Redefining Wealth In 2016 and Beyond
Before I get too deep into Redefining Wealth In 2016 and Beyond, I want to make clear that this is not an attempt to bash, belittle or humiliate anyone. As a matter of fact, some of the issues I will talk about in this post at one time I was guilty of myself. However, once my awareness was raised and really understood the damage I was doing to myself and my family as a result of improper financial behavior, my life began to change. It’s about becoming educated and putting that education to work that makes the difference. First, let’s take a hard look at where we are economically as a group in this country.
Where are we today?
As you can see, this is just going back to 2007 when the real estate/financial crisis was beginning. In 2007, the average net median household wealth of Whites was ten times that of Blacks in that year. The same study six years later in 2013 after the financial crisis showed that the gap increased to twelve times that of Black households. One of the blaring lessons that can be learned from this study is that whatever happens to this country as a whole, the effects of it is worse in our community. However, some of what we go through is due to bad financial behaviors and decisions on our part that we’ve been practicing for years. We have become well assimilated in the debt culture that extreme capitalism promotes. We have developed an attitude of we have to have it now and we will deal with the bills later. The problem is that the bills start dealing with us in ways that we couldn’t imagine. The traps start early and without proper education and massive action, we will continue to dwell at the bottom of the economic totem pole. I know that there are some that will say that if they had a better, higher paying job, hit the lottery or have a business that pays thousands of dollars a month, the pain will go away. I have some big news for you. NOPE!!!! You can out earn bad spending habits. As a matter of fact, the more money you make, the bigger your bad decisions are magnified.
For some reason, we have been made to believe that having the latest, biggest and the best will make our lives better in a society that wasn’t originally designed for you. Even more, when other ethnic groups in this country literally look at us as liquid money, there is a problem. It shows that other people can literally plan their wealth for generations based off of our inappropriate financial behaviors. Let’s take a look at some of those behaviors before we get into Redefining Wealth In 2016 And Beyond. Here is a short list of places and purchases that causes us to get into debt and put so much money into everybody else’s pockets……
- Rent to own stores (you will primarily find those in our neighborhoods). We will pay up to ten times the value of that tv, stove, computer etc……..I’ve literally seen a rent to own truck pull up in a driveway to deliver furniture where the customer owns a Cadillac. Do that math……
- The latest and greatest fashions. We will spend our last money or run up our credit cards to impress people that we don’t like and they don’t like us.
- Entertainment. We will spend hundreds of dollars to see our favorite entertainer in concert but we can’t save for an emergency fund?
- Automobiles. Some of us would rather be ballin and have a house payment for a car note than to have some discipline and buy what we can literally afford. Even if that means saving for a while and purchase cars out right.
I can go further but I think you get the idea. We have to and can do better. We have to get our minds renewed concerning wealth building. When Redefining Wealth In 2016 and Beyond, our mindsets have to be geared towards not only today but tomorrow as well. Here is a small list of building blocks to wealth that we must immediately learn and renew our minds on. We live in the age of information due to the internet. There is really no excuse as to why we have to remain ignorant concerning this subject.
- Businesses (Ownership)
- Insurance (Starting a Go Fund Me campaing on Facebook isn’t a solid insurance strategy)
- Real Estate
- Precious Metals: We need to purchase them, not sell them. This includes gold, silver and platinum
- Equities (This is earnings gained from stocks)
- Foreign Currency
Over the coming weeks, I will talk more on some of those points. In the meantime, check out this video concerning Redefining Wealth In 2016 And Beyond……..