Power Networking Business News: Dollars & Sense (Financial Goal-Setting for African-Americans by Phil Andrews

Sunday, March 27, 2005

Dollars & Sense (Financial Goal-Setting for African-Americans by Phil Andrews

Dollars & Sense (Financial Goal-Setting for African-Americans by Mr. Phil Andrews

Financial Goal-Setting for African-Americans Financial management for African-Americans must be centered around goals. What gets measured in life gets done. A goal is not a goal until it is set and a plan gets underway for its achievement. Time is one of our greatest allies along with faith in God. Now is the best time to start your financial goals. The first goal should be to become financially literate. Knowledge is Power. The old saying reinforces this concept, “a fool and his money are soon departed”.

The first ritual of wealth is to set a goal to pay yourself first, no matter how small the amount. Financial success is as much about discipline, character, and integrity as it is about large sums of money. In the financial world, small advantages have a way of adding up. How much value would you put on a sound financial education?

In the book Rich Dad Poor Dad, it is taught that we must acquire education, experience, and then we acquire excessive cash. Each of us has different goals, and our financial plan should cater to those goals.

We should develop a healthy passion for the financial goals we set which should be reinforced by our daily actions. Tithing, savings, and investing should be a ritual in our lives. A sense of stewardship over our resources is the highest way of dealing with our God-Giving blessing.

Financial goal-setting requires that we give a good accounting of our cash flow. The age-old adage that “As a man thinketh so shall he be” and “all that he achieves is a direct result of his own thinking. The cry of all of humanity should be higher yet! How many individuals in our community know the power of compound interest, but does that number equate to that number that follows its principles? Financial goal-setting requires that we develop a philosophy of success and achievement.

A millionaire once said that “Everyday that I find a penny , it is one day that I do not have to work for it”.

Do you value the pennies, nickels, dimes, and dollars that flow through your hands? The rich get richer because respect and proper use of money attracts more money. If you need verification of this fact, just analyze the mentality of a spender verses an investor. The investor says don’t spend your last dollar until you know where your next dollar is coming from, the spender spends everything and looks for money.

The richest man in Babylon's goal was to keep a part of all the money he made. Saving a part of all the money you make is said to be a secret, because so few people follow its principles but profess to know its premise. Knowing and doing are opposite sides of the same coin, but real financial power is gained through action. Remember it’s not what you make, it’s what you keep. It’s not what you know it’s what you do. It’s not what you are it’s what you become, what you become will determine what you make!

Winners are not born, they are made. The top 3% of all financially successful people are goal-setters, a financial plan and goals are the roadmap for an upwardly mobile African-American community.Remember, time is one of your most precious allies. A journey of a thousand miles begins with one step. May you reach all of your financial, mental, physical, and spiritual goals with God’s speed. Let’s do it!

Phil Andrews is the host of the Power Networking Business Seminar Series. Email Phil Andrews at cbbookspr@aol.com to be placed on our list for upcoming Seminars and Networking events.
Rich Dad Poor Dad Rich Dad Poor Dad Series of products teaching Financial Literacy http://secure.richdad.com/Category.asp?Cat=Books


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