Tuesday, December 8, 2015

How To Build Wealth When Starting From The Bottom

Gail Perry-Mason, Financial Educator
A new year brings renewed energy to strive for one’s goals and dreams. And key to that pursuit is money. Many people spend their life trying to make money and never take the time to get educated financially on the tips to building wealth.
This past Saturday, we had the pleasure of attending the Rainbow PUSH Coalition and the Citizenship Education Fund, Financial Empowerment Series, sponsored by Chevrolet, a free event to teach money management best practices. The Financial Empowerment Series took place at Rainbow PUSH headquarters in Chicago over the weekend. The Chicago workshop marked the end of a successful three-city tour that included Detroit and Atlanta.
Here are 5 financial tips shared from some of the events experts: 
The BOSS Network Founder and Glam University Founder
1. Get a budget you can stick to

If you find it hard to stay on track with your budget, keep it simple. Start with your take-home pay, which should already be reduced by the amount of your retirement contributions to your 401(k) or other employer-sponsored account 
2. Create a plan to get out of debt
Whether you’ve got a student loan or a $5,000 balance on your credit cards, don’t feel overwhelmed. As long as you stick to a budget that keeps you from going further in the red and follow a plan to pay down your debt, all it will take is time until you’ve paid it off. 
3. Make more money with a side-hustle
To get out of debt faster by making some extra cash on the side. With the holidays near there is a desire to spend more and save less. Pick up a part-time job for the holidays and use that cash to buy your Christmas gifts.
4. Have your saving automated from your bank
If you don’t have debt, take that financial goals chunk of your take-home pay, and put it toward savings and retirement. (Depending on your debt vs. savings vs. retirement savings and timeline, you may also want to work toward two or all three goals simultaneously.) 
5. Save for the future with a retirement plan
If you aren't sure where to start make sure to hire a financial planner. Your company may offer you free money in the form of a matching 401(k) contribution. Planning for your future is a sure fire way to create financial wealth.

2 comments:

  1. Unfortunately, I was out of town and could not attend. Thank you for sharing the content. We will share as well. Great content shared.

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