Roseland Heights Community Association

TEN KEY SOLUTIONS FOR BLACK ECONOMIC WELL-BEING:

By Phillip Jackson

February 10, 2015

Black America cannot wait for the government, foundations and universities to save us. Annually, Black Americans generate about $1 trillion within the U.S. economy. We must take control of our financial resources and improve Black personal finances, our family wealth and our communities' economies. Although life might be good economically in America, the majority of Black Americans are living through the worst economic conditions in modern history!

TEN KEY SOLUTIONS FOR BLACK ECONOMIC WELL-BEING:

1. Start your own business. By starting your own business, you can hire family, friends and community members.
2. Get as much formal education as you can. It usually translates into higher income.
3. Stop renting an apartment. Save enough money to make a down payment on a house. Then buy a house.
4. Get married! Two-person-headed households are more viable economically. Marriage can be an economic advantage when both parties are aligned on financial priorities and share similar fiscal visions.

5. Open savings accounts for your children, teach your children the value of money and have them take personal finance classes.
6. First, invest your money and your time in your skills, your knowledge base and your self-improvement. Second, learn how to let big companies work for you rather than you only working for them through stock ownership. And third, invest your money in the U.S. and other global stock markets.
7. Manage your credit carefully and avoid unnecessary debt.
8. Create a living strategy that includes good nutrition, plenty of exercise and proper rest so that you might live a long and healthy life. Health is wealth!
9. Contribute to your faith-based institution and invest in a social organization or social cause.
10. Create a will or trust to pass on your accumulated wealth.

Phillip Jackson is founder and executive director of The Black Star Project in Chicago.  You may reach him at 773.285.9600.