That said, and it needs to be said, I want to speak to the great accomplishments of the aforementioned minority groups and share some quick tips on what our communities can put in place to strengthen their financial spine as we rebuild in the weeks and months to come.
Key Points to My Clients Successes
I have said it before and it is a core principal of how I work with my clients - Revisit Your Budget daily, weekly, monthly with eyes on the prize of building wealth and independence.
Here are some other tools I have found to stand the test of financial lifestyle time and will give everyone, especially the groups that I mentioned, some added outlets as we go forward post Covid-19 and the social unrest in our country.
Pool Assets with a handful of people you trust, then create an LLC that builds financial consensus to buy real estate, especially income property. I have specific models designed to help anyone build wealth in this arena, from a novice to experienced investors.
Start An Investment/Savings Club - If buying real estate is not your bag then still look to find people you have common ground with to create an LLC and start building up your money to invest like the “Beardstown Ladies” did back in the mid-80’s. I have resources for a number of tools you can use to get started.
Create a Separate Mastermind Group that is about making, saving, and investing money to build wealth (Thanks Napoleon Hill). Use this group to work on strengthening your personal or professional brand while keeping your personal morale strong.
Pool Money to Buy Small Businesses - One of my business partners and I have been doing this for a number of years and it allows us to build additional wealth through entrepreneurship. If there are certain types of businesses you enjoy but don’t have the knack/knowledge to own, then maybe partnering with someone you trust will give you the talent and partnering needed to succeed in this arena. Building wealth through entrepreneurship is challenging yet extremely rewarding.
Find Mentors or Mentor Groups to learn where the deals and opportunities are. I have helped a number of small business owners and self-employed professionals by acting as a mentor to help them “around certain corners” and over certain obstacles.
Consider Adding to Your Income with Additional Work - Right now unemployment is high, safety at your job is a real issue so here are two suggestions:
1.) Reassess your skill set to determine if there are work opportunities that are virtual home jobs you may have never thought of but could help you get over the COVID-19 hump.
2.) If you are fortunate to be working and have not been furloughed etc. use this time to sharpen your skills, get additional skills, certifications and education that may be offered online; rather than “binge-watching” shows on TV (no offense to anyone). I am personally taking 3-5 hours every week right now to study for a couple of additional certifications in my business.
Revisit Your Employer Sponsored Retirement Plans - Determine if it really makes sense to contribute the amount of money you are to your 401k or IRA. Many of my clients of all demographics are asking me this question every week. Things have changed and everyone needs to revisit that part of your budget. There are ways we can help and some different tools and approaches to consider as we go forward.
Two Common Sense Items
1.) Now more than ever, buy less stuff, save more of your earnings.
2.) Keep credit card and loan balances down. It will help you achieve the items above at a faster pace!!
I highlighted two of my passions. Number one is having a level playing field so all of our lifestyles can prosper. Number two is providing some action items not just for People of Color but for all other demographics. I’m available as resource to provide help with any of my suggested tools to build wealth and independence.