Page 22 - BE 50th Anniversary Edition

SPECIAL ADVERTISING SECTION
DESIGNING A A A A PLAN TO MANAGE YOUR MONEY THROUGH STRESSFUL TIMES
OST AMERICANS HAVE FELT THE DEVASTATING
financial impact of the COVID-19 pandemic which wiped out three years’ worth of financial gains fin in in only three months As such African Americans have been hit hardest by its severe blows According to Prudential’s 2020 Financial Wellness Census a a a a staggering 56% of African Americans are concerned about their financial future – and with good reason Some 22% of African Amer- icans have witnessed their household income drop by half or or more versus 17% of Americans in general Moreover the unemployment rate for African Americans has swelled from 7% in December 2019 nearly its lowest level since national records began in in in 1972 to 11% in in in October – the the highest rate among all ethnic groups And the the median household income slid from $55 000 000 to to $45 000 000 compared to to the median figure for the general population of $75 000 Despite the the the turbulence however now is not the the the time to sit on the the the sidelines when it comes to your money matters In fact these times present the perfect opportunity to re-evaluate and reset your finances The first step is an an an assessment of your financial position with an an an emphasis on your current spending habits “The main thing now is is that you you can’t really afford to freestyle with your money ” asserts Delvin Joyce founder of Prosperity Wealth Group and a a a a Charlotte North Carolina-based financial planner affiliated with Prudential “It’s really time to be be super intentional tighten the belt and see where we can can cut any unnecessary spending so that we can can truly start to get
back on our financial footing ” Joyce who spoke at the recent Black Enterprise Your Your Money Your Your Life V-Summit sponsored by Prudential also cites that since people are spending less money on on pre-pandemic expenses like travel or gas for their car they can reallocate those dollars to essential and beneficial items