TAKE NOTES! 5 KEYS TO MAKING YOUR MONEY WORK FOR YOU

by Bronze Mag Monday, January 10, 2011

Ladies, let’s be real. Times are tough and we don’t always have the opportunity to save our money. A recent report found that the median wealth for single black women is only $5, and the median wealth for married or cohabitating black women is $31,500. Meanwhile, single white women who are in their working prime (ages 36-49) have a median wealth of $42,600, and married or cohabitating white women have a median wealth of $167,500. Keep in mind that wealth, or net worth measures the totals of one’s assets- cash in the bank, stocks, bonds, and real estate; minus debts- home mortgages, auto loans, credit cards, and student loans. It’s time to talk. There are many complex reasons for such disparities concerning black women and wealth and we can sit back and examine and discuss these disparities all day long, but the fact remains that we need to take more action and responsibility for our financial futures.

As I discussed in the article from last week Taking on the New Year with a Positive Plan of Action, sometimes we have to take small steps in order to get to where we want to be. The key is to start somewhere, which is the reason why the featured video below is such a great resource. Financial expert and President of Ariel Investments Mellody Hobson provides 5 great tips on how to make your money work for you. Mellody’s Chicago firm manages over $3 billion in assets so I would say that any information being shared by her should be considered noteworthy.

Article Sources {Black Enterprise, post-gazette.com, Insight Center for Community Economic Development}