Money Talks, Wealth Whispers

There's something to be said about the fact that the gap between the wealthy and the poor is getting larger by the day. Even larger is the gap between the wealth in the black community and the wealth in the white communities. I read an article in Essence magazine a few months ago and the statistics were "in 2009, the median net worth of Black households was $2,200, compared with a median net worth of $97,900 for White households. In 2001, the median net worth for a Black household was $12,500, and $124,600 for a white ones," (Lynnette Khalfani-Cox, 86).  I thought this was insane, but I think I understand why this is so.
Many of us grew up in homes with a lack of wealth. Where our parents had to work extremely hard for the money they brought in. This taught us the value of work ethic and the importance of learning how to earn, but I know with me, I always assumed we all would have to work hard for the rest of our lives just to live comfortably enough to barely make it. I didn't see the point. A lot of our parents also made the mistake of looking at credit as "free money", not really realizing that by charging things you truly can't afford, you actually end up paying more for it. Honestly, a lot of them were and still are in a financial disaster and unfortunately, a lot of us have inherited this same mentality from our parents and are already instilling these same issues into our children. It's generational; instead of inheriting family businesses, property, and other assets, we're inheriting financial struggle, debt, and ruin. Sadly, this is an issue that has been negatively affecting our communities for decades and now with this recession, it's even worse. Not to mention, it's breaking up our homes and marriages.
I didn't really start connecting the pieces until I took my first finance class in college. Yes, college, which I believe is too late to start learning about wealth. After that class I literally wanted to call everyone I knew and share with them what I had learned in that class. She taught us all about how the value of money will decline and how important it is to save. She broke down how much needed to be saved in order to retire a millionaire, by how much we had saved already, which, for most of the black people in the class, was slim to none. She also expressed the importance of knowing where your money is going, which created a monster in me. People still laugh at me about how adamant I am about balancing my checkbook. When it comes to money, I don't play, in which I wish more of my people would develop that same mindset. I write down every single purchase I make and I save receipts. I don't care about the laughs because ultimately, this is something I take very seriously and I refuse to keep the cycle going. Just think about it like this; the only way to truly get blessings and feel pure accomplishment and significance is to be able to give back. I love giving back and it honestly makes me happy and makes me feel at peace. How can I be able to create blessings for myself if I am broke? I'm not the "gold digging" type. I've always provided my own, so I must maintain this level of independence. We are responsible for our own come up.
The first thing I think is important to know is the difference between having money and being wealthy. Mrs. Amy DuBois Barnett put it perfectly by saying, "we seek the instant gratification of money when we should be seeking wealth and it's long term benefits. Money is the diamond-encrusted watch flashing on the wrist of someone who rents his home, leases her fresh-off-the-line car, and has no savings. Wealth is the ability to contribute to your retirement fund, own a home with monthly payments you can afford, donate to charity and send your kids to the best schools possible to ensure their future success. Money is fun-but wealth is forever." I couldn't have put this better and after reading it, I smiled. This is the path I look to take and I am beginning today! Being that I am in my mid 20s, there is still time for me to correct past wrongs and secure a bright financial future for myself. My advice to others would be to first, get steady income and invest in a good business suit. I know the job market is slim, but you can't do anything by sitting on your butt, apply, apply, apply and make sure you look the part (you must dress like the position you want, you want to be a boss, dress like one and carry yourself accordingly). I also encourage picking up a new hobby. Focus on what you're good at and work on perfecting your craft. You may be able to use this to your advantage and create a profit. Next, clear up debt or at least make steady payments on it. Pay as much as you can, no matter how small of the amount. At least this will show that you are trying to get back on the correct path financially. Next, save save save or what I like to call paying myself first! At least a little bit a month. I choose a larger amount twice a month. Do what you can afford to do.
Lastly, invest! I am taking the steps now to learn how to invest because I am clueless about it all. I want my money to make me money and in turn create wealth for myself. I promise you this, me and my family will NOT struggle. I am taking the aggressive approach and once again I encourage all of my peers to join me in this way of thinking.
I want to end this with some encouragement and hopefully this lights the fire in you. When I was around 19 or 20, I started to think about where I wanted to end up permanently; where I wanted to start a family and raise my children. Then, I came up with the Washington, DC area (not necessarily the city itself). Why, I don't know. Just seemed like a nice place to live. I had been there before as a child and that was the only trip from my childhood that I remember vividly, even over Disney World. Now, this is something I've never really shared with anyone: the DC, Maryland, Virginia area makes up a high percentage of predominantly black neighborhoods who account for a good percentage of wealth. There are 8 cities in Maryland that all rank high for the wealthiest African Americans. What does this have to do with anything? I want to obtain wealth; therefore, I see it fit to surround myself with people who want the same thing. I want to learn their habits, their mannerisms, their ways of thinking. We can't expect to be great, if we don't surround ourselves with greatness. I want these things to manifest in me and in turn, build me up. Thanks for reading and DC, I'll be back soon!

Dress for Success!