It’s no secret that personal finances are a big deal. In fact, a recent survey found that 30% of individuals who make over $250,000 per year live paycheck to paycheck! This is alarming and confirms the age-old phrase, “It’s not how much you make, it’s how much you save.” Managing your personal finances properly is key to building generational wealth for African Americans. In this blog post, we will discuss tips on managing your money wisely and achieving your financial goals.
Some personal finance tips to keep in mind include:
– Make a budget and stick to it! This is probably the most important tip when it comes to personal finance. You need to know how much money you have coming in and going out every month. Once you have a good understanding of your cash flow, you can make adjustments accordingly.
– Pay your debts on time. This will help you avoid late fees and damage your credit score.
– Invest in yourself. This can be done by taking courses, reading books, or attending seminars related to personal finance or investing. The more knowledge you have, the better equipped you are to make sound financial decisions. Here are five free personal finance courses you should take
- Udemy’s “Personal Finance 101: Everything You Need to Know”
- Alison’s “Introduction to Managing Your Personal Finance Debts”
- Skillshare’s “My Financial Mountain: Understanding Your Path to a Solid Financial Foundation”
- Coursera’s “Create a Budget with Google Sheets”
- MVEMNT – Intro to Investing
– Have an emergency fund. This will help you cover unexpected expenses in case something unexpected comes up.
– Make a plan. Personal finance is not a one-size-fits-all situation. What works for someone else may not work for you. Figure out your financial goals and create a plan to achieve them.
Following these personal finance tips will help you get on the right track to financial success. Remember, it’s not how much money you make; it’s how much you save! Start building your generational wealth today.