Tag Archives: saving

Understanding Your Finances.

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I was reading a blog post the other day about a woman who shared her debt-free testimony. She talked about how she took on two jobs to pay off her student loans and credit card debt. Through her experiences, she also managed to save enough money to begin investing and afford a mortgage on a new house. Epic, right? I then looked at the comments and saw this interesting post:

“I don’t consider this article to be pretty accurate because we do not know her wages or her financial situation to determine that she made enough money to do all of this.”

Um, what?!?!?!?

Understanding your personal finances are extremely important in your beginning steps of educating yourself on accumulating wealth. We all tend to have this idea that it is not possible to become wealthier because we aren’t in the same position as one who began their journeys as well. THAT IS NOT ALL THE WAY TRUE.

One habit that needs to be broken is checking the other person’s pocket for their status. We MUST work on our own.

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We need to begin to look at our financial status for what it is and where we essentially want it to go. It is the FIRST and ONLY way. Decoding what we have and what we can do is the first problem, so getting these questions answered should be your preliminary step:

1. How much money do I currently make?

2. How much debt do I have?

3. How much money do I have saved?

4. How much money do I spend?

I encourage you to write down on a piece of paper the answers to these questions. Having a clear understanding of your personal numbers should make the wheels begin to turn in your head. Knowing where you stand and what you need to do is the essential part in gaining more.

So to begin, our initial process of learning our current financial status actually begins with these questions at hand. Let us use these numbers for our next sessions about how we can increase our earnings, and decrease our spending and other bad habits.

 

p.s: feel free to share any of your numbers and your realizations through this process! We can all learn from each other if we are open with each other.

 

 

Three Benefits of Boycotting Black Friday.

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A lot of attention has been set on boycotting stores and corporations this Friday, having a split decision on folks who will and will not do it. Some believe that the boycott does not have a direct correlation of the indictment decision, while others will not spend a dime AND protest these stores. But how beneficial can this boycott really be for an individual? AfroMadu is here to break down how effective boycotting can be in regards to our Black dollar.

1. SAVING MONEY: Statistics prove that our generation has a hard time saving money. With college debt sky rocketing and the price of living increasing, it is nearly impossible for millennials to work, pay off their bills, and live the “American dream” (I’m referring to the buying a house with a white picket fence and dog idea). We also have hard time saving money and investing because of these factors. We fail to gain net worth because we can’t afford to. In saying all of this, can this boycott allow us to potentially begin the habit of saving our money when big consumer sales occur? If we gain enough willpower to actually stay home and not shop will forces say otherwise, how much money can we keep in our pockets? Save your money today! Boycotting will keep that extra hundred dollars in your pockets and really make you question why you “need” that 50″ flat screen in the first place. 

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2. EDUCATING OURSELVES: Statistics also show that the Black dollar, compared to other communities, are the quickest spent, having the money in our pockets in average of 6 hours before buying and spending as opposed to months and days in the Jewish and Asian communities. This is beyond disturbing. Information as such needs to be shared, especially if we are knowledgeable of how we spend our money. Understanding the value of a dollar is super important and if we are ignorant to how to spend the money we work so hard for, we can seriously be in trouble with our finances. Find a few articles or a couple books about managing finances and money and see how much you can learn with gaining the information.

3. HELP WANTED: This boycott also advertises the desire for potential buying during Black Friday. Instead of buying from corporations, invest in Black-Owned businesses. The problem here lies in the realization of actually finding necessities in the hands of Black-owned businesses. While preparing and researching for the boycott, I began to research places that I might be able to buy things that I would have to buy if all else fails. Some things would not be able to be bought because they are not Black owned. With learning all of this, it was pretty clear that more industries that provide necessities are not Black-owned, and thats a problem. At this rate, we are not able to function without White businesses and corporations. This boycott should allow future Black business owners to realize that we need capital in many different industries like agriculture, banking, and much more if we plan to devalue power in corporations. Let’s start creating these stores and own competitive markets. If you are a future Black entrepreneur, help is definitely wanted by creating trade in these areas. This boycott is allowing us to see the disconnect. 

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In the end, this amazing movement will allow us to serve two purposes: showing the world how much we matter, and showing ourselves our dominion over our finances and business.