February 26, 2009

Declaration of Financial Empowerment


We are strong believers in the concept of Ujamaa (collective economics). We invited each of you to join the Blackonomics Million Dollar Club and shared with you the information about the consumer spending power in our community.

At the end of the day, each of us needs to began an individual wealth initiative. One of the first steps that we can each take is to seriously consider the Declaration of Financial Empowerment shared with us by Black Enterprise.

Declaration of Financial Empowerment

From this day forward, I declare my vigilant and lifelong commitment to financial empowerment. I pledge the following:
  1. To use home ownership to build wealth
  2. To save and invest 10% to 15% of my after-tax income
  3. To be proactive and knowledgeable about investing, money management, and consumer issues
  4. To measure my personal wealth by net worth, not income
  5. To engage in sound budget, credit and tax management practices
  6. To commit to a program of retirement planning and investing
  7. To teach business and financial principles to my children
  8. To support the creation of profitable, competitive, Black-oriented enterprises
  9. To use a portion of my personal wealth to strengthen my community
  10. To ensure that my wealth is passed on to future generations

I accept and make this commitment to financial empowerment. Any other villagers willing to take the pledge with me?

10 comments:

Symphony said...

I've definitely started making changes. I also have a couple of books targted towards teaching kids sound money rules.

So many people send their kids into the world with ZERO knowledge of money. We teach them about safety and racism but not financial health. Its probably the worst thing to keep our kids ignorant about in this world.

I'd add having a second stream of income to that list.

I like to post things on my blog labeled "Sharing the Knowledge" where I give info that might be helpful to people. The latest is on the great opportunity for a complete free education at the Ivy League schools. It may not benefit everyone, but it can help quite a few.

focusedpurpose said...

Villager-

i and my family are in. thank you for a great post!

blessings!
focusedpurpose

Deidra said...

I accept the pledge as well (with some modifications lol because number 7 does not apply to me).

I'm glad my father taught me the value of a dollar. Since last year I made some changes...

1. I started paying off my credit card (I went overboard) and managed to get my interest rate down and my credit card back.

2. I started saving loose change and one dollar bills - that leave me with at least an extra 50 dollars every two weeks.

3. I opened up a three month CD - it's growing!

4. I always keep $500+ in my savings account just in case something happened. I recently had to get my car fixed for about that much...so I was glad to still have money left over :)

Now I'm trying to figure out a way to get more money. I had a second job but they were being ridiculous with the hours. But at 24, I think I'm doing more than most so it's a start :)

Villager said...

Symphony - I agree with you about the dearth of financial literacy training that we give to our kids at home ... or in high school ... or in college. We simply don't do enough to prepare them for being out on their own. As a result, young people make silly mistakes with credit cards and such. Of course, many of us old goats make the same mistakes!

Focused Purpose - I encourage you to share the pledge with your blog readers as well...

Deidre - The best thing you are doing is being conscious of your spending and your general financial conditition. The best time to save and grow wealth is when you are young! What would it take for you to double the $500 CD to $1,000 before the end of the year?

Lionel Carter said...

I accept the pledge and am working with the National Urban League Young Professionals "Know your money" program to ensure that others in our community learn how to manage and invest there money as well. Economic empowerment within our community is vital to our future as a race. I would like to also add that as a community that we should be striving to have the businesses in predominately black neighborhoods owned and operated by blacks who care about their people. Perfect example is that black hair care product stores in the hood should not be owned by Asians that look down their noses at us

SheCodes said...
This comment has been removed by the author.
SheCodes said...

I live by those principles, and am fortunate to have parents and grandparents who lived by them as well... although they didn't have a specific name for it.

Like lionel_carter said, I believe that we should also organize to economically strategize to collectively 'take back' markets that have mostly black audiences.

I am currently talking to women who are very interested in making a dent in the black haircare product industry.

Deidra said...

Villager, I'm hoping to make it 2,000 by the end of the year if all goes well. I'm hoping I can just hold off buying things I really don't need and just focus on paying bills (and paying some ahead of time). I want to graduate college without any debts. So I'm laying off the fast food restaurants, clothes, hair salons, for a while or at least limit it.

Villager said...

Lionel - If you point me to information about the program that you are working on with NUL, then I would be happy to share it here on this blog...

SheCodes - You are blessed to come from a family background where those principles were lived and discussed. Many of our parents probably lived them. But, few parents took time to train up their children in a conscious or verbal manner. Anyhow, I'm grateful that the ideas in this DOFE are familiar to you and many other readers already...

Deidra - Congrats young sista!

SjP said...

We're with you! We have to empower ourselves.

BTW... tag, you're it. Got a feeling you'll enjoy this one.