Financial management for African-American must be centered around goals. What get measured in life gets done, and a goal is is not a goal until it is set and a plan gets underway for its achievement. Time is one of our greatest allies along with faith in God. Now is the best time to start your financial goals. The first goal should be to become financially literate. Knowledge is power. The old saying reinforces this concept “ a fool and his money is soon parted.”
The first ritual of wealth is to set a goal to pay yourself first, no matter how small the amount. Financial success is as much about discipline, character, and integrity as it is about money. In the financial world, small advantages have a way of adding up. How much value do you put on a sound financial education? In the book Rich Dad Poor Dad, it is taught that we must acquire education, experience, and the we will be able to acquire excessive cash.
Each of us has different goals, and our financial plan should cater to those goals. We should develop a healthy passion for the financial goals we set which should be reinforced by our daily actions. Tithing, saving, and investing can and should be a ritual in our lives. A sense of stewardship over our resources is the highest way of dealing with our God-giving blessings.
Financial goal-setting requires that we give good accounting of our cash flow. The age-old adage that “As a man thinketh so shall he be” all that he achieves for fails to achieve is the direct result of his own thinking.
The cry of all humanity should be higher yet. How may individuals in our community know the power of compound interest, yet that does not equate to the number of people that follow its principles? Financial goal setting requires that we develop a philosophy of success and achievement. A millionaire once said that “ Everyday that I find a penny, it is one day that I don not have to work for it.” Do you value the pennies, nickles, dimes, quarters and dollars that flow through your hands?
The rich gets richer because of they respect and properly utilize the money that flows through their hands, and as a result proper use of money attracts more money. If you need verification of this fact, just analyze the mentality of a spender verses and investor. The investor says don’t spend your last dollar until you know where your next one is coming from, the spender spends everything and looks around for money.
The richest man in “Babylon’s goal” was to keep a part of all the money he made. Saving a part of all the money you make is said to be a secret because so few people follow its principles, but profess to know its premise.
Knowing and doing are opposite sides of the coin, but real financial power is gained through action. Remember it’s not what you make, its what you keep, it’s not what you know, it’s what you do. It’s not who you are, it’s what you become, and what you become will determine what you make” Jim Rohm Winners are not born, they are made. The top 3% of all financially successful people are goal-setters. A financial plan and goals are the road-map for an upwardly mobile African American Community. Remember, time is one of your greatest allies. A journey of a thousand miles begins with one step. May you reach your financial, mental, physical and spiritual goals with God’s speed. Let’s do it!
Phil Andrews is the President of the Long Island African American Chamber of Commerce, Inc. an affiliate of the US Black Chambers, Inc. and Past President of the 100 Black Men of Long Island. Mr. Andrews is also the President-Emeritus of the Black Public Relations Society-New York an affiliate chapter of the National Black Public Relations Society. Mr. Andrews has appeared on WABC Here and Now and NBC’s Positively Black. Mr. Andrews is a Black Enterprise BE Modern Man.