Thursday, July 28, 2011

Here's to movin' on up like the Jeffersons!'%20rel='nofollow

This article has spurred me to write a post on Generational Wealth. What is Generational Wealth (GW)?? This is simply money or property that gets passed on after death and IT IS USED TO BUILD MORE WEALTH. Another way to put it is that GW means that you children and their children will never have to work.

Why are black people struggling with this concept??? Hmmm.... well, as Keith Jones so eloquently stated, we don't want to BE rich, we just want to LOOK LIKE we are...LOL. CNN Money reported that wealth gaps have widen to whites having 20x net worth over blacks. Numbers wise, white median net worth is around $115,000 whereas blacks are around $5300. ARE YOU SERIOUS. This makes me mad, sad and sick. The article also points out that most of black's wealth is invested into their homes (which is totally in the tank) while whites have 401Ks and stock investments.

So what are where do we go from here>>>>> or should I say I know where I am going and hopefully I can get some of us to jump on the bandwagon! Upon reviewing a couple of articles on the web, I was able to come up with a guideline to set yourself up on the path to GW. Hopefully this will lay the foundation to pass on GW instead of Generational poverty, because having a median net worth of $5300 is POVERTY.
1. Be disciplined in your spending habits, Keith Jones, Founder of Black Investor Organization, says that Black people spend thier money making other folks wealthy!
2. Teach wealth building to your children, Mr. Jones says that we can do three things with our money--CONSUME IT, STORE IT, INVEST IT. Start by teaching our children the differences and which one is most appropriate for the occasion.
3. Set your businesses up to run independently.  They should be able to run on auto pilot so that if the owner is sick or can't come to work it does effect their bottom line. This means that you should have great managers, accountants and sales to make it happen with you guiding the reigns.

I also found 6 principles in Generational Wealth 101 with Miss Young that were very helpful:
1.Debt Reduction--have debt work FOR you instead of WORKING FOR debt
2. Save in Gold, Silver and/or Platinum--Mr. Jones advises that putting your money in savings accounts is worthless because inflation will ultimately DECREASE your investment instead of adding to it
3. Create a self funding monthly cash flow-- like your own business
4. Reduce Tax Liability by 97% using IRS Asset Protection to control and protect your assets (need to look into this one myself!)
5. Create a family foundation for charitable giving
6. Implement an investment strategy--research to make sure they have good returns!

Generational wealth takes decades to develop. But here are some things that you CAN achieve in your lifetime that will ultimately affect your children's futures. They/you won't have to finance purchases, pay high interest rates, have student loans or be responsible for your debts when you pass.  My husband and I are struggling to graduate from the Paycheck to Paycheck Club but our goal is we will be moving up to the making our Debt Work for Us Club by the end of the year. Who is with me?!?! I will keep you posted along the way!

For more information please read Building Generational Wealth by Keith Jones.

Monday, July 18, 2011

My First Natural Hair Meet Up was a SUCCESS :)

Saturday I held a natural hair meet up and I felt like it went really well. There were about ten ladies ranging from thinking about doing the BIG CHOP to having been natural for decades.  It was soooo great to fellowship with these ladies because their passion for wearing their hair natural was equal to or greater than my own. 

Letitia told her "hair"story and proclaimed that she loved being different and now that EVERYONE was sporting their natural locks she jokingly said that it was time for her to get a perm....LOL.

Alot of ladies spoke about being natural giving them the courage to embrace who they really are. Ebony elloquently put it as this....I showing GOD that I am so pleased with what he has blessed me with. (loved that!)

Those who were new to the natural hair scene got a chance to ask questions and gain alot of insight as to what has work for others, even some of the "old heads" got some great tips. One of the most unusual tips given was to boil a pot of okra and when it gets really mushy let it sit on your head with a plastic cap and later rinse out and condition. This will promote hair growth! (can't wait to try this

We will definitely make this a reoccuring event. I can't wait for the next topics. Men and Natural Hair and demonstrations of some styling techniques!

Friday, July 15, 2011

Macy's Sale

Macy's is currently having a one day sale (usually they are all weekend...LOL) and in the Children's department there are racks of 4.99, 7.99, and 14.99 clothes. MOST of these racks are an additional 40% off AND some are an additional 50% off. I purchased five baby girl outfits, two cover ups and two dressy dresses for $43 BUCKS :) *I should mention that I asked my sales clerk if they had any shopping passes with this sale and she graciously gave me a 15% off coupon!!!! SCORE!

*back to your regularly scheduled program*

Wednesday, July 13, 2011

Starting Afresh....

Okay so last February I embarked on a weightloss diet called Medifast. I was not so gently pushed by my doctor to start losing weight IMMEDIATELY, not that I didn't know that myself...LOL. Anywho, I have to give her credit cause she is the one that told me about Medifast. So I went on their website and saw some pretty spectacular results! I was so impressed that I placed my first order and began a week later. My own personal results were great, I lost about 80 pounds with no exercise in about 7 months.  Then, I hit several bumps in the road that totally derailed my focus.

1. OUT OF TOWN TRIPS: We went to our family reunion and our College's homecoming and I talked myself out of eating on my regular schedule. Big mistake. Once I got off schedule then I started substituting my meal replacements with no no's like chips, cake, and other big time carbs cause I was "hungry."
2. HOLIDAYS: Thanksgiving and Christmas o__0. Need I say more...
3. I GOT THE BIG HEAD: So, by seven months, I was midway to my goal BUT everyone started to give me lots of compliments and I in turn started feeling myself to the point that I started to think I was looking good enough that I didn't need to reach my original goal weight. I abandoned my habits of at least 120 ounces of water, eats every three hours and limiting my carbs. I forgot that my old eating habits were the reason I was overweight in the first place! (although I blame genetics too :/)

So here we are....presently, I have gained back about 40 pounds of the 80 pounds that I lost. After alot of soul searching, I have decided to finish out my Medifast meals (there are about two months left in my pantry) and start a lifestyle change of clean eating. I really developed some great eating habits with Medifast so I think by marrying those with clean eating I will have a successful chance of meeting my final weight goal.

What is my final weight goal, you ask? Hmmmm.... you will have stay tuned in to see ;)


I'm Here!!!!!

After some brief research on blogging do's and don'ts, I have officially decided to try my hand at blogging. I am so looking forward to sharing my thoughts and other's thoughts about the things that I am passionate about. Things will be very trial and error in the beginning so please bear with me as I find my way in the world of blogging. I figure this will be my way of organizing my chaotic thought process. I can't wait to share great shopping deals, products in natural hair care and MY take on relationships and family and how to keep them drama-free...well at least try....LOL. I also want to chronicle my road to financial prosperity, planning (budget friendly) fabulous events, and working towards my goals of clean living and getting physical fit.