Culture

The Power Of The Black Woman's Dollar: 5 Simple Tips To Help You Realize The True Value Of Your Money

Keep an eye on retirement.

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Kemba J. Dunham
Jul, 12, 2018 4:04 PM UTC

The power of the Black woman’s dollar was the order of the day when Chase Consumer Banking CEO, Thasunda Duckett, joined author, Luvvie Ajayi, and Carol’s Daughter founder, Lisa Price, for a panel discussion about financial health on the ESSENCE Festival Empowerment Stage.

Pulling from both positive personal experiences and lessons learned, the knowledgeable trio shared simple but sound advice on how Black women should think about money and offered tangible steps to reaching financial goals.

Scroll through to check out five key takeaways from the conversation that you can apply to your everyday life.

Before you plunk down cash for a purchase, think about what you’re giving up in the meantime. Buying something on credit, for instance, could cost you much more in the long run when you consider the interest. "There’s a time to have retail therapy, and a time to check out and say, ‘I’m good,'" said Duckett.  "It’s about being more intentional about our money.”

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Start thinking about saving for retirement as early as possible. "White Americans have seven times more wealth than Black Americans," said Duckett. "And at the core is that we’re not planning for our retirement." Shes suggested dividing your salary between what you need in the meantime, what’s needed for a rainy day (savings), and what you’ll put away for retirement.

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Create a friend-community around money so you can hold each other accountable and support each other in reaching your individual financial goals. "When I started talking to my friends about money, it lifted my game," said Ajayi.

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 Leveraging the power of the Black woman’s dollar means supporting business owners that look like us. “I try to figure out how to keep my dollars in Black as much as possible,” said Ajayi.

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If you have an idea of what you’d like your money situation to look like in the future, Price suggested journaling. "You should even write things like, 'I’m so happy to be in a place where I’m debt-free,' even if that's not true at the time,” she added. “You have to claim it.”

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