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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Today we have a local spotlight on a company who's sole purpose is to help and educate start-up companies and young people to achieve their financial goals. Saulsberry and Wells, LLC was founded with you in mind. The firm specializes in providing accounting, book keeping, financial and asset management services to meet the needs of businesses as well as individuals. Their mission is to provide their clients with tailored professional services built on ethical values, allowing their clients to focus their resources on improving the lives of whom they reach. Saulsberry & Wells provides several...

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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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Monday morning, Roland Martin (@rolandsmartin) went in on twitter about student loans! I was able to screenshot a majority of the best tweets and posted them below.  Mr. Martin brought up a very real topic in our community today.  He was very candid, as he always is, and laid it out very plainly for all of his followers.  He is a huge proponent of education, but warns that college educations come with a cost.  He mentioned how he was accepted to Texas Christian University (TCU), but turned the opportunity down because of his family's finances.  He encourages all current and future college...

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This past week I was on my job site and talked to a dump truck driver. He said this was his last day. He was quitting and buying his own truck. I noticed his grind, he was working 6 days a week for the past two months. He was saving every penny to buy his own truck, so one day he can be his own boss and make more money. JW: How much do these kinds of trucks cost? Driver: They cost about $25,000. This was the last week I needed to work to have all the money I need. JW: How long did it take? Driver: It took two years to save up. He migrated from South America ten years ago. He's been working...

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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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