5 Steps to Building & Leaving a Financial Legacy

Part 4: Back to the Basics Financial Series

The biggest reason people are working towards obtaining financial freedom is to rid themselves of the burden of DEBT. Why? Because debt is a shackle that hinders many from experiencing life, prevents them from doing what the love causing many to live in a constant state of stress and worry; however, once debt has been eradicated, people are able to freely enjoy their lives without the constant fear of “not having enough”.

Financial freedom provides people to live a life of passion, travel the world and honestly, allows them to not have to make decisions based purely off of money (or the lack thereof). Living a life of passion, however, should not be the only reason people are working to be FREE. Building and leaving a financial legacy should be at the top of the list.

In reading the Bible, one should notice the emphasis God continuously placed on “generations” and leaving something behind He always spoke, particularly in the Old Testament, about preparing the next generation and leaving blessings. And honestly, as Christians, we are still benefiting from those blessings…We are the seed of Abraham; however, when we look at current statistics, we do not live our lives to ensure it benefits our heirs.

Only 1 of 3 families with children under 18 have life insurance

Average household credit card debt, $16,600

Average household student loan debt, $50,000

Median wealth (net worth) for African Americans, approximately $11,000; White American, $134,000

So, in analyzing statistics, we owe a ton of money in credit cards and student loans, we do not have life insurance (or very little) and because of debt, particularly for African Americans, our net worth (what we own vs what we owe) is not even a tenth of our White counterparts. Is this the legacy we want to pass down to our children? Well, I certainly do not!

So, to ensure that my children have a better financial start in life than I had, I want to not only build a financial legacy, I want to leave one. Here are five ways we all can ensure we leave a legacy.

5 Steps to Winning in Your Side Hustle

Part 3, Back to the Basics Financial Series

The term “side hustle” has become very popular over the last decade. From making meals on the weekend to opening a restaurant, side hustles for many have turned into main hustles and African American women are leading the way. Although I applaud anyone’s efforts in stepping out and hiring themselves, I do not believe everyone should be a full-time entrepreneur. I do, however, believe everyone should have a side hustle or two. Why? Because you never know when you could be fired, laid off, or hear an announcement Monday morning that your company is filing for bankruptcy. If you do not have other means of generating income, it could have a catastrophic effect on your finances.

So, what exactly is a “side hustle”? According to Entrepreneur.com, a side hustle is “a way to make some extra cash that allows you flexibility to pursue what you’re most interested in. It can also be your true passion – a chance to delve into…whatever it is you care about the most without quitting your day job.”

What are you passionate about?

What do you love doing?

How can you make money from doing it?

We paid off tens of thousands of dollars of debt from just our side hustle alone. What can you do to get you closer to your financial goal? Whether you have a side hustle or would like to start a side hustle, here are 5 Steps that will help you to Win in your Side Hustle Journey.

3 Tips to Creating a Successful Spending Plan

Part 2: Back to the Basics Financial Series

Nearly two out of three Americans do not have spending plan or some means of tracking their monthly expenditures, according to a Gallup report. That’s nearly 70% which is eerily close to the percent of American families who do not have at least $1,000 saved. See the correlation? It’s difficult to save for a rainy day, get ahead on bills, pay off debt, or even invest in your future when there is no plan in place. Zig Ziglar even states, “When you aim at nothing, you hit it every time.”

I know this statement to be true in my own life. When I do not have an exercise plan, it is so easy for me to gain weight. Why? Because I do not have any parameters surrounding my eating habits or physical activities. The same rings true for our finances! When we go through our financial life haphazardly, it is so easy to end up in a place we never expected; thereby, failing to plan only leads to planning to fail.

So, in order to have financial success, we all must create a strategy—a financial strategy. We need to “tell our money where to go, instead of wondering where it went” (Dave Ramsey). So here are three tips to follow that will help you create a successful spending plan.

Houston, We Have a Problem!

Back to the Basics Financial Series, Part I

If you watched the film, Apollo 13, you would be familiar with the quote “Houston, We Have A Problem!”. In it, the movie re-enacted NASA’s third attempt to land on the moon which mission ended up being aborted due to an oxygen tank exploding causing a ripple effect of catastrophes. When one astronaut saw the problems surrounding that one problem, he notified NASA’s Space Center in Houston by stating “Houston, We Have a Problem!”

Although, the statement relates to our aeronautical space program, I have definitely made, said, cried and even screamed “Antwain (the hubster), We Have a Problem!”, particularly when it pertained to our finances! From not having enough to “thinking” I finally have more than enough, until…

Back to the Basics Financial Series

I am elated that I am living in an era when there is an “App” for nearly everything. Having an app that will allow me to check off my “To Do’s” for the day, to having an app that reminds me to transfer money into my savings, it is mind boggling to determine what we would do without our gadgets. Although, I am grateful for all of the ingenious tech tools that help me manage my life easier, I marvel at how our parents and grandparents held “life” together with just a simple pen, paper and basic common sense.

Over the next few weeks, we are going “Back to the Basics” in our household finances. We are going to delve into topics such as spending, saving, budgeting and using our gifts to bring in additional income and we are doing it the old fashion way. Our grandparents did not have credit cards to use to get new tires when they went flat . They either used the money they already had tucked in between their mattresses or took the bus until they saved up enough money to buy new tires. And guess what, their way of spending (and saving) worked! Although they made much less than we make, they managed their money well and as a result, they were better off financially than our generation. Why? If they could not use cash to make a purchase, they did not make a purchase.

So, this month, we will discuss how to work our way towards Financial Freedom, so we can live the life of our dreams. We are going “Back to the Basics”! So, follow us on Facebook, Instagram and Twitter because we will have some Free Giveaways each week!

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