- Based on your salary, set an amount that you can contribute to credit -- i.e., $500 per month. Set a cash-flow plan with your credit cards (better to use only one card) that will retire your debt in 3 years. At approx. 16% interest, you can support about $15,000 in credit. Pay this amount faithfully (the minimum payment would be about $285, so you are always paying more than the mimimum payment). In the months where you don't buy anything, the balance is reduced more rapidly. If you have an emergency, perhaps you can pay the minimum payment for a couple of months. But always return to the plan.
- Based on your salary -- set an amount to save (invest) -- i.e., $500.00. Deposit this amount faithfully -- 30% in a cash-based saving account (emergency fund), and 70% in a non-retirement investment account. A non-retirement account is liquid, and penalty-free if you need to make a large withdrawal. If you don't know how, learn how to invest in low-medium-high risk mutual funds (this money will grow faster than your savings account). You will learn how to balance the risk with practice. Understand this law of investing -- "The natural gravity of the stock market is UP." Over time, your mutual fund investments will grow faster than your savings.
- Adjust each of these strategies as your financial situation dictates. But like a business, manage your cash-flow in each of these financial categories with discipline, and you will prosper.
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by Carl West inOur Community on2018-06-25
I've had several conversations over the last few weeks or so about the definition of being FREE. This one particular discussion that took place over the weekend really touched my soul and nearly brought me to tears thinking about its reality. I've been asking this question as part of a personal survey I'm conducting. There have been people from all walks of life in which I've asked what does it means to be FREE. I also asked if they considered themselves FREE? I found the answers in some cases...
by Scott Woods inOur Community on2018-06-18
If we know nothing else about white supremacy it is that it possesses a fluidity second to none in the political realm. Of all the tools that exist to run a society, white supremacy is the Swiss army knife of value systems: more flexible than religion, more widespread than nationalism, and more insidious than patriarchy. It is a system so chameleon-like that most direct answers about how to combat it are easily dismantled because they don’t apply to enough situations to make a difference in...
by Torin Ellis inBusiness Advice on2018-01-18
This is a post that reminds recruiters and readers that often ask me “why do you focus on diversity” or say “haven’t we talked about diversity enough?” A post for those who suggest Affirmative Action, EEOC, D&I initiatives, and the various reports from Silicon Valley are enough.
by Roger Madison Jr. inPolitical on2017-07-04
What is the meaning of the 4th of July to Me?There is a rhetorical question, and there is a personal answer. It is easy for each of us to ask the rhetorical question. The conduct of our daily lives provides the personal answer. This question has been resonating among Black folks since Frederick Douglass famously asked in 1852, "What to the slave is the 4th of July?"