DIFFvelopment

Pt.5 The feedback you gain from these initial tests will inform how you move forward. Want to learn more? Check out our website, and get a copy of our handbook “Understanding How to Build Black Generational Wealth.” The links to each are in our bio.

Pt. 4 You can start small and scale later but the key is to understand the challenge so well that the solution becomes more and more apparent. The next step is taking action. Test your solution. Make prototypes, run pilots, share your solution with your family and friends.

A THREAD: How to start an impactful business Pt.1 Black folks have a tremendous ability to be agents of change and wealth can play a key role in that change. So the question is how do we as a people gain enough wealth to create the environments we need to thrive. .

Pt. 2 One of the keys to financial success is saving. It allows us to cover emergency expenses, pay off debt and invest in order to grow our money. Cutting expenses wherever possible and taking control of our spending habits is essential to starting our savings journey.

THIS is important. This is a monumental moment in American history as there are centuries of racism and injustice that have robbed the Black community of wealth and its right to its own labor. “True peace is not merely the absence of tension; it is the presence of justice.” #MLK

Two other tips that help with savings are tracking your progress and automating your savings. To learn more about that as well as other ways to build wealth, follow DIFFvelopment.

Start by setting realistic savings goals. Write out how much money is coming in and going out and figure out how much of that can be saved. Planning your savings in written form will influence your money habits for the better and keep you on track.

A Thread: Wealth in America According to a report by the Lending Club 63% of Americans are living paycheck to paycheck and the average American has $90,460 in debt according to CNBC. Fortunately, there are many ways to remain on top of our finances.

For example, you know that after taxes you’ll bring in x amount of income this month. You can break up this value into percentages to cover every category where your money might go. For example, 50% for needs; 30% for wants, and 20% for savings and/or debt.

This budgeting method involves you determining where every dollar is going on a weekly or monthly basis and is for folks who want complete control of their money.

A Thread: Key Principles of Building Black Wealth A key principle to follow when building wealth is budgeting which is the act of estimating your income and expenses over a set period of time. Budgeting assists you in eliminating debt and building a foundation for wealth.

A THREAD: HOW TO NARROW THE RACIAL WEALTH GAP PT.4 Understanding where your money is going can help you cut back where you might be spending too much, allowing you to get rid of your debt faster and build wealth sooner. Follow DIFFvelopment to learn more.

A THREAD: HOW TO NARROW THE RACIAL WEALTH GAP Start thinking about what luxuries or non-necessities you can sacrifice to free up funds that can be used to tackle your debt. Are you spending money on things you don’t need?

A THREAD: HOW TO NARROW THE RACIAL WEALTH GAP PT.1 While the racial wealth gap has persisted for over a century, there are many steps we can take today to reduce it. The first step is to gain a better understanding of our personal finances and how to build wealth as Black folks.