Everything You Wanted to Know About Your Finances

Young: Managing money equals freedom, because once you understand your money, whether it’s your cash flow or your net worth, that’s power. Personal power comes from education. Personal power comes from doing. So, you have to take some sort of action. If you know you want to retire early or you want to put your children through college, quantify that. How much does that cost? What would it take for me to get to that point? How much do I need to save? Answering those questions is part of financial freedom.

Douglass: You shouldn’t ever be embarrassed that you don’t know something or that you have to ask questions. The reality is that three generations ago we were the asset. In other communities, they have always thought about wealth and generations because they have always had assets. Well, we just started to get assets around about emancipation. My grandfather couldn’t watch Roots because it was too close to home for him about slavery. So, now that we are not the asset, we need to learn how to acquire assets during our lifetime and transfer it properly [to the next generation]. 

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