How did I go from being homeless to people asking me for financial advice? It's a funny story because I was actually homeless for a little less than a week. The funny part is that homelessness seems to be a common theme among many successful people. Until somewhat recently, I'd never used the word "homeless" to refer to my situation in early 2008, but myself and my ex wife were evicted and had to sleep in my truck for a few days. Then in late 2008 I went to jail. I spent Christmas in County Jail and New Years in City Jail. 2008 was not a great year for me, but it was the year that would change my life.
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A Pimp Changed My Perspective
"You're smart as hell. Why aren't you rich?" is the question that he asked me in 2014, and for some ...
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More Than Slaves
Hebrews Had Dark Skin
Lesser Known People of The Bible: Black Women
Lesser Known People of The B...
Black empowerment often goes beyond just understanding who we are as a people. It also includes financial education. A lot of us have terrible money habits, which leads to a hard time understanding why the wealth gap is so large between us and everyone else. In my younger years I did a lot of stupid stuff financially, which is the only reason I'm not rich right now... probably the only reason most of us aren't rich right now is because of bad money habits when we were younger.
As I've gotten older, I've learned a few things about money that have helped me get back on the right path, but many of our brothers and sisters don't have anyone in their ear to guide them in the right direction. With that said, I'll be sharing what I know. I'm not a financial advisor at all, so consult a profess...
I told somebody that they're losing money by saving it in a bank account and they asked me to show them how... so here goes:
Wells Fargo stock (WFC) is at $44.39 per share.
It pays a DIVIDEND of 4.60% APY
However, if you put your money in a Wells Fargo savings account, you only earn 0.01% - 0.10% APY
You're money is literally losing out on 4.5% - 4.59% per year.
Invest: $44.39 turns into $46.43 (+$2.04)
Save: $44.39 turns into $44.43 (+$0.04)
Multiply that across whatever you have sitting in a savings account. It starts to add up when it gets into the thousands of dollars saved. You're losing out on $2 for every $44 you have saved...
If you have $4,400 in savings, you missed out on $200... on top of that you miss the compound interest... because that $200 would earn $9....
If you didn't read 101... check it out before you start.
Why the wealth gap between black America and white America is so huge... is because of investing and inflation.
According to Google, inflation is projected for 2020 to be at 1.9%... which means your dollar will be worth 1.9% less than it's worth today. If you're earning 0.10% interest in a savings account, you're being outpaced by inflation by 1.8%...
On the other hand, if you invest, you'll be ahead of inflation by 2.7% WITHOUT needing to beg your boss for a raise. Bigger returns are possible, but we'll stick to the Wells Fargo example. If the majority of black people aren't investing, it means that we're losing 1.8% of our community wealth per year times as long as we've been allowed to acquire wealth. It's not a sustainable f...
Pre-Slavery ChristianityIt Was Never The White Man's Religion
Did you know that African languages are specifically named as languages spoken on the day of Pentecost? Did you know that Ethiopia declared Christianity the national religion 59 years before Rome? Did you know that the oldest Christian church was founded in Egypt 17 years before Ethiopia declared it the national religion?