Money Moves: Five tips to help Black millennials reach their financial goals
Here are the dos and don'ts to reinventing your finances and reimagining your potential for financial freedom.
Anthony Copeman knows a thing or two about making money and keeping enough of it around to see it grow. As a certified financial education instructor, the founder and chief freedom fighter of Financial Lituation and the creator of SharesTV, he pretty much has made money a major focus of his life.
Copeman has made it his mission to help younger people make the most of the coins they are earning by reinventing their finances and reimagining their freedom. The Harlem, N.Y. native stopped by theGrio‘s New York City studio to share five tips to help millennials make the most of the money they are making today in order to secure a better tomorrow.
Do prioritize cash savings over credit
While your credit is important when it comes to making that first major purchase like a new home or car, putting aside a cash cushion for your goals should also be a priority. Being consumed with credit puts your focus on your ability to borrow, but saving cash puts you in a position not to borrow in the first place. It also is extremely important to create an emergency fund, which I like to call my, “No Worries Fund” because when you save you should save for fear, not out of fear.
Don’t limit your income potential
Don’t avoid your student loans
Don’t forgo contributions towards retirement
Don’t just hashtag#GOALS, write them down
We love to romanticize the life and times of celebrities especially as they parade them in front of our faces on social media. Stop thinking about what they are doing, and start concentrating on building your own goals. Writing down specific goals along with why they are important to you will help you focus on the financial rewards.
Most of us cannot afford to chase images without having imaginations of our own, detailing a plan to accomplish them, and understanding why we want to accomplish them in the first place.
For more tips, visit www.financiallituation.com,