By Nyesha Stone
At what point in your life did you realize you needed to save money or have you not come to that realization yet? It’s okay if you haven’t, because, many Americans tend to forget or don’t know the importance of saving, and if they do, they can’t due to financial burdens.
There are many steps to save money, you just have to find the one that works for you. Sometimes, opening a savings account at a bank that isn’t connected to your checking account could do the trick. Or maybe, every Friday a certain amount of money is automatically taken out of your checking account and placed into your savings. No matter what works for you, always remember to pay yourself first.
People tend to pay their bills, such as electric, rent and car note before even thinking to put money aside for themselves. Once you start treating yourself like a bill then saving your money becomes easier.
At most jobs, there’s an option to have a certain amount of your money taken out and put away into a different account, such as savings. And with this option, it’s like the money was never made so you can’t miss something that was never there.
For those who are too bogged down with bills to save, well there’s always a way. Start writing down each time you spend a dime, whether it’s on your debit card or with cash, write it down every time. Once you know where your money is being spent, you can then decide what things you no longer want to spend your money on and start putting that extra cash into savings.
But, saving is only one part of the game to reaching generational wealth in the Black community.
“One stream of income will never be enough,” said Dr. Shandowlyon Hendricks-Williams, education administrative director of Teacher Education, Professional Development and Licensing. “Even if you have a job you can open up a business.”
Hendricks-Williams believes Millennials will be the generation to access Black Generational Wealth, she’s just not sure if they’re going to teach it. She thanks her mother for the knowledge she was given about credit, education and having a job, which is why she always hustled, the legal way while working for someone else.
We tend to spend at least eight hours of our day for at least five days out the week working for someone else just to come home and not work on our own dreams. Working a 9-5 will only help others accomplish their life goals while yours are stuck only being a dream.
The Black community has to realize that getting a job to make money isn’t going to make us wealthy. We have to start owning businesses and land, especially owning in our own neighborhoods. Most gas stations and corner stores in the Black community are owned by other races who don’t live in our neighborhoods. The money we’re spending at these establishments are hardly ever put back into our communities, yet we continue to support them.
“Black generational wealth is possible, but we have to be intentional about creating it,” said Executive Director of LISC Donsia Strong Hill.
From not being able to dress the way we wanted to, to being treated like the scum of the earth, Black people, have in a way, became materialistic, but Strong Hill believes it’s time to step out of that mindset and into real wealth.
“Don’t worry about what you’re wearing, worry about what you own,” said Strong Hill. “If you have a dollar, save a dime.”