Start growing your wealth today.
The United States is still the 6th richest country in the world. Yet, when we look at the 2011 Forbes list of billionaires, Oprah Winfrey is the sole African-American representative at $2.7 billion. In one of the wealthiest countries in the world, why aren’t there more billionaires and generational wealth in the black community?
We can point to the historical socio-economic and race-related issues that limited previous generations’ ability to get even a sliver of the American financial pie. However, today the playing field has been leveled somewhat by ambition, education, and accessible resources. If you have the right tools and drive, you can be rich.
Here are some strategies to help you build your fortune:
1. Commit to Your Financial Success
The decision to be successful is your most valuable tool in creating wealth. When you are committed and taking action, what you don’t know doesn’t matter because you will learn it and what you don’t have doesn’t matter because you will get it.
2. Create a Financial Vision
Set financial goals that make you stretch beyond your comfort zone. Remember, you want to create wealth, so you must push yourself in at least two key areas: saving more and increasing income.
3. Become an Information Sponge
People who have built wealth tend to say that they soaked up as much information as they could, learned from the people around them, and applied what they learned. If you want to become rich, connect with the right people.
4. Understand How Money Works
There are reasons why so many of the super rich are in the finance and banking industries. They understand how money works, how to leverage it, make more of it and when to shelter it. This is key ingredient to wealth building.
5. Become An Entrepreneur
From the Hiltons to the Rockefellers, history shows us that generational wealth is built through entrepreneurship. Start a profitable business if you want to leave a financial legacy.
If you commit to these five strategies and encourage your family to do the same, you will make a significant positive change in your finances and be well on your way to creating generational wealth.
Celest Turner is a success coach with a passion for helping people make the most of their lives. She is a featured television expert, speaker and co-author of the book is a success coach with a passion for helping people make the most of their lives. She is a featured television expert, speaker and co-author of the book Unbreakable Spirit.
Check out these websites to make planning your end-of-summer vacation easier.
So, you’ve read “Quick Change” in our May 2012 issue, and now you’re ready to get that last-minute summer vacation rolling. As you plan your getaway, try these websites to get some inspiration on where to go and learn about deals to save money when you get there.
Usa.gov—offers a list of travel and tourism sites in the U.S. and its territories
Allinclusiveoutlet.com—focuses on the best travel deals for all-inclusive resorts in the Caribbean, Mexico, Costa Rica and Panama
Wanderfly.com—a personalized recommendation search engine that allows you to enter your interests, such as "beach," "snow,” "romance," etc. and then choose your budget and travel dates
Should Your Kids Get An Allowance?
Here are several easy ways to teach your children the value of a dollar the right way.
Most money experts agree that children should be given an allowance in order to learn financial skills. I disagree. Children should earn money as we do. And, most importantly, they must be taught what to do with the money once it’s received.
I frequently speak on high school and college campuses and meet young people who have never worked a day in their lives. At 21 years old, many still somehow believe that money either really is grown on trees or that it magically falls from the clouds. There is a distinct disconnect between young people and this foreign concept of earning money.