đđŸHave you been feeling some level of stress related to your finances? Are you worried about job uncertainty, debts, not earning enough, savings, providing for your family, and more?
Weâre here to tell you:
đŁYou are not alone! There is ABSOLUTELY NO shame in having financial stress (read that again).
Financial issues are extremely common and the biggest source of stress and anxiety.
It may feel hard or impossible, and you may feel discouraged, but financial wellness CAN be achieved đđđŸ
First, what IS financial wellbeing and what IS IT NOT? â
Financial wellbeing ISNâT about making millions or being a successful entrepreneur, it is about achieving the zen-like security of having no money-related stress as a result of successful expense management. Financial Wellbeing is not a number, it is a state of being đ§đŸââïž
However, for the black community, systematic inequalities, employment discrimination, low income, and lack of financial literacy have limited our access to building generational wealth and made us vulnerable to financial issues and stress.
Did you know that a 2018 Financial Industry Regulatory Authority national survey found that Black Americans could correctly answer only 2.3 out of 6 questions meant to assess basic financial literacy?
Also, according to the 2019 Survey of Consumer Finances, the average white American family had a total wealth of 8 times the wealth of the average African American family?
BUT we can RISE above it all! Despite these challenges, there are tools/steps that we can take to achieve financial wellness for ourselves and create wealth for our family and generations to come đ„. All it takes is one person! Will it be you? đđŸââïž
âIncrease your Financial Literacy: Learn about topics like paying debt, building wealth, investing and managing your finances đ
âMake a budget â 50% Needs (housing, utilities), 30% Wants (entertainment, clothes, travels), 20% Savings/Investments đ
â Set your financial goals with a specific plan đ
âBuild an emergency fund for rainy days â
âInvest!!! Open an investment account, invest in stock market, real estate etc. đ±đ
âSet up automated savings đ„
âPractice mindful spending âïžđł
âDaily positive money affirmations/ đ«Get rid of your Scarcity Mindset: âI allow money to flow easily to me,â âI release all negative thoughts about money,â âI am worthy of making more moneyââš
âPay off your debtsđ°
Taking care of your finances is an act of Self-Love đ€. Your future self will thank you.