Blackonomics part 1

Here's what's real and what's relevant, and in the wake of all this economic crisis talk, I thought it was important to take a step back and put some things into perspective.. The economy is really shitty right now and I think all of us as minorities/ lower income individuals.... should evaluate our money situation and think about the future. Yes! That's right the future! Are you saving money RIGHT NOW?...

Do you have an investment vehicle in place that can help the money you have sitting there actually grow, and not just accumulate dust?..

Were you aware that you can lend your money to banks for a small fee or percentage rate? I always bring up this subject to people I know because we all have to save up for a rainy day or those days where we decide we aren't going to work anymore. At the beginning of the year what I usually do is write down all my major outstanding debt(college loans, car, motorcycle....etc..), then I map out a plan to decrease that debt by a certain amount in a certain period of time. I also write down my monthly bills and expenses. Then, with whatever I have left I decide how much to put into savings versus frivolous spending money.

I think we all need to do a better job of not spending money we don't have. This epidemic of credit tries to infect us all.. Now I'm not saying don't ever buy anything on credit, I'm just saying it should be a carefully calculated action. Taking into account how much you'll really end up paying when you actually pay off your purchase, and the time period you plan on paying it off in.. Do you have a 401k, life insurance plan, or an IRA in place?

If you do.... Do you track its progress?... How much are you contributing to it?.. Did you know that you can decrease your tax liability by the actual amount you contribute to your IRA and 401K?... There are max contributions you can make, but it is definitely worth it so you can keep more of your money....

A lot of people don't see how much of an impact this has because it's money they won't see until they get to retirement age.. Hey, in my eyes a dollar now is definitely worth a dollar later.. Lets evaluate where we stand financially before it’s too late!