An Expert Gives 3 Crucial Tips For Building Wealth In The Black Community
Growing up, I didn't even really know what the word "wealth" truly meant. I never heard about it in a sense that applied to my family. All I knew was that we were real fly and I had all of my needs met, but lowkey, we were living paycheck to paycheck. All of the people around me were living the same way as well. It never dawned on me as to why things were the way that they were in my community until I got a bit older. It saddened me deeply to know that "MONEY IS POWER." And we had NONE.
Especially here in the U.S., that saying couldn't be more true.
Unfortunately, African Americans have always been behind in the wealth and power game. "It's time for the black community to start making asset collection and wealth building a top priority," says Lawrence Watkins, President of The Black Business School. Having wealth provides opportunities that the black community as a whole have not been afforded to for years and years and that's a major problem. That's why we need more resources like The Black Business School. Through teaching on all things wealth building and entrepreneurship, one of their main goals is to create one billion dollars of black wealth over the next 10 years.
I wish that my parents had the opportunity to get a piece of the pie early on, but the great thing about becoming financially literate and building wealth is that it's never too late to get started. I'm currently focused on being the cycle breaker in my family so that the legacy I leave behind goes beyond just my children.
Here's a few tips from Watkins that will put you on the road to taking control and creating economic power.
Redefine the concept of income.
We've been told all of our lives to go to college and then get a good job in corporate America, thinking that there's security in those jobs. But the reality here is this, job security is very slim these days and you could lose everything in the blink of an eye. That's why it's important to think of yourself as an entrepreneur. "We're all entrepreneurs whether you're working for a corporation or have your own company; the only difference is the number of clients you have," says Watkins.
With this mindset, you have to start looking at your paycheck a bit differently. Watkins explains that we have been tricked by corporate America and that what they call income is actually revenue. Start looking at your paycheck as personal revenue and then what you have left over after paying all of your expenses is your actual income. Once you know how much income there is, you then have to manage your budget as a profit and loss statement and determine how much you're spending and where.
If your revenue is more than your expenses, then you need to determine how much of that money that's leftover will go to savings and investments. If your revenue does not cover all of your expenses/savings goals, then you need to figure out where you can trim the fat. Additionally, it's imperative to diversify your revenue/income streams to reduce financial risks.
Stop thinking/operating like a consumer.
You have to make sure that you don't continue to fall into the trap of spending, spending, spending and not having anything to show for it. "Historically, African Americans have been a nation within a nation of consumers. Our community consumes Nike, we consume Pepsi, we consume Ford, we consume Mercedes...we consume all these different things but we aren't necessarily responsible for the producing of these things," says Watkins.
You have to stop thinking about the here and now and think big. Start thinking about the consequences that come as a result of your spending habits and make better financial decisions for your future. In order to become more aware of what you're spending your money on, Watkins suggests that you write down all of your spending and then go back to see where those things that aren't producing value or contributing to your long term financial goals, and cut those things out of your life.
Start investing.
Putting money away and making it work for you is major key when it comes to building wealth. Once you get a grip on what you're consuming, it's important that you use what you have in excess to save and invest into productive assets that are going to build wealth for you and and future generations. Two apps that Watkins recommend you get started with are Betterment and Robinhood. These apps are designed for you to put your investments into stocks and bonds on autopilot. You can determine the specific amount that you want to invest and the frequency that the money is deducted from your account.
For people who get a little intimidated by investing in stocks like me, another micro-investing opportunity is with the popular app Acorns. It takes your spare change from a linked bank account by rounding up your transactions and invests it according to the percentage and the kind of profile you select. You receive $5 during sign up when opening an account and pay $1 a month for the service. The great thing about these apps is that you invest without even feeling it.
The main part to remember is this: "Act like that money doesn't exist," and get into the habit of investing consistently.
You should start with investing at least 10% of your income or, if that's not feasible, start lower and work your way up. "It's the bottleneck that is keeping us from attaining our other goals that we may have as a community. We see these shootings by police, we see that our communities aren't necessarily in environments that we'd wanna raise our kids in...many of these problems can be solved by the creation of wealth within our communities. The most important thing for African Americans of this generation is to remove that bottleneck and push forward on wealth building so that we create stronger and more cohesive communities," he says.
Wealth building starts by simply deciding that you want more out of your life and the legacy that you want to leave behind. Once your mind is made up, your actions will start to follow!
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Kristin Sutton (aka the Money Therapist) is a personal finance and lifestyle blogger/coach over at DebtFreeBlackGirl.com that empowers young women to take control of their finances by changing the way they think about money. As a licensed therapist, her daily mission is to uncover and eliminate the mental roadblocks that hinder people from living the life of their dreams. You can find her on all things social: @DebtFreeBlkGrl
ItGirl 100 Honors Black Women Who Create Culture & Put On For Their Cities
As they say, create the change you want to see in this world, besties. That’s why xoNecole linked up with Hyundai for the inaugural ItGirl 100 List, a celebration of 100 Genzennial women who aren’t afraid to pull up their own seats to the table. Across regions and industries, these women embody the essence of discovering self-value through purpose, honey! They're fierce, they’re ultra-creative, and we know they make their cities proud.
VIEW THE FULL ITGIRL 100 LIST HERE.
Don’t forget to also check out the ItGirl Directory, featuring 50 Black-woman-owned marketing and branding agencies, photographers and videographers, publicists, and more.
THE ITGIRL MEMO
I. An ItGirl puts on for her city and masters her self-worth through purpose.
II. An ItGirl celebrates all the things that make her unique.
III. An ItGirl empowers others to become the best versions of themselves.
IV. An ItGirl leads by example, inspiring others through her actions and integrity.
V. An ItGirl paves the way for authenticity and diversity in all aspects of life.
VI. An ItGirl uses the power of her voice to advocate for positive change in the world.
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If you’re like many other people who are prioritizing wellness these days, then attending a wellness retreat might be something to consider. Wellness retreats are a cool way to get the relaxation you’ve been missing in a space with like-minded people who share a common goal. I descended upon my first wellness retreat, the Mind, Body, + Sol Retreat, a couple of weeks ago at the Zoëtry Agua Punta Cana Resort in Punta Cana, Dominican Republic.
Zoëtry Agua is part of the Inclusive Collection for the World of Hyatt. It is nestled on a secluded part of Uvero Alto beach, which has crystal blue waters. The resort itself is picturesque, with its thatched roofs and lazy rivers that make you feel like you’re in a cute little village.
Mindy, Body, + Sol Retreat was hosted by Koya Webb, holistic health and wellness coach and yoga instructor, and it also featured other wellness practitioners who combined provided the ultimate gift of relaxation and getting back to oneself.
The first night was a Welcome Dinner that featured a five-course meal and an opportunity to meet our companions for the next three days. The food was impeccable and the only downside was that I wasn’t able to finish it all. The next day, however, was the official start of the classes, and I was ready to dive in.
Aura and Chakra Reading
Aura and chakra reading
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My first class was an aura and chakra reading led by Laura McCann and James Levinson, an Asheville, NC couple. I’ve had chakra readings before, but never like this. There was a computer, a camera, and a scanner, which I placed my hand on for the reading. After two minutes, I received a 15-page report explaining my aura and chakra reading.
It breaks down what the colors of your aura are and what your chakras say. My main colors were green and yellow, which were defined by a variety of things. The top of my aura was green, meaning I have a social mental state and I’m a natural healer. My aura on my left side was yellow meaning my energy flowing is optimistic and light and so on.
After James discussed the findings with me, I then met with Laura, who gave me aromatherapy oils from their ADORAtherapy line that represented each chakra. She further explained the results of my chakra reading and shared how each oil can assist. Chakras are the energy centers in our body, and there is a total of seven: root, sacral, solar plexus, heart, throat, third eye, and crown. All of my chakras were high except for my heart chakra, which I have since been working on. I may follow up about that in another article.
Sound Bath
Sound bath class
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Next was the sound bath class. It was located in the spa, which was indoor/ outdoor and the perfect setting for this kind of experience. Andrew Francis and Carrie Bailey of Zenden Meditation were the co-pilots in transporting attendees into a place of tranquility. I laid down, closed my eyes, and allowed the sounds around me to bring me into a relaxing state. From the singing bowls to the wind chimes, I was in heaven. I even fell asleep and got some of the best rest I’ve had in a while. It was a beautiful experience. However, remember when I noted it was an indoor/ outdoor venue? I forgot to put on bug spray and woke up pretty itchy. But it didn’t stop me from enjoying the moment.
Tea Party
Art of Tea Ritual Tea Party
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The last event of the day was the Art of Tea Ritual located in the resort’s tea garden. It was everything you could want in a tea party. Delectable treats such as cookies, cakes, and white chocolate-covered strawberries, which are my fave. And, of course, tea. While I got to sip tea, I also got to make my own tea blend. There were many different teas to choose from, like hibiscus to your regular black tea. I decided to mix rose and mint and I called it RoseMint. I didn’t get to try my tea blend until I got home, and I’ll be honest, it’s probably the best tea I ever had. The tea herbs taste so fresh, and I love how fragrant it smells.
Breathwork
Breathwork Class
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The next morning was all about breathwork. If you exercise regularly, then you probably know the importance of breathing. But there’s more to it besides remembering to breathe during your workout. Margaret Townsend is a breathwork facilitator who helps people achieve wellness by consciously changing their breathing patterns. In her class, I learned to change my breathing pattern for energy as well as for relaxation. While I know that breathing is a relaxation tool, I was blown away to learn that it can also energize you. Because it was a different breathing pattern, I was also able to stay present and keep a steady pace.
Yoga
Koya Webb's yoga class
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The final class of the retreat was evening yoga with Koya Webb, who, as I mentioned earlier, was the host. Her class was held beside the beautiful Uvero Alto beach, which made for a stunning backdrop and the perfect way to end the retreat. It was important for me to get back into my body after not doing yoga for a few weeks, so I was really focused on nailing the moves. However, Koya kept the energy light and fun, evening cracking a few jokes throughout, which made it easy for me to relax and enjoy the moment. She ended the class with a dance break and hugs from our classmates.
The Mind, Body, + Sol Retreat reminded me how important it is to take time to love on myself. Each class was an opportunity to be present and get reacquainted with oneself in the most loving way. Being surrounded by individuals who encouraged my journey was what I needed, and I am so honored to have had this experience.
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