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Join Money Movement Founder, Manyell Akinfe-Reed for her four part series titled, Building a Foundation for Financial Success. When: Every Saturday in March 2015 March 7th  Fertile Ground: Establishing a Rich Mindset March 14th Budgeting &  Insurance March 21st Estate Planning with Attorney Elizabeth Grant of Grant Counsel March 28th […]

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Money Movement Mondays: Choose Both

There’s this perception, especially amongst young adults that the road to financial success is dreary and uneventful. Recently, I shared with one of my clients how concerned I was with the amount he and a few other young clients were saving for retirement. I was worried they would end up behind the eight ball wishing they’d sacrificed more during their working years. He acknowledged my concern but revealed that the “What if’s….?” sometimes get in his way. What if I save and die before enjoying my money? What if I save and lose it in the next financial crisis? What if, what if, what if…? Far too often we focus on the, “What if’s…?” that support our reckless behavior and disregard the ones that don’t. What if you retire and live off social security? What if you become disable and are no longer able to work? We can go on and on. It’s natural to think about the, “What if’s…?” but absurd to use them as an excuse for being financially irresponsible.

We need to adjust our attitude and shift our mentality from this or that to both. The key to fun and financial success is…drum roll please BUDGETING. I don’t believe in taking the one size fits all budgeting method. To increase the likelihood you’ll follow your budget, design it to fit your spending personality. If you like shopping then add it to your budget, if you like going on lavish vacations add that too. Plan those expenses so they’re not a wrench in your wheel when you want to enjoy yourself. Another helpful tip if you’re easily tempted to dabble into your savings is to keep your checking and savings account at different banks. Learn your money personality and set up ways to protect yourself from yourself. The name of the game is both. It hurts my soul to see young professionals making twice as much as their parents made at their age, with five times less net income because they’re blowing it on the NOW. Yes you’ll make sacrifices but would you rather have a lot now and none later or have some now and some later? If you choose the latter start making decisions now to make that happen.

Taking a Closer Look

Sometimes the reasons we spend more than we earn, don’t save for retirement or always feel compelled to pick up the tab run deeper than just a bad habit. I caught up with a few media executives to discuss why financial irresponsibility is so prevalent amongst African Americans. Watch this video to see what they have to say about our spending habits and how we can change our mindset.

What financial principals would you like to learn? Email your Money Movement Mondays suggestions to info@moneymovement.org.

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One Comment so far:
  1. Dominique' says:

    Great article and video Manyell! Love what you’re doing and been following you! Hope we can catch up soon but in the meanwhile, keep up the great work! I’ll keep sending folks to take the pledge!

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