Finance Wiz Angel Rich Calls Black Wealth Disparity A “National Epidemic” & Reveals Tips To Help You Stack
Angel Rich has made it her mission to educate the masses about managing their hard earned cash.
Rich, the author of “The History of the Black Dollar” and the founder of this month’s inaugural Black Tech Matters Awards, said there needs to be a community wide conversation about African-American economics, financial discipline, the importance of saving and the power of buying black.
Fresh off her TEDX talk, the straight talking CEO of Wealth Factory sat down with BOSSIP to share her tips for getting your finances in check:
Build Your Budget
“Get a copy of all of your bank statements from the last year, and go through them with a highlighter. Assign a color to each item: rent, utilities, car maintenance – even money that your family borrows from you. Total up what you’re spending each month on the line items. Whatever the total monthly average is, take 20 percent off of that. That 20 percent will go to savings, and the remaining 80 percent will go on a spreadsheet. Use the spreadsheet to keep yourself on track as you stay within your 80 percent. The goal is to have a year’s emergency savings in the bank. You are making a commitment to yourself, that for the next year, you’re only going to spend that target amount. It keeps an accurate visual of your actual finances.”
Buy Black – There’s Power In Group Economics
“With integration, we lost the group economics that we had that built the black economy. When I was young, my grandmother would only purchase things inside of DC. So not only did you have to be black owned, you had to be a black Washingtonian! At one point, we at least had an understanding of group economics. We might not have fully realized how to manage our money, but we at least realized we needed to spend it with each other. And we’ve lost that…Right now, the black dollar only stays in the black community for six hours. We just have to genuinely support each other by putting our dollar where our mouths are.”