Empower Your Money, Honey
This week's topic is one that should be near the top of every young woman's mind: money empowerment. Women control 75% of the wealth in America and, black women especially, are in more control of the purse strings in the household. We are also the largest consumers with our growing impact on the economy reaching $18 trillion in spending power.
I can go on about how great our power is as a population of women, but I want to take a special focus on the individual: you. What can you do now, to financially empower yourself?
1. Become financially literate
This is the first and arguably most important point I can make to you. Financial literacy is the ability to use knowledge and skills to manage financial resources effectively for a lifetime of financial well-being. Basically, financial literacy is the key to wealth.
One key way I keep myself financially literate is through the teachings of Robert Kiyosaki, informally known as "rich dad." Rich dad will teach you that you have to invest your time into making money work for you, not you for it. This one action is what separates the poor from the rich. Your body can only do so much in terms of working longer hours. What will get more bank for your buck is putting your money into the right assets and having it be your employee.
Many black women are often the breadwinners of their family, but often do not make the time to get the knowledge and information they need to thrive financially. Becoming financially literate will lead to better plans for retirement, investment in the stock market, more attention to fees and borrowing at lower costs . To start down the road of financial literacy, learn more from rich dad here.
2. Gain confidence in your money and worth
Now before we go any further, let's all recognize that the financial struggles of women, especially minority women, have far more to do with systematic oppression than how we personally handle ourselves. Yet, there are ways that you as an individual can gain confidence in discussing your money and worth. Remember, it's a form of self-love to ask a reasonable payment for your services.
You must take that first step in becoming financially literate, as previously discussed. Next, you have to build a healthy relationship between you and your own money instead of ignoring the warning signs or talking bad about your financial status. Studies have shown that when you call yourself broke, you automatically start making unwise decisions with your money. So stop it!
Even though I encourage you to make your money work for you, there are ways you can boost your professional worth by investing in yourself. You can do this by taking training courses that increase your personal skill set. The internet has a wealth of FREE classes on many skills. Personally, 90 percent of the skills needed to run my business was self-taught through the internet. It can be done.
3. become an entrepreneur
It's no secret women run the world, literally. Black women continue to be the fastest growing group of entrepreneurs in the United States. Emprology, LLC is all about honing in on your passions, giving you a platform to explore them while developing a following, and eventually monetizing off of them.
Here, I want to share ten strategies from Madame Noir to financially empower your empire:
- Create several streams of income for your business.
- Craft your signature story.
- Check the energy you bring to your money and your business.
- Sales is about conversation, not coercion.
- Master Facebook ads (and I'm not kidding).
- Authenticity breeds loyalty and handsome profits.
- Own your platform.
- Outsource. outsource. outsource.
- Partner up strategically.
- Speak in specifics and next steps.
For those collegiates who want to start a business, utilize the resources around you. I just recently came to terms with this and was greatly awarded for the realization. There are many entities around you that want to see you succeed such as university incubator and accelerator programs, other students, sponsored internships, free or reduced software and apps, pitch/business competitions, and free space.
Check out some flicks of one of my favorite black female business coaches for entrepreneurs: @gabrielle..deculus
Empower yourself financially, don't wait for the world to do it for you. You are the master of your fate. You are the captain of your soul. Educate yourself in your personal finances and how you can make the money that you earn work as hard for you. Don't be afraid to declare and increase your worth and take ownership of the money you have earned. Finally, be your own boss. I can tell you from personal experience how empowering it is to head my own business and work with other black-female owned businesses. You can do it too, if you just ever so simply believe in yourself.