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godsun2006
Vizhenz Supporter
| Joined: | Nov 14th, 2005 |
| Location: | Funkytown |
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Posted: Jan 29th, 2006 07:10 AM |
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| Do you have any strategies for Black economic empowerment? What tactics do you believe are necessary for Black people to gain economic self-sufficiency, independence and/or economic prosperity? Do you have any investment strategies that you can share with Sisters and Brothers? Any News concerning capital investment or related topics that you believe are important to discuss. Please feel free to express your viewpoints.
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The True Worship, the True Honoring, the True Love and praising of God is in the striving to Awaken the Divine Qualities that are the Essence of Our Being.
http://www.myspace.com/omowalethecelestialfunkateer
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alkebulan
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| Joined: | Dec 20th, 2005 |
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Posted: Feb 1st, 2006 12:43 AM |
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part of the difficulty answering this ? lay n the dichotmy n the area of economic endowment of blacks as a group. there is wide lattitude of incomes & gr8 disparity in wealth accumulation amoung us. my advice would b different for different sectors of the group. also, the stage of life som1 is n makes quite a big difference as well.
i can only make som general suggestions that hv helped me:
1. SAVE SOMETHING: o k, i kno that sounds pretty basic, but i had 2 start somewhere & that's the most logical. ppl i speak w sometimes tell me, 'well, i can't save right now, but as soon as i .............'. wrong! that's a cop-out. no matter what ur situation is, well, almost, u can save something. even f ur getting unemployment checks, or, should i say, especially f ur getting unemployment checks, u need 2 save something. it might only b .50 cents out of each check, but f that's the best u can do, then save that. & don't touch it.
f nothing else, @ least it gets u n the habit of putting something away. i hv found it helps 2 hv a specific goal n mind, a target amount, which, once reached, can always b revised upward. commit urself to saving up 6 months of 'survival' $ as a bare minimum - sort of a rainy day fund. what i mean by that, is, hving sufficient $ to pay ALL BILLS, food, mortgage/rent, utilities, etc, for a minimum of 6 months.
2. SCALE DOWN: far too many of us spend way too much $ trying to look prosperous, & by doing so, prevent ourselves from actually becomming prosperous. n this society where appearance is everything & delaying gratification is anathama, self control & som measure of self-denial is paramount. look 4 ways u can scale back on big ticket items like stereo's, tv's, & cars (especially cars). driving a lexus or mercedes won't really make ppl think ur rich - trust me on this, & the comfort of keeping that $500 - $600/month car payment n YOUR pocket will giv u a comfort those heated motorized leather seats can't compete with. b realistic w urself, do u really need a phone that takes pictures?
3. DESTROY UR CREDIT CARDS: o k, well, at least cancel them. believe me when i say this, those cards r a much bigger favor 2 the vendors where u use them & the banks that issue them than they r to you. can't get along w/o the plastic? no problemo, get a debit card. they work the same way, EXCEPT - u hv 2 hv the $$ n the bank to cover the total u plan to spend. spending $$ b4 u make it was never a good idea, it only seemed that way.
4. ERODE UR CONSUMER MENTALITY: what i'm calling the consumer mentality is that mindset which kicks n wheneva som $ r headed our way - usu around payday. this is a mental framework that thinks of dollars primarily for only 1 function: what can i buy? f u continue 2 think of $ n those terms, u will probably b mired n economic stagnation 4 the rest of ur life. try 2 evaluate ur dollar activities in terms of 2 categories: wealth gaining & wealth draining. every $ u spend is a wealth draining activity. u cannot spend ur way to wealth. every $ u retain is a wealth gaining endeavor, & u hv 2 keep it n ur hands b4 u can invest it.
those r the best suggestions i can make 2 every1 right off the top of my head. hope som find them helpful.
Last edited on Feb 1st, 2006 12:49 AM by alkebulan
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TheReader
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| Joined: | Jan 13th, 2006 |
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Posted: Feb 4th, 2006 07:51 PM |
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Black Business Enterprise
We have to work together to gain anything I would say.
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