African Americans are steadily increasing their wealth, boosting their
holdings in real estate, stocks, and savings vehicles, as they seek to
fund college educations for their children and create a secure
retirement for themselves. It's a process of becoming ever more keenly
aware of the need to save, invest, and plan for the future.
Black Enterprise Magazine has created the Circle of Wealth, a black
wealth initiative that seeks economic empowerment for African Americans
by changing attitudes toward money management. The Circle is an ongoing
cycle comprised of 1.) Knowledge, 2.) Commitment, 3.) Investment, 4.)
Portfolio Management, and 5.) Wealth, all enabling Reinvestment in
Children, Businesses, and Community. As part of this powerful initiative, the magazine developed the
Declaration a Financial Empowerment, the following 10–point
wealth–building pledge (I added the 11th point 🙂
In order to attain a measure of
success, power and wealth, I shall uphold the principles of saving and
investing as well as
controlled spending and disciplined consumerism. I vow to fully
participate in the capital markets and make a solid commitment to a
program of wealth accumulation.
Determination and consistency will serve as my guides, and I shall not
allow external or internal forces to keep me from reaching my goals. By
adjusting my course and embracing a new mandate that stresses planning,
education and fortitude, I lay a strong, unbreakable foundation for the
preservation and enrichment of my family, children and children's
children.
From this day forward, I declare my lifelong commitment to financial empowerment.
DECLARATION OF FINANCIAL EMPOWERMENT
I pledge the following:
1. To use home ownership to build wealth
2. To save & invest 10-15% of my after-tax income
3. To commit to a program of retirement planning and investment
4. To engage in sound budget, credit, and tax management practices
5. To measure my personal worth by my net worth, not income
6. To be proactive & knowledgeable about investing, money management, & consumer issues
7. To provide access to programs that will educate my children about business & finance
8. To support the creation & growth of profitable, competitive black-owned enterprises
9. To use a portion of my wealth to strengthen my community
10. To ensure that my wealth is passed on to future generations
11. To give @ least 10% (or more) of my wealth to my church to honor God and expand His Kingdom
TODAY IS THE DAY I TAKE CONTROL OF MY FINANCIAL DESTINY!
