What Black Folk Should Do Now - Black History Month

I don’t want to Rant… I promise you that I don’t… I want to give concrete solutions that African-Americans (Black-folk) can implement in their lives. So, with that said, I will offer items that we can implement personally to move our community from a stance of economic dependency to independency…

1. Don’t Resolve to do something (New Year’s Resolution), Commit to your Goals – No one wants their Husband, Wife, Significant Other to resolve to Love them… They want a Commitment. I kickstart my goals around February 15 of each year because by that time the resolution people have left the gym, and I have had time to do some review of the previous years as well as some introspective thinking and drafting of my view of the short, mid, & long-term goals. It also allows me to draft, re-draft, & finalize #’s 2-7 below.

2. Set some Goals (Commitments) by Writing them down. I meet people every day and I ask “Do you have Goals?” They answer “Yes.” My next Question “Are They Written Down?” They answer “No, They are in my Head.” A Goal in your Head Is a Dream. Goals have the following characteristics, Clear, Time Bound, Written Down, Reviewed Daily, & Positively Stated.

3. Create A Monthly Family Budget – (What is a Budget?) Before the month begins you have written down how much you have allocated to predefined categories (The Budget). As you spend record (Write Down) how much you spend within the categories (The Actual). At the end of the month, subtract the Budget from the Actual to see how you perform on a monthly basis. Use this knowledge to prepare the next month’s budget. When you begin it is difficult the more you do it, it will get easier. Anything worth doing is worth doing badly at first. – Les Brown

4. If you are eligible start or contribute to a 401k. This is Tax Differed Growth

5. If you are eligible start or contribute to a ROTH IRA – You have until April 15 to fully fund a ROTH for 2007. You also can begin a monthly investment program (via most mutual fund families) to fund your 2008 ROTH. This is up to predetermined governmental limits. There are 3 ways money can grow, Taxable, Tax Differed, & Tax Free. ROTH’s Grow Tax Free. (Check with your CPA or Tax Professional & an Investment Professional)

6. Establish an Emergency Fund of 3-6 months of Monthly Expenses. Statistically, the college student entering the workforce will change jobs (via downsizing, off shoring, or personal decision) every 3-6 years. I personally got laid off 3 times before I turned 30 from large companies.

7. Pull your (Free in most states) Annual Credit Report – This is the only Truly free website endorsed by the US Federal Trade Commission. ( https://www.annualcreditreport.com/cra/index.jsp) Most of the others are sponsored by the credit reporting agencies and attempt to get you to purchase services.

8. Own Something 100% Free & Clear – Get out of Debt (Completely Never to Go Back!!!) (NKJ) Proverbs 22:7 - The rich ruleth over the poor, and the borrower is servant (slave) to the lender.

9. Stop Trying to Get Over & Go To Work on Your Goals & Dreams, You have a better chance of being struck by lightning (Odds of being struck by lightning: 576,000 to 1) than winning the Lottery (Odds of winning the California lottery: 13,000,000 to 1)

10. Save the Next Generation from Sallie Mae (GSL Government Student Loan) Mama & Daddy – Put some money away for your child’s college education ASAP!!! Remove the Excuse I got a loan so my kids can have one.

11. With that said if you have a Student Loan, Pay It off (Refer to #8), If you have a Student Loan, think about this… You Possess the Education but the lending institution (or Government) Owns it. I meet 40-50 year old people who are still paying on their student loans from their 20’s… Shameful. They have paid off cars but have not paid off their Student Loan.

12. Stop Counting on your Kids to make you Rich – There is a better chance of your child performing in an extraordinary manner in school, (Odds of finding out your child is a genius: 250 to 1) than becoming a pro athlete (Odds of becoming a pro athlete: 22,000 to 1). We all can give examples from our high school years that for whatever reason the Best Athletes Do Not Make It to the NBA or NFL.

13. Build a Strong Asset Base (Simple Definition – Asset: Something that puts money in your pocket). (NKJ) Proverbs 13:22 - A good man leaveth an inheritance to his children's children: and the wealth of the sinner is laid up for the just. A Strong Asset Base is owned Free & Clear (Refer to #8). The Wealthy purchase Appreciating Assets (Strong Assets) Free & Clear, The Poor purchase Depreciating Assets (Weak Assets) and further weaken them by purchasing them with Debt.

14. Read and Complete a Book this Month – If you are already an avid reader, then read a subject or genre that you don’t normally read.

15. Tell your Family that you love them.

16. Spend an hour a week in Quite time alone – Pray / Meditate. Most people are afraid to be by themselves.

17. Be on time for something (other than a party or church).

18. Help someone Not Related to You.

19. Celebrate Small Successes – (I hate Clichés… but here you go) Inch By Inch it’s a cinch. This will keep you from becoming discouraged on your journey to the larger goal. Celebrate paying off that $50 credit card (NOT By Charging More), by getting an ice cream cone. Celebrate loosing 5 lbs. by going to the movies.

20. Become a Dreamer again; Dream so Big It makes People Uncomfortable- No one ever got wealthy following the crowd. Never be afraid of trying something new. Remember a large group of professionals built the Titanic, and a lone individual built the Ark.

21. Become a Positive Person – Remove contractions from your vocabulary – Can’t, Don’t, Wouldn’t, Shouldn’t, Aren’t, etc. Most contractions are negative because it is a word paired with “NOT.”

22. Separate yourself from Negative People – you first must recognize the negative people in your life. (Refer to # 21)

23. Get a Mentor – Someone who has established themselves in the area you see yourself going. Most Important Note: Someone That Will Tell You The Truth. If you are trying to loose weight, you don’t get a personal trainer that is more overweight that you. You go and get a personal trainer that is more in shape than you. You don’t ask a broke friend to be your financial coach.

24. Become a Mentor - Take a young person to lunch, dinner or another cultural event just to talk. Younger Brothers & Sisters cannot step up to the table if you don’t give them a place setting.

25. Get our Health in Check – To be Rich & Sick is Stupid. Go To The Doctor (MEN)