Money Moves: Five tips to help Black millennials reach their financial goals

By Anthony Copeman

·May 1, 2019

Five tips from money guru Anthony Copeman to help millennials make the most of the money they are making today in order to secure a better tomorrow.

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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

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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

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Many millennials feel as though they are overworked and underpaid. The reality is, millennials shouldn’t put their worth in their employer’s hand and essentially relying on one source of income regardless of how much we make. It is your responsibility to create multiple streams for your multiple dreams in order to live the life you were created to live. You can do that by fully utilizing your gifts and talents. First, ask yourself, what do people compliment me on daily? What skills am I using at my 9 to 5 that can help me earn more outside of it?

Don’t avoid your student loans

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It may be easy to dodge your debt, but it’s never a good idea. Millennials should be aware of how much they owe in student loans both in total balance and monthly payments. Communication with your student loan servicer is also vital when it comes to obtaining the support needed to possibly lessen the burden of having loans. Your servicer can also help you enroll in a loan forgiveness program, advise you on the best repayment plan, and even assist with forbearance and deferment.

Don’t forgo contributions towards retirement

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Saving for retirement is crucial for long term stability. If your goal is not to work until your 80th birthday, you better start investing in an employer-sponsored retirement account such as a 401K, 403b, 457 or Thrift Savings Plan, especially if your employer offers a matching contribution.

If your employer does not provide a retirement plan, it shouldn’t deter you from starting one on your own. You can open an Individual Retirement Account or IRA with a low-cost money management company, such as Vanguard, Fidelity, or Charles Schwab.

Don’t just hashtag#GOALS, write them down

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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,