By: Isaiah Robinson
HOUSTON – If Black knowledge is power, then the Black dollar is mighty; and, that dollar is only powerful when used tactfully and precisely.
Financial stress is a strong cancer that almost everyone tries to rebuke out of their home, and for good reasons too.
But, that stress will only continue to enter your threshold with poor financial decisions and bad spending habits; and, with the new year settling in, it’s about time to stop the mindless spending and start thinking wisely with your money.
Moreover, the same tired, worn-out, yet true stereotypes about Black people spending more money than we make, not supporting black businesses; not saving our money; not knowing how to invest and not working towards getting out of poverty, has to be put to rest in the new year.
According to blackmeninamerica.com, 42 million African-Americans have a spending power of $1.1 trillion dollars, and only 2% goes to black businesses.
The spending habits we’ve been accustomed for generations must be put to an end.
Here are a few financial tips to help you in the new year:
Have an emergency fund– maintaining an emergency savings account may be the most crucial difference between those who stay afloat and those who sink financially.
Establish your budget– according to blackmeninamerica.com, a dollar circulates in the black community for only 6 hours. Establish your budget and realize where your money is going.
Save your money using short-term goals– committing to save $20 a week or a month is more reachable than setting a goal to save $200 a month for a year.
Commit to eating out once a month– reduce the amount you eat out by just once per month.
Start investing– Learn how to invest in stocks or buying bonds and not waste your money on things that depreciate in value.