Page 11 - March Issue of FlipMag

going to have to be taught by parents and in the pulpit, in schools and in the streets, and from
womb to tomb. This message has to convict our conscience.

It is going to take a collective to correct it. It is going to take members of BABOA and others to
jump on the bandwagon to preach and teach the message.

It starts with taking out insurance. Life, health, automobile, and homeowners/renter’s insurance
are essential to pay for unforeseen events. When devastation hits, it comes hard and has a domino
effect. Even the minimum amount of coverage goes a long way when it is needed.

Secondly, educational attainment is mandatory. It is going to take more than a high school diploma
to have a decent quality of life in this country. It is expensive to live in America. Education is the
fastest way to pull oneself up the socioeconomic ladder. I get so tired of hearing educators and
professionals, primarily African American ones, say, “College is not for everybody,” or “It is not
necessary to go to college.” But, they have post-secondary education. The proof is in the pudding.
If college is not for everybody, why did they go? Why did they not dropout? Obviously, they were
successful in it. Obviously, they received some knowledge, skills, and tools that set them apart.
Obviously, upon completion of their degree, they gained access and opportunity that landed them
in the middle class. So, I do not accept that malarkey. At the bare minimum encourage members
of your family and friends to take courses at a local community college that resonate with a career
path the she or he seeks to pursue. Hopefully, those courses will spark an entrepreneurial spirit in
them. As a result, they will be employed and empowered.

Thirdly, we must be taught and retaught about the importance of credit and lending. Credit is a
good thing. Just like anything else, it comes with responsibility. When establishing credit, interest
rates will be high, because of the risks associated with extending a loan. Over time and with
positive payment history, it will improve. We must reduce the fears and dispel the myths stated
about credit.

Fourthly, reducing frivolous spending. In my opinion, this is most difficult to tackle. We have the
capability to spend money every day! Recently, I listened to a report on National Public Radio
(NPR). The three commentators discussed a one year no spending challenge. They purchased only
the goods or services that they needed (i.e., food, housing, utilities, and transportation). They
expressed the pain and anxiety they experienced initially not spending money. They stated how
difficult it was wearing the same clothes over and over, expending all food in the house before
buying more groceries, and simply not looking for things to purchase (including online). In turn,
they deposited the money in a savings account or invested it in other high yield financial products.
We live in a nation that is so driven by consumption that is overtakes our psyche. We must reel
that in and think how instant gratification and self-esteem boosts from shopping is impacting us.
The working poor and members of the middle class are the chief spenders and lenders in the United
States of America, but have the least amount of economic power!

We shall overcome this. We must become better stewards of our dollars. We can do it by investing
in one another, buying black and circulating our dollars in our community several times before
they exit. We ought to preach, teach, and reteach one another about proper financial management
from the womb to the tomb. And, we must get in the race by means of ownership. We can do this
by saving, entering the money market, obtaining a mutual fund or certificate of deposit, and
monitoring our credit for starters. It is our race to win. So, let us start winning in 2018!

MARCH 2018 | BEBABOA.NET | Pg. 9