Black women have killing the financial world since forever. From Maggie Lena Walker, the first woman ever to start a bank, to Lilla St. John, the first Black woman to pass the New York Stock Exchange exam at age 25, the bar has been set mighty high!
So as we exit out of April, Ramadan and also financial literacy month. Here are some tips that you should always consider as a black woman managing your funds!
1. Live and die by a strict budget. "Even millionaires live paycheck to paycheck."
FYI, budgeting will not push you into another economic class, but it does help cut down on overspending.
2. Invest in any cancer fighting/ fibroid fighting technology.
Black women are twice as likely to be diagnosed with triple-negative breast cancer than the Euro-American women. With this said, try to invest in cancer technology or any medicine that will treat these illnesses. (*This is only education, I am not a financial advisor, please seek professional investing help).
3. If you have children, nieces, nephews, cousins, start a 529 Plan for them.
A 529 plan is a college investment account. The funds grow tax free and can be used for college expenses only once your child attends higher education. Since student loans has become the main reason why black folks aren't able to afford the same as their Euro-American counterparts, try your best to make sure your children won't need many student loans. You can start with $1 a month. But ideally you'll need to contribute more to see great returns.
4. Try to save one years worth of expenses.
Having a security cushion is major as people still face job loss. Be prepared. If your expenses total to $3K a month, ideally $36K saved is what you should have. Need help getting there? Reach out to me I'll help you for free.
5. Invest in real estate with friends or family.
Since the market is growing very fast and people are seeing the value of their homes grow substantially. See if you can get a home loan by yourself or with a friend and don't think twice just buy.
Need clarification on any of the things above? Book a free call with your financial coach (me).
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