It requires bravery to open out about financial struggles and past failures. Even more brave is doing it on a public platform where others may benefit from your experience. It takes guts to open up about your financial struggles and the errors you've made. It takes a lot of guts to admit your mistakes and much more to share them publicly for others to benefit. We have polled some of the most well-known names in the world of financial planning to find out what they've learned over the previous decade, how much they have progressed, and what they hope to accomplish financially in 2020.
In terms of money, where do you want to be in 2020?
Following are the African American Financial Gurus whose advice and experiences can be helpful for anyone:
Chris Browning
As the suggested Financial Guru, the host of a podcast named Popcorn Finance mentioned that in the year 2020, he has planned to accomplish three significant financial objectives. The first is to put away as much as possible in a retirement account. In 2014, while my credit was 27,000 USD, I never thought I'd see the day I hit this milestone in a million years.
Secondly, I want to start putting money down for a down payment on a house. The process of purchasing a property in Southern California is daunting, but I'm eager to get going on it.
One final financial goal of mine is to be more lenient with me. While it's wonderful to have the savings objectives I listed above and to be debt-free, my ultimate financial purpose is to understand how to be content with wealth and to stop beating myself up over the inevitable mistakes we all commit. My goal for the year 2020 is to allow myself to indulge in some crucial aspects without feeling guilty about them.
Michelle Singletary
Michelle Singletary, a writer of the show named The Color of Money, once resolved in 2020 to finally let go of this financial burden. Numerous people over here have only $400 set up in case of an unexpected need. My problem has never been with saving.
This Financial Gurus once mentioned that I've always wanted to put away money. That is a good problem to have. The majority of us have exceptional skills in saving when it comes to finding it challenging to part with our cash when the time comes to make the purchase. I have a scarcity mindset and am always anxious that I won't have enough.
Many retirees' partners have told me how difficult it is to get their thrifty mate to spend money on them. But their miserly partner won't let a single cent go for fear of running out of money. This year, I've made it a goal to practice being comfortable with spending money on the things I desire and have diligently saved for.
Patrice Washington
Patrice Washington is the host of the podcast titled "Redefining Wealth" and a famous African American Financial Gurus. According to him, in addition to the donations made by his family and he intends to make during the year to several other nonprofit organizations that are important to us, my primary objective is to continuously donate ten percent of our average earnings to my community church as a tithe.
We moved from California to Georgia the previous summertime, and since then, we've concluded there's no use in keeping a loan for the full 20 decades we had anticipated. We've decided to pay off our existing loan in December 2025, and as a result, the Washington household has had to make many tough decisions. My spouse and I have decided to sell his collection of antique vehicles and dedicate the proceeds to our debt reduction plan, in addition to implementing a quarterly no-consumption month. We won't be able to afford anything, including groceries, clothing, or eating out.
Rianka R. Dorsainvil
Rianka R. Dorsainvil is co-CEO of 2050 Wealth Partners and a great African American Financial guru. Once he mentioned that I was prepared to become a mother for the first time, I thought this would be a pivotal year of change for me. In 2020, I hoped to have successfully navigated a family budgetary and consumption plan that allows for the arrival of a new addition. The appearance of a child has forced me to adjust my outlook on money and my plans for the future, particularly as they pertain to the costs of raising a child and furthering their education.
Rich Jones
The host of the podcast has the title Paychecks &'' Balances. He says in 2010, my income was many times smaller than it is now, I was investing very little in my 401(k) retirement plan or nothing at all, and I had a relatively meager savings account or none. Nowadays, my income is many times more compared to what it was in 2010. Since I was still making payments on student debt and held a load on my credit card, I could not provide you with information on my total wealth; nevertheless, I am very particular that it was negative. At this point, I have saved at least six months' worth of living costs, am contributing the maximum amount possible to my 401(k), and am building up a taxed investment portfolio.
The significance of compounding interest was brought to my attention. Since I contributed very little to my 401(k) in previous years and did not benefit from any employer matching contributions, I am currently playing a game of 401(k) pass. This is another reason I am increasing the size of my deductible interest-bearing account as a means of long-term planning.
