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5 ways we can raise the bar financially for ourselves and future generations
The more we educate ourselves and share our knowledge with others, the better off we and future generations will be.
Here are 5 tips that can help jumpstart an increase in your financial health:
Invest in financial education. The best way to learn about finance is via books. It’s how I did it. I used to be 100% financially ignorant. Still, I have a long way to go, but now I can successfully manage my own finances and maintain a positive net worth, which is unusual in America. If you want something simple, start with Dave Ramsey; it doesn’t get more simple than him. He successfully explains a wise beginner strategy for how to upgrade your finances.
Build up a 1–6 month emergency fund so you don’t have to go in the red every time an inconvenience pops up in your life. 1–6 months is the minimum emergency fund recommended in the case you lose a job, need to deal with a car repair, have an unexpected medical expense, etc.
Consistently invest your income. Don’t pay a financial advisor; use Robo-investing until you learn how to choose your own investments. Never allow your money to sit. Put your money to work 24/7 by investing it. Inflation will burn your cash. Investing will increase your cash.
Think of your financial health as one aspect of your holistic health. Self-care includes financial care. Tend to your finances. Never not know where you stand financially. Always know what’s in your accounts, if you’re on track with your savings and investment goals, and if you’re on time with all of your payments.
Seek mentorship. Books have been the key to my financial elevation, but I’ve had mentors along the way that have significantly impacted my financial outcomes. Don’t blindly follow others’ advice; do your research, learn new concepts, and decide for yourself if a financial decision makes sense for you and your goals.
Ignorance is what got African-Americans to the bottom of the economic totem pole. Education and insight are what will help us rise out of generational poverty. It all starts with you, and then when you learn something, remember to share it with your neighbor so that they can share it with someone else. Notice the people who have the wealth tend to share it with those around them. The more you share and collaborate, the greater your success.
This content is for informational purposes only — not professional advice. Consult a qualified professional before making any major decisions.