January 31, 2012

The Blueprint – 10 Wealth Principles

Two years ago, Black Enterprise released its 10 Wealth for Life principles.

1. I Will Live Within My Means

Create and maintain budget that helps you accomplish your goals of accumulating wealth and building for your future.

2. I Will Maximize My Income Potential Through Education and Training

Continue your education and become an expert in the field of your choice.

3. I Will Effectively Manage My Budget, Credit, Debt, and Tax Obligations

When you create your budget, be sure to account for a debt repayment plan.

4. I Will Save At Least 10% of My Income

When you create your budget, be sure to invest and save your money first.  If you follow this simple rule, you’ll see your wealth grow and grow.

5. I Will Use Homeownership as a Foundation For Building Wealth

Buy a home you can afford. Nothing is worse than buying a home and not being able to make the payments.  Eventually, you will become a slave to a house you can’t afford.

6. I Will Devise An Investment Plan For My Retirement Needs And Childrens’ Education

Look into retirement plans such as a Roth IRA or your company’s 401(K) plan.  Chances are your company matches your 401(K) contribution.  Be sure not to miss out on this free money.

7. I Will Ensure That My Entire Family Adheres To Sensible Money Management Principles

Personal finance becomes family finance when you get married and have children.  Outline your plan and make sure everyone is on board for family’s future.

8. I Will Support the Creation and Growth of Minority-Owned Businesses

It is vital that we become the biggest supporters of our own community.

9. I Will Guarantee My Wealth Is Passed On To Future Generations Through Proper Insurance And Estate Planning

Have a will and life insurance in place if the worst were to happen.  Having these things in place ensures your family will carry on without you.

10. I Will Strengthen My Community Through Philanthropy

When you’ve built your wealth, be sure to give back to your community.  Help out those around by giving time and money to causes you love.

All of these principles lay the foundation for our community to accumulate wealth, live a good life, and give back to our community.

See Black Enterprise’s article, below:

http://www.blackenterprise.com/2010/08/20/black-enterprise-wealth-for-life-principles/

Disclaimer:

Information presented on MyBlackCoffee by Junious Williams is intended for informational purposes only and should not be mistaken for financial advice.