Five ways to get your money right for 2010
By..Dr. Boyce Watkins
Black people are used to being broke. No one bothers to tell their personal story of growing up in poverty, because you probably have a friend with a better story to tell. But times are slowly getting better, as we went from watching "Good Times" and "Sanford and Son," to enjoying "The Cosby Show" and "The Fresh Prince of Bel-Aire." Although we've got some work to do, black folks are always "movin' on up."
Here are five things you can do to get your money right in 2010:
1) Keep a budget. If you don't know where your money is going, you won't know where your money went. Budgeting is the first step toward good money management.
2) Save at least 10 percent of your income: If you can tithe to your pastor every week, then you can afford to tithe to your savings. Your pastor isn't going to save you if you get into a financial bind, and although 10 percent may seem like a lot to save, the truth is that you can do it if you cut the fat out of your budget.
3) Put your money to work: The key to wealth building is getting to the point where your money works as hard for you as you do for it. Put your money into investments and other instruments that can lead to natural progress in your personal financial situation.
4) Remember the half million dollar Happy Meal: As I mentioned in a previous article, if you save the $2.50 that it takes to buy a Happy Meal (every day for a five-day work week) and put it into an investment account that earns the average annual stock market return of 11 percent, that money will grow to half a million bucks in 40 years. Now, imagine saving $10 per day instead? As Einstein once said, "The most powerful force in the universe is compound interest."
5) Live a wealthy life: Money should not be your primary obsession. Instead, it is a tool for the enhancement of your life and the lives of those around you. As you stack your "cheddar," keep it all in perspective. Life is a journey of love, and the wealth of your life is measured by far more than the size of your bank account.
Dr. Boyce Watkins is a Finance Professor at Syracuse University and author of “Financial Lovemaking 101: Merging Assets with Your Partner in Ways that Feel Good.” For more information, please visit www.BoyceWatkins.com
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Health and Wealth
The debate over health care reform has gotten really messy. Wouldn’t it be great if we could just focus on the facts and work together to come up with a solution?
There has been too much focus on so-called "death panels" and "socialized medicine" than there has been on the realities of this situation.
This discussion needs more than 4 minutes, but here I lay out some of the facts about what the reform might mean to you.
To inquire, please email Rob at rob@robwilson.tv.
Rob Wilson is a financial advisor at an independent financial and investment advisory firm, though his views on this blog are his own and not necessarily those of his firm. Rob has been dubbed “Hip Hop’s Financial Advisor” because he is a trusted advisor to professional athletes & entertainers; Rob believes that we can all learn from their success.
Rob is originally from Pittsburgh. He received his bachelors degree in Industrial Engineering from the University of Pittsburgh and his Masters in Business Administration from the Tepper School of Business at Carnegie Mellon University.
Often, the media loves to point out the things that celebrities do wrong, but never give them credit for things that they do right. Sure, MJ had a number of financial difficulties over the years, but it looks like he had a pretty solid estate plan in place.
Last month we were reminded that tragedy can strike at any time. It could also happen to you. Are your affairs in order?
Click here to find out what you can learn from Michael...in addition to the moon walk.
This Thursday morning (August 6) I'll be talking about maximizing your earning potential. We can't all walk away from 8 figure deals like Paula Abdul, but with the right strategy you too can ensure that you are paid what you are worth.
Robert Wilson, Financial Advisor is cleverly carving a niche in the financial industry by providing financial advice to the Hip Hop generation, Wilson can address the following topics:
- Current Market Trends
- Investing and Saving Opportunities
- "Time is money," The more time you have your money working for you, the better off you are...
- Financial Advice for the Hip Hop Generation
- Work smart, play hard and live your best life.
- Build Wealth Today
Rob would love to speak to your group about working smart, playing hard, and living your best life. To book Rob for a speaking engagement or a television/radio appearance please contact: Robin Beckham at 412.310.5967
Rob is also available to consult with your organization or business on finance, entrepreneurship, business plans and more. To inquire, please email Rob at rob@robwilson.tv.
