Finance and Economics are two huge factors in the progression of the black community. Think of money as a game, a game we don’t know how to play. There’s reasons why we don’t know how to play the game.
First, we are just entering the game without knowing the guidelines. So after slavery ended we were not educated about money. Slavery and racism allowed other races or people to have a 400 year head start against us. The reason being we were not allowed to be educated during this period of time. The common things we know about money are: we work for it, you spend it, and save it. One main thing we fail to realize is that we can have OUR money WORK for us.
Having money work for us is a trick we’ve NEVER been taught about. Putting money away in savings is a good idea, but it may take a LONG time for your money to grow. It’s all about INTEREST RATES!! Interest rates can work for you or against you: Example credit cards and student loans have interest rates that work against you, meaning your paying more than what you actually spent. So how can you get your interest rates to work for you? Savings accounts is one option, but others that have higher interest rates would be hedge funds, mutual funds, CD accounts, and saving bonds. Also interest rates are compounded during a certain time, so this would be annually (every year) semi-annually (every 6 months) and quarterly (every 3 months)
Also you have to be realistic as well, this tip I just told you about is not going to give you Jay-Z money in the next ten years! It’s going to take time. The biggest revelation was when I was in school and a white kid in my class said his great grand father set aside money that grew into 100,000’s of dollars. That’s when the light bulb went off and a voice in my mind said “Duh Rilwan, 400 years”. While our ancestors were picking cotton, his ancestors were getting money from that and putting it into different funds. That will be explained in a different post!!!
Written by: @ObaBlacko(IG) Dreaded_InnerG (twitter)