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Money 101

AFICAN AMERICAN SPENDING

AFICAN AMERICAN SPENDING

How much money is in your bank account or under your mattress or tucked in your sock? Do you even know? Do you even care? If your like many of the brown brothers and sisters that I know then the answer is probably no you don’t know and you don’t care. If you’re like many of us you’re living pay check to pay check anyway, you owe people, and you feel like you’re never gonna get ahead.

Having a budget, being accountable for your money, that’s for rich white people right? Well let me tell you, plead with you, that that is NOT the case.

Do you know the power of the brown dollar? As a group we have the buying power of over one trillion dollars, yes that is twelve zeros. If brown people stopped buying things this country would feel the full effects of that yet we are just throwing this money away. We’re not supporting minority businesses, we’re not investing in education, and we’re not investing in ourselves… meaning we are not building up our savings accounts, investing in stocks and mutual funds to build wealth, or investing in retirement for our futures.

Instead we are buying Jordan’s, high dollar clothes, and junk. Now there’s nothing wrong with that if you can afford it and still have money left for your household bills, groceries and your savings account but most of us cannot afford it.

But do you know how you can gain control of your financial situation so that one day you can afford it? Yep, that’s right, what the “rich white people” do. Start a budget. It’s simple. Sit down and add up all the money that comes into your household. Then write down all of your bills, every single one of them. Is the amount of your bills more than the money you bring in? If so, you need to take a hard look at your bills and figure out what you can cut out. Do you really need that cell phone, do you have to get your hair done/ cut every week, can’t you wait just a little longer to get those new shoes? Find things to cut out. This will be hard work but your future  and your children’s future, depends on it. Once your bills are less than your income you are on the right track. Now you have money to save so start saving. Put this money in a jar or in a savings account, it doesn’t matter just save. It also helps to give this money a purpose so maybe you have a jar for new shoes and a jar for a trip you want to take and a jar for whatever else you want to save for but don’t have enough money for. Then just sit back and watch your savings grow because you’re putting money away every week now.

I know your mama and daddy didn’t have a budget, neither did your grandmother or grandaddy. Mine didn’t either. I know the word budget is foreign in many of our communities but we can change that and so by doing start to see changes in our communities. We are in a time where we want, no we need social change in our communities. Financial change is no less important.

So here’s a challenge to you. Take a look at your money, no matter how much or how little it is and for the next month (that’s only thirty days, we can do anything for thirty days right?) work from a budget and see how your financial life improves. The state of the minority economy depends on all of us coming together and making our money work for us. Remember money talks and … well you know what walks.

Peace, Love, and Blessings~

Chysalis

!.....The Power Is In You.....!

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