Focus on Cash and Credit

There is a lot of information out there whether it comes from individuals, academic institutions, news organizations, or books.    Most of the time the information is contradictory as any source, no matter how objective it tries to be, will have some type of bias.   It’s the nature of the beast.   Personally I prefer to follow the information provided by individuals I see winning with the very information they are providing.  For example I probably would not take financial advice from a homeless person who has never been financially successful in their life.   So why am I bringing this up?

            I know a gentlemen who, while he is not a millionaire, makes a lot of money.   This gentlemen is a sales representative for a medical equipment company.   Regardless of where he worked this brotha always had a high salary and plus he is good at money management.  Indeed he said that his base salary is $100,000.  It’s not a million but 99 percent of the population doesn’t make that much.   So when he speaks of making and managing money I pay attention.  Still looking for a millionaire mentor though.  

            This brotha said something that stuck with me.   He has a great sense of the ups and downs of the national economy and how to survive and even thrive during economic downturns.   I was telling him about my financial situation and some moves I wanted to make as far as where I lived.   He recommended that I stay put as long as there were no problems and that I save as much money as possible.   He told me to focus on building my credit up to a high score.   He said to focus on cash and credit.

            Black men need to focus on saving as much cash as possible.   I know some brothas want to take that big butt sista to a high end restaurant to impress her with money he really can’t afford to spend.    He wants to have a place in an exclusive neighborhood where he can only afford the rent or mortgage and not furniture.   He’s praying that the roof doesn’t develop a leak.   Of course a Brotha has to buy that late model car he prays doesn’t get into an accident because he can’t spare the $500 insurance premium.   We know what brothas do for the pumpum.    The thing is we can’t do that in the coming times.

            Black men need to focus on getting a modest place and modest vehicle and put as much money away as possible.   If a brotha needs to spend a lot of money to get a woman he has bigger issues to work on.    Indeed a brotha needs to not only work on saving money but should consider getting a part-time job to bring in more money to save.    Black men need to structure their lifestyle so they are not spending a lot of money.

            The credit piece is very important as well.   Credit is leverage.   Black men should limit their use of credit to getting homes and vehicles.    These are the most important purchases.   Using credit to buy the latest pair of Jordan’s is foolishness.   If something outside a home or vehicle cannot be paid for with cash it probably wasn’t needed anyway.  Also credit can be used to buy equipment for a business endeavor.   The credit needs to be used in a practical manner.

            In the coming times Black men are going to have to very intelligent in the use of their resources.   Management of cash and credit will be key.

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