When Black Enterprise unveiled its Declaration of Financial Empowerment nearly a decade ago, the idea was to create a program to help African Americans build wealth. Since then, the dynamics of wealth building (and perhaps more importantly in these times, wealth preservation) have changed significantly. To that end, we unveil the next step in the evolution of wealth creation: the Wealth for Life Principles.
The 10 Wealth for Life principles are meant to serve as a step-by-step guide to responsible saving, investing, and spending in order to build wealth and pass it on to future generations. Wealth preservation goes hand-in-hand with wealth accumulation. Consequently, the new principles place greater emphasis on financial discipline. Through consistent application of these principles, you and your family will be well on your way to establishing a financial legacy that will survive the test of time. We resolve to give you the tools you need to not just survive, but thrive, regardless of what the economy and financial markets look like.
Our Wealth For Life Principles
1. I Will Live Within My Means
2. I Will Maximize My Income Potential Through Education and Training
3. I Will Effectively Manage My Budget, Credit, Debt, and Tax Obligations
4. I Will Save At Least 10% of My Income
5. I Will Use Homeownership as a Foundation For Building Wealth
6. I Will Devise An Investment Plan For My Retirement Needs And Childrensâ€™ Education
7. I Will Ensure That My Entire Family Adheres To Sensible Money Management Principles
8. I Will Support the Creation and Growth of Minority-Owned Businesses
9. I Will Guarantee My Wealth Is Passed On To Future Generations Through Proper Insurance And Estate Planning
10. I Will Strengthen My Community Through Philanthropy