I opened Twitter today to have my day instantly brightened by a notification. @JusMe_RissaD let me know that she had posted a blog. As I read, I knew what I wanted to write for MAWMonday Motivators. As I lurked more Twitter feeds, I realized that many major tweeters are with me.
1. Know the History
@JusMe_RissaD writes a gripping post that suggests some great points. Know the history of the Black struggle in America. Don’t paint all people of either hue with the same brush. And, don’t be surprised.
I took the message to encourage me in my plan to launch two new interventions next week. The first is an investment group to share knowledge about stock market investing. The second is an entrepreneurial group to share strategies for business development. Both have been in the works for some time. Both adhere to @JusMe_RissaD counsel. Economic power will yield results. More is soon to come.
@MAWMedia wrote a new blog if you want to check it out
— Sharissa Draine (@JusMe_RissaD) December 8, 2014
2. Distinguish the Lies
@slate writes that saving money costs money. That’s the fallacy that many people hold. @slate is right, but saving money is not the goal. Just like being debt-free is not the goal.
My millionaire friend corrected me on this point years ago. If you are making investments and building wealth, you will incur debt and take on a level of risk. For the poor, it is important to understand and seek “good” debt. Debt and risk that have a reasonable chance of return is good debt. If you can use the OPM method (other people’s money), you should. This is why credit scores are asset #1 to rise out of poverty. Or, tool #1 to overcharge and cause the poor to finance the excesses of the financial risk takers.
— Slate (@Slate) December 6, 2014
3. Take Responsibility
A quote attributed to Nelson Mandela suggests that we individually and collectively take responsibility to end poverty. Individually learning, investing, building, and making our money work for us. Collectively, I take a different tact than most. It’s not a grand top-down intervention that will change this. It’s small, local groups that get together, support each other, and are responsible to one another. A challenge for certain. I’m finding it a challenge because of fear and an aversion to risk, the same problem cited in #2 above.
Poverty is not an accident. It is man-made and can be removed by the actions of human beings. – Nelson Mandela pic.twitter.com/DGY7ss87P7
— Shaun Frankson (@ShaunFrankson) December 6, 2014
4. Examine the Bills
The first task in financial counseling is to examine the income and expenses. I add another constellation to this. I ask clients, “What is each of the expenses doing for you? How is it building wealth?” The answers do a number of mindset-shift setups.
Naming the value proposition of each bill begins a conversation about investment. Each expense you pay into is an investment in something. Are you investing in recreation, leisure, and distraction or are you investing in productivity, efficiency, and long-term capability?
Implementing the language of Wealth Building again focuses on your action. With each bill you build wealth or sabotage wealth building. I counsel that your budget be balanced more heavily in the building rather than the sabotaging.
— The New York Times (@nytimes) December 6, 2014
5. Know the Secret
I like this quote from Mark Twain for its simplicity. I also like that the law of attraction was presented as “the secret.” This gives this quote another level of gravitas.
Get started. Get started with what? You need to get into good debt, wise risk, supportive environments, calculated investment, and sustained action. You need to get started EXPECTING success, a consistent return on what you are contributing.
— Tim Fargo (@alphabetsuccess) December 8, 2014
From every financial transaction, every time commitment, and every relationship, expect success. Know that’s the secret. It’s not a secret anymore. For some people, it never was.