Growing wealth is one of life’s great challenges and pleasures. To build wealth, you need to learn financial tips and tricks from financial advisors. For many people, it’s also an impossible task. But not for these black financial experts!
The Top 10 Financial Tips From Black Financial Experts to Start Growing Wealth Today.
1. “Pay off your debt, including your mortgage, as fast as possible. Debt is the absolute worst. It’s the only thing that keeps most people from becoming a millionaire.” — Patrice Washington, author of Real Money Answers
Patrice Washington, the author of Real Money Answers, said that paying off debt is the best thing you can do for your money. She said, “Debt is the absolute worst. It’s the only thing that keeps most people from becoming millionaires.”
To have the best personal finances, you need to get rid of chronic debt. Chronic debt means that you are struggling to pay your bills or student loans and stay financially afloat. As Patrice explained: “When you have no money coming in each paycheck but are faced with monthly payments on items like cars and houses, there is no way for your wealth to grow.”
2. “The key to winning with money, in my opinion, is budgeting. You have to know where you are spending your money, where you can save and where you need to cut back.” — Tiffany “The Budgetnista” Aliche, financial educator and author
Budgeting is one of the best personal finance tips for a healthy financial status. You must know where you are spending your money and where you can save. In order to do this, it’s important that you have a budget in place so that you know exactly how much money is coming in and going out each month.
A budget allows you to see what areas of your finances need improving and where improvements can be made without sacrificing things that are important to you, such as saving for retirement or taking care of loved ones’ needs.
To easily track your expenses and income, you can download a budgeting app on either your phone or tablet.
3. “Once you start earning six figures, it is so important to generate multiple streams of income. There is a famous quote ‘if you do what you have always done, you will get what you have always got.’ Once you earn more, do more.” — Patrice Washington, author of Real Money Answers
You might be making a good amount of money, but there are ways to make even more. If you are ready to become a millionaire, learn how to:
- start investing in black businesses and brands
- look for side hustles that can generate more income
Invest in businesses that are run by people of colour. If you have a job, start your own business on the side, make a budget, and stick to it.
4. “If you want to grow your wealth with black businesses and brands, take a look at the companies in which you spend money now.” — Ashley Foxx, creator of Black Women Invest and The Black Wealth Experience
To grow your wealth, you should look at the companies in which you invest now. It is as simple as that.
Foxx says that when you buy from black businesses and brands, you are helping to create jobs and wealth in your community. “When you buy from them, they can hire more people,” she explains. “And those employees will start buying from other black businesses and brands.”
By supporting black businesses, you are helping to build and maintain wealth for your community.
If you want to start investing in black businesses, check out the websites of organizations like Black Wall Street Investments or Black Enterprise’s BE 100s.
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5. “You have to decide which vehicles you’re going to use to build wealth and create a plan.” — Tonya Rapley, Founder and CEO of My Fab Finance
Tonya Rapley, the founder and CEO of My Fab Finance, says that you need to have a clear goal and face it with a financial plan. She suggests that it is not enough to know what will bring in wealth; you also need the strategies and plans to execute them and build wealth to achieve your life goals.
When you have a financial plan, it can take fewer years than you think to achieve financial freedom. The more specific you are with the strategy, the more likely you are to succeed.
6. “Start investing early because time is key when it comes to growing wealth.” — Tiffany “The Budgetnista” Aliche, financial educator and author
One of the most important financial tips on this list is to start investing early. If you can get into the habit of investing, even when you’re young, then you’ll be set up for success later in life.
“Time is key when it comes to growing wealth,” says Tiffany Aliche. “The earlier that someone starts saving and investing, the better their chances are at reaching financial independence.” She recommends contributing as much as possible during your 20s so that by the time you reach 40, all your hard work can pay off and allow you to live free from financial worries.
7. “Having a side hustle is smart; it’s some buffer in your life.” — Bola Sukonbi
If you’re looking to make some extra money, or just trying to figure out how to get your finances in check, a side hustle can be a great way to do it.
Sukonbi says you should have a side hustle to help with expenses, but also because it can give you more freedom. “I think that having the ability to create your own schedule is an important thing,” she says. “It gives people more time to spend with friends and family, as well as pursue their passions.”
But there are some things you should keep in mind when starting your side hustle. Sukonbi says it’s important to make sure you have the right mindset going into it and that you’re doing it for the right reasons. “You need to make sure that this is something that excites you,” she explains.
8. “Prepare financially and physically for healthcare costs.” — Malik S. Lee
If you ask me which of these money management tips is the best, I would say this one.
Because If your hip is hurting, you don’t go to a car mechanic. If you’ve got a toothache, you don’t call a doctor. So why do people think it’s okay to go to the dentist when they have financial troubles?
If you’re serious about growing wealth and reaching that goal of retiring early, then prepare financially and physically for healthcare costs. In other words, you need to prepare your retirement plans.
Start by creating an emergency fund—you should have at least six months’ worth of expenses saved up in case anything happens that disrupts your income stream (such as losing your job). Then consider getting long-term care insurance or pursuing other strategies for covering medical costs as they come due during retirement.
9. “I think where a lot of people get in trouble with investing is trying to figure out the best possible time to invest their money” — Chris Browning
Do you want to know the best time to invest? Chris Browning says there’s no such thing.
It’s important not to get bogged down with thinking about whether your timing was right or wrong when you bought or sold something; instead, focus on planning and sticking with it. The key is avoiding emotion and acting rationally based on your goals and needs—not what the world tells you should be happening right now.
10. “Working hard for money instead of letting money work for you” — Ash Exantus
This point is one of the best personal tips I’ve learned the hard way. Ash Exantus, an entrepreneur and the CEO of MyCorporation, explains that working hard for your money is the easiest way to fail. This can happen because of one of two reasons:
You’re not earning enough money to justify the time and energy you’re putting into your job. If this is your situation, try finding another job that pays more or has better benefits and perks.
You’re putting all your eggs in one basket with no backup plan in case something goes wrong with that one business or industry. What happens if China decides not to buy our products anymore? Or there’s a recession where no one can afford what we make? If these scenarios sound familiar, then maybe it’s time we considered other options besides working so hard at making money—like letting other companies do it for us!
There you have it—ten financial tips from black financial experts to grow your wealth today. The bottom line is that we all need to take control of our finances and invest in ourselves so that we can reach our life goals. And we believe these financial advisor tips we’ve shared with you will have a big impact on your financial status.
Tell us, which one stands out for you? Did we miss any financial tips from black financial experts? Let us know in the comment section.
You can go ahead and share these tips with your friends.
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