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Investing to Build Wealth? Or Spending to Look Rich?

When it comes to wealth, too much faking it will keep you from making it.

the American Dream that you cannot afford to finance it.

If you don’t learn anything else from the current economic crisis, learn that on your list of financial priorities, “Bling” should not be No. 1, or even in your top 10. Eliminating debt, building up your savings, improving and protecting your credit scores, and accumulating assets (including the equity in a home you own) should be your priority, even if it means driving a hoopty and wearing the same outfits you wore two years ago. (You heard what I said. Do not roll your eyes at me.) Read the classic book, The Millionaire Next Door, and you’ll learn that truly wealthy people don’t focus their resources on maintaining appearances, they focus on accumulating assets. If you want to avoid a poverty trap, you’ll do the same.

Alfred Edmond Jr. is the editor-in-chief of BlackEnterprise.com

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  • Travise Smith

    So true. As seen in the Charlotte Observer, The News & Observer; http://www.LeaveTheJonesesAlone.com I do the same, but on a smaller scale in regards to giving presentations on getting rid of debt and to stop trying to keep up with the Joneses! Sometimes people can understand better when they know you have been there and done that and not just a self-help guru who was born with a silver spoon in their mouth. Cutting corners and sacrifice is the only way to make it work! People keep talking about a BAIL OUT…the only bailout you can depend on is Jesus Christ!!!

  • Cedric Jacobs

    I’m a college student that whats to get into the stock market and buy shares to sit for the long term. Do I get a broker, or use online brokerage? Which is better for me? Email me cjacobs0@email.cpcc.edu

    Thanks

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