There is a study out that says black folks are going to “broke broke” in the year 2053. According to Prosperity Now and the Institute of Policy Studies, the median wealth is going to be ZERO. Wait, What? I thought we were Securing the Bag and Stacking that Bread?
Hold up, wealth is simple. It means we have more bread than we have bites out of it. We own more than what we owe, and if the stuff hits the fan, we can reach in that bag, and grab some bread because we have to eat no matter what. When we don't have wealth there is no bread in the bag. The Road To Zero Wealth, study says by 2053 we are not bout to eat at all!!! It says we are about to starve because there won’t be any bread in the bag!
Track with me on this, in the last 10 years we have been putting crazy energy toward financial independence. We fixed our credit so we can hold someone else’s money right quick for the low. We went to school, started businesses, bought houses, and we aren’t driving a beater anymore! We living our best life! Right?
Before you break out in your best rendition of Drake’s hook We started from the bottom now we here. Press pause, and let’s look at where we are. We look really rich, but our wealth score says we broke. There is something called a wealth score and it tells us if we have enough liquid assets to cover us when the chips are down. According to data from scorecard.porsperitynow.org ,"43.5% of United States Households are liquid asset poor".
If you ever heard your grandma say that when American has a cold black folks have the flu, well she was right. Only this time it is a chronic illness, and the prognosis is bleak. The same study shows over 3 quarters, 76.2% of Black Americans could not cover 3 months’ worth of expenses in the event of an unexpected income pause. For most Americans, this is about $6,000 in cash available to grab real quick to pay the bills for a minute until we can get our money right again. By the year 2053 African Americans are on pace to be 100% asset impoverished.
We should think of wealth as our ride or die, the one thing that can hold us down when no one else can.
So how do we get more of that ride or die in our lives? You must make your wealth your main thing and cut off all the side pieces to build with your ride or die.
Next time you get paid, you have to be sure to take care of the wealth first. Set some bread aside for your wealth regularly. Let her hold a couple bands for you in case you need it later.
Once you do that, next pay start hollering at your side pieces, you know the credit cards, and loans, you have out there. Let them know you only have eyes for your wealth and you have to start cutting them off. Start with the smallest one, it’s easy to get rid of faster, and keep doubling up till all the side pieces are paid off and out your life.
I know you out here stacking that bread, and looking all good, and successful with your business so it’s going to be hard to dodge all the hot new potentials. They will be all in your mailbox with offers, and in your face at the bank telling you that you qualify to be with them too. Just put your blinders on and let them know you and your main thing wealth; yall out here trying to build an empire and you don’t need that in your life.
Your wealth is all you need, and you have to continue to invest in your wealth no matter what. That’s your ride or die, wealth is what will hold you down when you don’t have a job, when you are sick, when you have an emergency, when you retire, and when you are dead and gone. Your wealth will continue to hold your family down for generations.
Thanks for reading this weeks blog entry from Nicole A Simpson, the Urban Cash Coach
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