I grew up in Harlem New York. When I was 14 years old, I moved to coop city with my mother and brother, when she and my father divorced. My mother is a hard worker and always worked several jobs. She even worked multiple jobs while completing her master’s degree. She always taught us to be focused on our future. Her favorite words are “If you fail to plan, you plan to fail.” She works as a financial advisor part-time selling life insurance, and as a full-time academic advisor where she motivates college students to complete their degrees, and achieve their careers and future aspirations. My brother and I would go to her presentations, so she didn’t have to pay a babysitter. At age 16, I learned about the importance of financial freedom. I have learned about credit scores, budgeting my bank account, and creating a budget. My mother opened investment and college savings accounts for my brother and me and explained how to grow our money. I have always saved all my allowance, birthday, and Christmas funds. I even saved all the money I made on my summer jobs from 2020 to 2022. I am focused on saving for my future because of all the lessons I learned from my mother, and her influences. My motivation behind financial freedom is having a sense of self-worth. Another saying is “God bless the child that has his own. “
Instead of buying expensive clothes, my mother taught us how to invest in Nike, amazon, and others so we can own shares in their companies. I used to listen to the speakers talk about how black and Hispanics are behind, and how we should invest in our neighborhoods. Some people would spend their money on expensive sneakers when clearly, they are not financially set. He spoke about how other races invest in their children, buy houses, and set their children up for success in the future. I remember most of my family members telling their children they must leave at eighteen years old, which right now at 18, I don’t have it all figured out, and I need my family’s guidance and support. Most people do not have an opportunity to follow their dreams because they are focused on the responsibility of paying their rent and bills. Some that attend college, must pay large sums of school debts. It is important to have positive influences.
Managing finances can be an overwhelming task for many individuals, but it is an essential part of our daily lives. In today's world, financial security is a top priority for most people. One of the best ways to achieve financial stability is by following sound financial advice. When seeking advice, it's important to remember that everyone's situation is unique, and what works for one person may not work for another. However, some universal principles can be applied to achieve financial success. The best piece of financial advice that I have received are popular supporting points include living below your means, investing in yourself, and starting early and investing often.
Living below your means is an essential aspect of financial stability, and it requires developing a habit of budgeting and saving. Budgeting involves tracking and planning expenses, while saving entails putting aside money for future needs or emergencies. A budget helps individuals distinguish between wants and needs, enabling them to cut back on unnecessary expenses and redirect their resources toward more critical matters. In addition, saving is crucial because it provides a buffer against financial emergencies and enables individuals to achieve long-term financial goals. Developing a habit of saving requires discipline and consistency. One approach to saving is adopting the "pay yourself first" principle, where individuals prioritize saving by setting aside a portion of their income before handling any other expenses.
In conclusion, living below your means is vital to financial stability, and it requires developing a habit of budgeting and saving. By creating a budget and prioritizing savings, individuals can avoid debt, build an emergency fund and achieve their long-term financial objectives.
Investing in oneself is a crucial aspect of personal development, and it can take many forms, including education and self-improvement. Education is a powerful tool that can help individuals acquire knowledge and skills that can help them achieve their goals and navigate different aspects of life. Furthermore, education can lead to higher earnings, better job opportunities, and increased social mobility. In addition to formal education, engaging in self-improvement activities can also be a valuable investment in oneself. Self-improvement encompasses a wide range of activities, including physical fitness, mental well-being, and personal growth. Engaging in self-improvement activities can help individuals build confidence, improve their relationships, and achieve their goals. Ultimately, investing in oneself through education and self-improvement can lead to personal fulfillment and success in various aspects of life.
The concept of compound interest has been around for centuries, yet it remains a mystery to many individuals. When individuals begin investing at an early age, they give themselves more time to accumulate wealth through compound interest. Compound interest is the interest that is earned on both the principal investment and the interest that has been accumulated over time. Compound interest can be thought of as a snowball effect, where small contributions made over time, grow into a larger sum due to the interest earned on the principal investment as well as the accumulated interest" In summary, investing early and often while planning for the long-term is critical to achieving financial goals and building wealth through compound interest.
In conclusion, financial advice can come from many sources and can have a profound impact on our lives. Whether it is from a family member, friend, or financial planner, the best piece of advice I received will help me achieve my financial goals. From saving for emergencies, to investing in our future, the right advice can provide a sense of security and peace of mind.