Based on what I see on television or see on my social media accounts – or as a results of answers I get around fundraising time, most people come from a generation of poor (or broke) people, therefore they do whatever it takes to continue the trend. This will ensure they pass it on to their kids and then their kids’ kids.

But this isn’t a reality for every person of color. In fact there are plenty of people in their 20’s and 30’s who come from the poverty mind (see last weeks post) and use what they see people around them doing to remain “broke” as motivation to get financial management principles in order at a young age. They know the key is to invest, not consume or in today’s terms: don’t show off, show up.

Status Anxiety is real in our community (see Wake Up and Be Awesome). The battle to outdo the next person is a more attainable goal to most people than a future of having whatever you want. Social media wants you to answer the question: what are you doing right now? You focusing on the right now, is making them wealthy later.

We introduced the 30 Day Financial Management Challenge in Part 1 of this series to much fan fare. it is simply – only if you already understand the importance of invest, don’t consume. Here are some quick thoughts on this point:

Avoid spending money on things that don’t pay you. Poor people go into debt to buy things that make rich people richer, like the newest cell phone to fit in, when the current phone works just as well. Wealthy people use debt to make more money. Getting a car is great if the purpose is employment to make money. Getting a car so you don’t have to ride the bus is, well, you know.
What you feed grows. What you ignore dies. You have to make your financial management a priority. Ignore it and it will ignore you. ONLY and we emphasis ONLY those who make financial management a priority will be successful at it.
“Broke” isn’t cool. Most people use this word as a badge of honor – especially when it comes to helping someone in greater need than This is Part 3 of our 4 Part Financial Management series.
This is Part 3 of our 4 Part Financial Management series.
them. Get rid of the idea that being “broke” is ok and there is nothing you can do about it. In fact, remove it from your vocabulary.

Hang around people who are good with money. You wouldn’t call a mechanic to cater your banquet would you? You pick up the habits of the people you hang around. That person that you always go to to borrow money (because you know they have money) is the person you should be hanging around. If you grow up around poverty, you have already learned the habits of those around you. Try the habits of those who you know are where you would like to be. Winners help others win.
Love yourself (see “Selfies”) If you truly love yourself, you would not cheat yourself. The person who says they CAN do something will end up doing it. The person who says it can’t be done – will not get it done. Beware of cynical people. They don’t want to be inspired and you know they saying about misery: it loves company.
Embrace unfortunate events. You don’t have problems. You have lessons. Figure out what happened and make sure it doesn’t happen again.
Give. Donating is an investment. Invest, don’t consume. So many people think that giving to a charity or cause will make them “broke”. The fact of the matter is, no one ever became “broke” from giving, they became “broke” spending on themselves. All wealthy people have a habit of sharing and giving. Think to yourself: do you have the habits of “broke” people or the habits of “wealthy” people.
Go All In! Don’t pick and chose the parts of financial management that are the easiest, stick to the entire plan for as long as you can. People will say that you can’t do it. You Know Different!

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