequently met my spouse, I discovered that we also had student loan debt.
We were conscious that if we didn’t change our spending habits, we’d be saddled with debt for a long time. So, I devised a strategy to get rid of that debt as quickly as possible.
I now question myself, “Is this worth it?” whenever I’m forced to take out a loan. Is it worth the interest I’d have to pay? The answer is almost always no after I do the math.
4. I maximized my investment opportunities.
As an adult, I’ve come to realize that working as an employee and selling my time for cash isn’t what it used to be for me. For example, if I worked four hours and earned $27, I’d be paid $18.
Financial literacy opened my eyes to the fact that individuals with money in the bank weren’t working. Say, for example, that they earned $300 while they were sleeping. I was blown away by this epiphany, which made me realize the power of an investment.
There are several ways to go about investing. To maximize my assets, I have used every instrument at my disposal. Many of the accounts we have access to are mishandling various laws and regulations because of hurdles to access and financial jargon.
Every time I start a new job, I inquire about 401(k) plans with human resources. Which ones might I get to? Do I have the ability to make a significant impact? Each account has a different set of investing opportunities. I ensured my money was working for me by asking these questions.
5. Automated processes to increase productivity.
For my student loan debt repayment, I found that it was no longer necessary for me to spend a lot of time each week checking in on how things were progressing after making a plan.
So, I set up 90% of my financial decisions to be automated. Set up automatic savings to build a rainy-day fund. My accounts were tracked, and my school loans were automatically repaid via Mint.
Automated payments even fund my retirement accounts. Having chosen one investment distribution, I had my contributions matched by the automatic matching of that distribution.