Black people are experiencing one of the highest levels of poverty out of every racial group in the country. Are you on your way to a financial disaster? Diagnosing any money problems you have early is the best way to escape financial ruin. Here’s how.
#1: Budgets are your friend!
EVERYONE needs to budget. Everyone! Your money problems could stem from unorganized spending or old recurring charges. Write down EVERY source of income and EVERY expense and compare them, or use a budgeting app. The first step is knowing how much money is coming and going.
#2: Expect the unexpected.
A tiny percent of Americans have budgeted for an emergency. Most financial disasters are caused by what we didn’t anticipate! This needs to be in your budget.
#3: Be OK with change.
Just can’t make ends meet on your income? According to a study by Forbes, employees who stay at a job more than two years are LOSING money!
Unless you are being paid fairly, getting regular raises, AND you love your job, take your experience and look for a new position – or go for a promotion! You could be making a lot more.
We have to recognize our financial problems early and learn how to take control of them – and learn from our mistakes. Our livelihood depends on it!