“Probably the most harmful of all dependencies is to rely in your highly effective oppressor to free you and share energy with you, as a result of highly effective individuals by no means practice powerless individuals to take their energy away from them.”
John Henrik Clarke
Introduction
The above quote from one of many towering giants of Afrocentric thought, the late John Henrik Clarke, speaks to the fact of current day energy relations between Caucasians and Afrikans. Let’s amend this quote in mild of the subject of this paper, Black monetary empowerment.
“Probably the most harmful of all dependencies is to rely in your rich oppressor to free you and share wealth with you, as a result of rich individuals (and nations) by no means practice poor individuals (and nations) to take wealth away from them.”
John Henrik Clarke tailored by Paul Ifayomi Grant
Afrikan individuals should be shocked out of our ‘waking coma’ and face the cruel realities of the world we’re in. Nobody however ourselves goes to alter our usually pitiful financial situation. This can be a fiercely aggressive world during which totally different teams compete in opposition to one another, while many people are locked into an individualistic fantasy; pondering that success is a purely particular person pursuit. Group id, solidarity, belief, co-operation and accountability present the platform for people to realize financial success. Because of this Afrikans are on the backside of the financial pile wherever we reside, regardless of the Oprahs, Bob Johnsons, athletes, entertainers and so forth.
TOP TIPS
o Purchase Black (so far as potential) – examine your procuring checklist and see how a lot expenditure you possibly can switch to a Black owned enterprise.
o Be taught in regards to the ‘Native multiplier Impact’ – do an internet seek for the New Economics Basis the place you’ll find out about find out how to fill the holes in our financial bucket.
o Buy groceries with an inventory – 70% of purchases are spontaneous.
o Create a family price range and evaluation it frequently.
o Cease and rely to twenty earlier than making a spontaneous buy – visualise your financial institution stability reducing as the cash leaves your account.
o Perceive the distinction between Wealth and Earnings – excessive earnings and wealth are usually not essentially synonymous. A fundamental definition is that wealth = property – liabilities
o Discover out extra in regards to the idea of ‘residual earnings’
o Swap mortgage supplier, utility supplier and so forth. regularly to get the perfect deal – most individuals usually tend to get divorced than change mortgage supplier
o Save for a hurricane not only a wet day
o Steadiness your investments between Excessive, Medium and Low threat investments – For an individual aged 35 the stability ought to roughly be 35 : 35 : 30. As you grow old your funding stability ought to transfer in the direction of a higher proportion of decrease threat investments.
o Learn books, web sites and so forth. that may train you about monetary literacy and financial relations between totally different teams of individuals.
o Educate your youngsters about monetary literacy – arrange a (excessive curiosity) financial savings account as quickly as they’re born. Encourage them to avoid wasting most of their pocket cash. Should you can afford it, match what they’ve saved on the finish of the 12 months. Talk about your family price range together with your youngsters (when they’re sufficiently old) in order that they perceive that there’s not a vast provide of cash from the opening within the wall!
o Don’t accumulate debt shopping for depreciating property e.g. vehicles, digital tools, designer garments and so forth.
o Take part in some type of collective monetary funding e.g. Pardner, ABDF Ltd (www.abdf.co.uk), credit score union and so forth.
o Give cash frequently to good causes that empower Afrikan individuals
o Keep in mind, economics is a we recreation in addition to a me recreation – i.e. teams that put money into their very own communities are economically robust.
o Financial charity begins Black at residence!
o Assume Black, Purchase Black, to get us Black on Observe!
Really helpful studying: BluePrint for Black Energy by Amos Wilson, Black Economics by Jawanza Kunjufu, Wealthy Dad Poor Dad by Robert Kiyosaki and Sharon Lechter, Assume and Develop Wealthy a Black Alternative by Dennis Kimbro and Napoleon Hill, How Europe Underdeveloped Africa by Walter Rodney, Powernomics by Claude Anderson, http://www.moneysavingexpert.com
6242 (September 2006) Kemetic calendar
