7 Simple Ways to Build Black Wealth
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3/5/24
The first step to building wealth is to recognize your wealth. Knowing what your family already has, is instrumental to grow wealth. Too often, families don’t know their wealth, so they constantly lose portions of it, without realizing it. You can have a good income, but if you don’t plan and manage it, and save it, you will have nothing of long-term value to show for it.
Save money you earn today for tomorrow! Most people are using money they earn today to pay for past activities, which is debt. Once you start working a good job or start your own business, you want to immediately start building wealth, by saving a good portion of your earnings. 1. Save at least $25 every week, which will turn into $1,300 at the end of a year. Keep this in a bank account for emergencies. By having an emergency account, you can avoid going into further debt from late fees and unexpected necessary expenses. 2. Save large sums of money—money that you get from income tax refunds, work bonuses, etc. You can keep this money in a separate account, to pay down debt, or save for a downpayment on a house, a car, tuition, etc. 3. Make sure any money you save is earning interest in a FDIC-insured, high-interest bearing account. Gone are the days when banks charge a monthly fee and you only get pennies of interest for having your money at their bank. Today, there are banks you can open an account and earn about 4% interest (currently) with only a small minimum requirement. You want a bank that has a local branch, to have the option of going to the bank, whenever necessary. However, these banks also have conveniences that allow you to open an account online and deposit checks on your cell phone. 4. Track your money and keep your finances organized by using an organizer, such as My Home Organizer. You can’t build wealth, if you don’t keep track of your earnings, savings and expenses. Every family or individual who has earnings must operate similar to a small business, by organizing their finances, in order to see how their money is moving, to build wealth. 5. Make your money earn additional money by creating passive streams of income. Passive income can be conveniently generated online. If you have any type of expertise from school, work or a hobby, you can create information to sell online—a book, eBook, planner, videos or online courses. You can teach or share your experience to help others in whatever you know that can be beneficial to a niche group of people. Your willingness to help others by providing them with helpful information can create a passive stream of income for you. Once you create it and set it up on a platform to market it the public, you don’t have to do much else, but collect a revenue. Passive streams of income require you to work when creating it, but once you set it up online, you only need to draw people to it through social media. You may only have to put in a few hours a week, whereas with a 9-5, you always have to put in the hours to get paid. Passive streams of income are a game-changer, allowing you to make viable income, without having to work endlessly to get paid. 
6. Live sensible. Protect your health. Good health is wealth! Foolish living puts your health in jeopardy. Protect your health, in order to maximize your ability to build wealth and to prevent income loss due to injuries from reckless activities and foolish habits. Make sure any activities you choose, do not jeopardize your health and your wealth. Get rid of reckless activities and habits—and reckless friends.
7. Buy real estate. If you are renting, which is paying someone else’s mortgage, you want to buy real estate as soon as you can. Buying a house to live in, allows you potential to grow your housing expense, in the form of equity and appreciation. When you own a home, your property will usually appreciate over time (which is a great investment), but you do not get anything back from renting. Yet, rent prices are often as high as mortgage payments. When buying a house, purchase one that needs little or no repairs, so you can live maintenance free for the first few years—to give yourself time to save for future repairs. Implement simple tactics, now, like protecting your health and budgeting your finances with My Home Organizer—because the simple changes will help you check off bigger goals, such as saving money and buying real estate. ©VC Edwards 2024, All rights reserved. 
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