Dr Boyce Watkins: 7 ways to become financially fit in 10 minutes or less
From Dr Boyce Watkins: Here are 7 ways to become financially fit in 10 minutes or less. It won't be easy, but it's simple if you have the right mentality:
- Admit to yourself that what you’re doing isn’t working.You’ve tried every financial fad and diet that’s come along, every get-rich-quick scheme and the lessons you learned from your parents.The reason you’re reading this article is because none of that has worked.So, in order for us to be successful, you’re going to have to throw those old strategies away.
- Identify your economic drains:Are you taking care of someone who doesn’t deserve it?Are you wasting money on things that don’t add value to your life?Are you making poor decisions?To fix this problem, we must first identify the root causes.
- Make sure you have adequate life insurance:Life insurance policies aren’t expensive, you could die at any time, and insurance policies are a great way to pass wealth onto your children.Don’t miss this easy opportunity to create a legacy of wealth for your family.
- Set your savings on auto-deduction: Rather than consciously choosing what to save, you’re your saving automatic and unconscious by using auto-deductions.Don’t spend first and save what’s left.You save first and spend what’s left.There’s no line item in your budget more important than your financial future.
- Learn how to buy a home:Most people write themselves off for home ownership without even doing the research.There are pathways to credit repair, savings and government assistance that can get you out of the renter’s market faster than you think.Besides, you have probably already paid enough rent to buy a house for your landlord, now buy one for yourself
- Start investing in the stock market:Studies show that the biggest reason for the wealth gap between the upper class and middle class is stock market participation.Apps like Acorns, Stash or Robinhood can get you started investing with five dollar in five minutes. What are you waiting for?You can invest with the amount it costs you to go to McDonald’s.
- Learn how to start a business:Spending 10 minutes a day listening to an entrepreneurship podcast can do wonders for helping you figure out how to get off the corporate plantation.Having multiple streams of income is a great way to engage in quick financial catch up.
Given that it took you less than 10 minutes to read this article, you might want to re-read it every couple of days to remind yourself of a basic idea:Building wealth isn’t that complicated, because it’s the small simple things that matter most. Now, let’s get to building the future you deserve.
Dr Boyce Watkins is a Finance PhD and founder of The Black Business School.To learn more, please visit BoyceWatkins.com