I graduated college in 2010, but just recently I passed the biggest test in my life. Buying a house is one of the most rigorous tests of your financial character ever. They pour over past tax returns, your debts, your assets, your current income, any exorbitant deposit into your account in the past two months, your current living status, your credit report, and your patience. Buying a home is not like buying anything else. It’s most likely the biggest purchase of your life and the mortgage payment will consume thirty to forty percent of your monthly income. The steps to home buying: 1)     ...

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This topic has been troubling me for quite a while. It probably should have been my first post on MyBlackCoffee. The economic buffoonery of our star rappers and superstar athletes set a terrible precedence for our community. In the media, they are the only black faces shown as multimillionaires and "successful" people. Their depiction of how rich and wealthy people act isn't exactly model behavior. They're shown buying cars, houses, and expensive jewelry and if we want to be rich, we should act similarly. These perceptions just aren't true. In most cases the money rappers rap about, they don't...

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Update: Facebook's historic Initital Public Offering (IPO) is set for this Friday, May 18th.  A very interesting video from Money.com is embedded below. Originally post February 2, 2012 Will Mark Zuckerberg become a trillionaire? Not quite. Facebook has been at the center of most of our college experiences.  In college, you would find out about parties on Facebook. You meet a girl, go home, and Facebook her. You needed help on homework, Facebook someone in your class. It was a revolutionary social network for college and it has grown to take over the world. This week marks the long...

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I got money to blooow oooh oooh ooh oooh ooh I got money to blooow oooh oooh ooh oooh ooh I'm guilty of it, we're all guilty of it, wasting money. Look at all the money you waste throughout the month. Imagine the multiple uses for that money. Saving for that iPad you wanted, investing in the future that you want, and paying back those loans you never wanted. Rich people have a plan for their money before they get it. Their money does what they tell it to do and it brings them returns. Every month layout a budget: set aside money for debt repayment, saving, and investing. This is a key element...

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It’s true You Only Live Once, but creating a family legacy that goes on forever requires two very important things: Life Insurance and a Will. One of the keys to building and maintaining generational wealth is not having to start all over.  Having life insurance and a will plays a key role in ensuring ones legacy is protected once you’re gone. According to recent surveys, adults with life insurance has declined. Only 41% of adults in the US own life insurance.  Not having a plan in place for when you die is a heavy burden on your family. On top of the grief of your loss, your loved ones...

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Take a second to check through the table below: Household Median Wealth Married White  $  167,500.00 Black  $    31,500.00 Hispanic  $    18,000.00 Single Women White  $    41,500.00 Black  $          100.00 Hispanic  $          120.00 Single Men White  $    43,800.00 Black  $      7,900.00 Hispanic  $      9,730.00 Source: Insight Center for Community Economic Development, Lifting As We Climb: Women of Color, Wealth, and America’s...

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You Wasn’t With Me Liftin’ In The Gym! I was in the gym earlier this month (very rare) and I started thinking. Personal fitness is very similar to personal finance.  You set goals, you work toward them every week, and your success won’t happen overnight.  If you want to be strong, you’re going to have to work out three to four times per week. Make sure you eat right and maintain the proper diet, so your body gets everything it needs to get stronger. Also, build a workout plan that gets the results you want. Similarly, if you want to be financially secure, you’re going to have...

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Where do you want to be in 5, 10, 20 years? You have the rest of your life before you. Do you see yourself owning a home, running a business, or proposing to your spouse? In some way, money is going to play a huge factor in accomplishing your dreams. Save and invest your money in your future. Hold off on the things in the present for the things of your future. Your dreams won't happen overnight, but with patience and diligence your dreams will come true.

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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...

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  In "The Millionaire Next Door", the authors note seven factors as keys to becoming a millionaire. 1. They live well below their means. 2. They allocate their time, energy, and money efficiently, in ways conducive to building wealth. 3. They believe that financial independence is more important than displaying high social status. 4. Their parents did not provide economic outpatient care. 5. Their adult children are economically self-sufficient. 6. They are proficient in targeting market opportunities. 7. They chose the right occupation

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