This post/comment came from another group and I thought it was so ON TARGET I wanted to repost it here. Hopefully I am touching people with these business posts - if they are too long for you or not what you are interested in, skip it but dont be negative about the long posts... this is my page and I post what I think it relevant and helpful for the greater good of people connected to me. Peace out People! The man who took the time to write this is Landry McDuffie. He starts out: in my humble opinion, the financial goals for all blacks should start with... #1 - business ownership, work a job until you transition...no one can attain wealth by working a job. Money is made to be spent and will always find its way to someone who owns a business...you cannot pass a good job down to your kids #2 - become debt-free... good credit is an OXYMORON, there is no such thing as good credit because it can only keep you in the binds of debt...get to a lifestyle that your income can pay for in cash without financing ANYTHING...the only possibly acceptable debt might be a 15-year mortgage with 20% down to keep the interests rates below 5%...maybe #3 - After you are fortunate enough to have a great income, get debt eliminated and build an emergency fund, stack money in the bank NOT TO EXCEED $10K...any cash above that is wasting away if not working to increase capital gain...I heard Oprah say she never has more than $10K liquid in a bank account, but has money working to increase #4 - Diversification...a bank account, then a savings plan, 401K, 529, then stocks, then precious metals, then land...and these days CASH returns to the list of diversification for SHTF scenario level 1 #5 - NO EXCUSES...ELIMINATE/REDUCE DISCRETIONARY SPENDING...every penny you spend better be to solve a problem...I get very serious on this one and here is where I lose a lot of my Black folk...Women go natural and stop spending a mint on hair care, Men, designer clothing keeps us broke, Jordans depreciate to zero when you lace them up...cut out the vices, the weed, the drank, the gambling, the strippers (this is not an indictment and judgment, but strictly FINANCIAL ADVICE). I ADDED 3 MORE (because I live outside the country and he mentioned SHTF so its relevant): #6 have a valid and up to date passport for everyone in your family and FORGET ABOUT waiting on getting vaccines - if you think you need it (what you already have is sufficient) get one in the country youre going to. They have the same meds, probably better. #7 convert and save EURO rather than US dollars and keep them somewhere thats easy to get to if you need it #8 start making friends with Africans from stable countries that you can visit or immigrate to if you need it (Senegal, Mali, Gambia, Mauritania, Morocco, Burkina Faso, Niger, Ghana, etc). Places that are easy to get to, no wars in 20+ years and welcoming to visitors, traveling thru Senegal, the major hub for this region and where I live, have land and a B&B! haha!
Posted on: Sun, 28 Dec 2014 07:53:51 +0000
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