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Money Sense
How many of us live from check to check? How many of us have poor credit
ratings? I think a lot of the problems that Blacks have with finances
come from a lack of education in money management.
How do you make
your money grow? How do you get the best interest rates? How do you
build a big savings account? I think we have to learn from the people
that have come before us.
Here are ten tips from Black Enterprise magazine's Entrepreneur of the
Century, the late Arthur George Gaston.
1. Save a part of all you earn. Take it off the top and bank it. Money
doesn't spoil it keeps.
2. Establish a reputation at a bank. Stay away from high interest loans.
3. Take no chances with your money. A man who can't afford to lose has
no business gambling.
4. Never borrow anything that, if forced to, you can't pay back.
5. Don't get the big head with the "little fellows." That's where the
money is. If you stick with the "little fellows," give them your
devotion, they'll make you big.
6. Don't have so much pride. Wear the same suit for a year or two.
It doesn't make any difference what kind of suit the pocket is in
if there is money in the pocket.
7. Find a need and fill it. Successful businesses are founded on the
needs of people. Once in business keep good books. Also hire the best
people you can find.
8. Stay in your own class. Never run around with people you can't compete
with.
9. Once you get money or a reputation for having money people will give
you money.
10. Once you reach a certain bracket, it is very difficult not to make
money.
Now that the holidays are here, some of us are about to begin spending money
that we'll be paying back until next year's holidays. So take some of this
advice and spend your money wisely!!!
