Financial Guru Dr. Lynn Richardson Shares Money Tips for Generational Wealth
Black Enterprise caught up with Dr. Lynn Richardson to discuss these 3 money strategies that will help you start building wealth right now!
Spend Less Money
One way to start to get control of your money is to spend less of it. So, if you get a thousand dollars, you live by the “10-10-30-50” rule. The first 10% you tithe, the next 10% you save, 30% is cash in your pocket for incidentals (food, groceries, hair, etc.), and the remaining 50% saved in your checking account for your bills. If you don’t have enough money for your bills, you need to eliminate something.
Get More Money
“Multiple streams of income are important and this is what I discuss in my latest book,” she says. “You have to go get more money if you want to build wealth. There are many options out there. You can pick up an extra job, become an Uber driver, do extra shifts at your job, find a way to consult. Continue to stay out there trying to get extra work.”
Get Your Money Back
Get a home-based business. You don’t have to get an L.L.C., corporation, or S corporation. It’s not that serious. As a matter of fact, many of the deductions related to a home-based business you can only get if you file a schedule C on your personal 1040 tax returns. “If I spend money, I always ask myself if I can get it back,” Richardson says. “I write off my cell phone, my gas, my insurance, and travel. My number one business is always business.”