Can you identify some actions that you have used to increase your financial capabilities? Will your actions secure the financial future of you and your family? Has the pandemic hindered your mental, spiritual, personal, and financial goals? Do you find it hard not to succumb to the external and internal pressures of life? Is the hustle just a figure of speech?
These questions are posed to check for learning and hold each other accountable for growth. A few weeks back, we explored 21-habits to master, such as having a purpose and setting goals, value your time, eating healthy, and exercising. Here are a few habits to increase your financial capabilities: Identifying and implementing multiple Streams of Income, Living within your Means, Finding a Hustle, Pay Yourself First, and Tracking your Spending. In addition to paying your bills on time, and if you have to borrow money for something, please remind yourself you can not afford it.
The wealthy are saving more money during the pandemic than families with modest means. “53 percent of higher-income Americans reported spending less compared with 43 percent of middle income and 34 percent of low-income people.” ( Pew Research Center). Some Americans are forced to give up leisure spending, so they are saving and investing their stimulus checks, unemployment benefits, and suspension of monthly loan repayments. While the other segment of the population uses the extra cash flow on bills or liabilities.
As Financial Literacy Month comes to a close, I hope you have identified ways to increase your financial capabilities. I know most of the population that I serve are not financially literate. Financial literacy is not taught in school. I guess we can compare it to a foreign language. The majority of states do not require students to learn about economics or financial planning (Council for Economic Education). Financial Literate means making wise choices about finances and money constantly. Knowing how your debt accrues interest, how to manage your credit card spending, save for retirement, and credit score, just to name a few categories. Increasing our financial capabilities is an ongoing process, and it does not happen overnight.
We all are at different financial cycles in our life. The three financial wealth cycles are–Basic Wealth Protection, Wealth Accumulation, and Wealth Distribution.
Actions to increase financial capabilities. Basic Wealth Protection includes strategies to protect our wealth early in life. Wealth Accumulation consists of ways to increase wealth, while Wealth Distribution is spending during retirement, estate planning, and transfer of wealth. For more information about these categories get your hands on my book, “Fwords: Family, Finances, and Freedom.”
Normally for financial literacy, I team up with other community leaders and create programming to help increase the financial capabilities of children and their families. This year was a little different because of the pandemic and the closing or struggling to survive businesses. We created a virtual pitch tank for Young Entrepreneurs. The young entrepreneurs pitched their business ideas to investors. The winners of this event received a monetary donation, prizes, mentoring, Crypto-currency, radio interview, resources, business cards, web design help, commercial, marketing, and promotion.
Please congratulate Mckenzie Johnson, Denim Stanback, Aunistee Williams, and Cameron Rozier. These ladies or Boss Ladies will change the trajectory of their family and community. If these Boss Ladies can create and facilitate a business to increase their financial capabilities during the pandemic, so can you.
Do not succumb to external and internal pressures. Become more in charge of your life instead of at the mercy of your life. Relentlessly and continuously working hard to achieve your goals. Let’s continue to commit to “Masterminding the Hustle,” “Reticular Activating the Hustle,” Funding the Hustle, and never Knocking the Hustle.
UpComing Events
✓ Join the Mastermind HIVE – Transform your Life and Your Business https://form.jotform.com/202844347333151, call 267-209-3339 or connect on Clubhouse. Master Mind groups assist with thinking bigger, innovate and stretching beyond boundaries when surrounded by amazing individuals doing amazing things. Get the results we want in life. “Let’s Mastermind the Hustle.” We can strategize the hustle and sustain success by Planning, Executing, Failing, Adapting, and Executing together as a Hive.
✓ Listen to “Finance Geeks” Talk Radio Monday at 7 pm and Saturday at 11 am. Download the tune in-app and search for Free Agent Radio or log on to RADIO PUBLIC, SPOTIFY, ANCHOR, BREAKER
✓Purchase from Amazon: New Book Release: “Post Pandemic Guide to Thrive Evolve or Die” and ” F-words (Family, Finances, and Freedom)” book by Dr. Leslie Grace and Elements of the Community.
All inquires, please email: Mastermindthehustle@gmail.com Follow me on all social media platforms @drlesliegrace
Increase your Financial Capabilities
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