With all the available financial advice today it’s easy to get confused. Credit card debugging companies and various investment strategies are sometimes scams. They often fall prey to the financial ignorance of a population that is worried about consumption but doesn’t want to budget and save. Black people according to Nielson read many financial magazines 28% more than any other group, but are behind on wealth and backgrounds as a group.
In wealth terms, means home value, what you get after all bills are paid, retirement accounts, emergency savings and stocks etc. keeping the black and white diversity felt! According to the Washington Post, of the stocks, bonds and other holdings whites have $ 180,000, blacks have $ 1,100. We could go into all the statistics and variations but now I want to focus on the potential.
Having the right mindset to develop wealth is the start. Understanding that wealth is a slow process based on practical economic decisions where a combined interest expands your reach and lifestyle decisions protect you from outside conditions. You already know that my first rule is to live below your income, if possible below. It needs to be repeated and reasoned as simple as it sounds because it always has to live a lot or continue Jones ’in American society.
The next question is after living below your income that will allow you to make an emergency savings, what do I do with my excess cash? Any person who is growing wealth should always look for ways to make their money for them. You may want to invest in your own business or the business of family members. You may want to invest in home and house. We just cite the diversity of stock holdings. Don’t be afraid to jump. Do your research but move. You can invest in companies that you are already spending as much as you want. See if they have drip accounts. A drip account allows you to invest in stock shares with $ 25.
I have to turn it back to a story I read about 3 years ago. Mr. Earl Crowly worked as a parking attendant for 40 years making no more than $ 12 an hour but earning a stock portfolio worth $ 500,000 using drip accounts! This is his approach to wealth! You can use it for yourself and add other strategies to it. Mr. Crawley has no credit card debt and I believe his house was paid for. Even if he wasn’t a millionaire at the time of the account he probably is now. Otherwise, it doesn’t matter because he has laid a foundation of wealth and strategy for his children to follow from just $ 12 per hour! Mr. Crowley is the perfect example of The Trillionaire Next Door. I know he lives below his income based on his income he has no choice, but he saves and invests wisely! I just confirmed my point that hardworking people can build a foundation of wealth and financial independence for themselves and family by playing defense! It doesn’t matter how much money you get as long as you think right. Cut down on unnecessary spending, live below your income, save and make wise investments.