John Simons from black enterprise came and spoke to us (courtesy of NABA) about the 10 steps to financial wellness. it was great.
WEALTH FOR LIFE PRINCIPLES
1. i will live within my means
2. i will maximize my income potential through education and training
3. i will effectively manage my budget, credit, debt, and tax obligations
4. i will save at least 10% of my income
5. i will use home ownership as a foundation for building wealth
6. i will devise a investment plan for my retirement needs and children's education
7. i will ensure that my entire family adheres to sensible money management principles
8. i will support the creation and growth of minority-owned businesses
9. i will guarantee my wealth is passed on to future generations through proper insurance and estate planning
10. i will strengthen my community through philanthropy
most important points for my soon to be college grads:- start your 401k from the beginning, and deduct as much as you can afford. Your employers wont ask you, so make sure its in your contract before you sign.
- take on GOOD credit only when your preparing to make a big purchase
- stock market=best place to increase your savings
- if you must choose, save for retirement first and kids education second (education funding can be supplemented)
sorry this post is SO late.
b.
[i am changing; jennifer hudson via dreamgirls]
1 comment:
GREAT post!! im going to try to live by these principles, especially now that i'll have a salary :)
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