A Plan For Financial Empowerment
Barnes suggests black women take these steps on their road to financial wellness:
Take a look inside: “Women have to start by having a discussion with themselves and a financial professional about their goals. They need to put their goals in writing and be willing to commit to them,†says Barnes.
Create a budget: Identify your income and expenses and write them down. You can use financial planning software or apps. “This will allow you to determine the disposable income you can put away each month,†says Barnes. “In order to create wealth, you have to start with a plan; take small, concrete steps toward financial security. Pay yourself first. Then determine what disposable income is available for saving and investing options.â€
Get more out of your money: Investigate investment options such as mutual funds, stocks, and bonds as an alternative to the traditional savings bank. You can find out more about mutual funds on sites such as Morningstar and Google Finance. “The amount a person invests is going to depend on their personal circumstances, needs, risk tolerance, etc., but the most important thing is to start growing something for yourself.â€