Generation One Blog Tour: Discussions And Lessons on Creating Generational Wealth

BY: - 20 Jul '15 | Money

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Generation One: The Search for Black Wealth

As you may know if you follow this site closely, Lamar and Ronnie Tyler just completed a three-city tour for their fifth and latest film, Generation One.

Atlanta, DC and two Chicago shows had sold out theaters in all three cities.

Well, we recently partnered with some of the best bloggers around and created the Generation One Blog Tour. We asked bloggers from all over to share their thoughts, tips and lessons learned about creating generational wealth for their families.

Here are 20 great blog posts from the Generation One Blog Tour to get you thinking and in action to create generational wealth for you and your family.

1. MyMommyvents.com discusses her personal search for black wealth and lessons learned about using credit responsibility.

2. MomsNCharge.com discusses the four things she wished she knew about creating wealth, and how those lessons are what she and her family will use to create generational wealth.

3. PancakesAndCider.com talks about why creating wealth is important to them, and what specific steps they are taking to generate that wealth for their family.

4. DivasWithAPurpose.com talks about a conversation she had with her son about his desire to be rich, and how that conversation turned into a teaching opportunity to generate long-term wealth.

5. AskDrRenee.info talks about how her upbringing prepared her for a mindset of creating the life you want and deserve, including the ability to create generational wealth.

6. NicoleWilliamsPR.com discusses the importance of educating oneself when it comes to creating and sustaining wealth.

7. CarinKilbyClark.com shares her five tips for creating a wealthy mindset, and how she’s teaching her kids to do the same.

8. XKlusiveThoughts.com shares how he had to educate himself on credit reports; He also discusses how the death of his mom forced him to learn about living wills, power of attorneys, etc., so that he could break the cycle of not leaving an inheritance for generations to come.

9. KoilsByNature.com talks about how she and her husband started a family business in order to create a legacy for their children, as well as the importance of discussing money in the black community.

10. IeddaPatterson.com discusses the steps she’s taking for her and her family to create generational wealth, and how she and her husband start by setting the example for their children.

11. MotherOfTheWorld.net shares why it’s important that she creates generational wealth for her family and reasons why everyone should be concerned and committed to doing the same.

12. CandidBelle.com talks about the five lessons she’s personally learned about creating generational wealth for her and her family.

13. TheSistahCafe.com gives us a real look at the important lessons that she learned from her father about creating the right type of wealth that will sustain her family long after death.

14. BeyondALittleBlackDress shares the many reasons why we need to be concerned with money even though it is not everything.

15. TheMommyLifestyle.com discusses the stand she is taking in order to create generational wealth for her and her family.

16. HisMrsHerMr.com talks about how she learned the true meaning of wealth by observing the actions of her grandmother and father.

17. BlissForSingles.com talks about the importance of utilizing your single season in order to begin building generational wealth!

18. TheBolderSister.com discusses how what she didn’t do, and what she avoided talking about was the very thing that prevented her from being more financially responsible in her younger years.

19. HaroldArnold.com shares ten wealth lessons we can use and teach our children, and what it really means to be wealthy.

20. NikkiAndTheCity.com talks about the lessons she wished she knew much earlier about what it means to create generational wealth.

BMWK: What lessons have you learned about how to create generational wealth for you and your family?

About the author

Christine St. Vil wrote 153 articles on this blog.

Christine St.Vil is co-author of the Whose Shoes Are Your Wearing: 12 Steps to Uncovering the Woman You Really Want to Be. A happy wife to an amazing hubby of 8 years, and homeschooling mother of three, she teaches moms how to FLY (First Love Yourself). She uses her corporate background to work with women who are ready to start a new business, accelerate their career growth & design a life they love. She's on a mission to help moms to battle the mom guilt epidemic, so they can begin to put themselves first on their never-ending list of priorities.

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The Art of Impulse Buying: How to Know When It’s Right

BY: - 21 Jul '15 | Home

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I had to be out of the office this week at an off-site training in the City.

Normally, I get in, I get out, I get on with my life.  But New York City summers are something I marvel and savor.

I took the long way to the train and found myself outside a thrift store whose mission is to raise money for the homeless and for AIDS patients.

I really had no intention of purchasing a $45 soft leather tan bag, but after much internal debate and a a quick financial rundown, I decided it was okay to indulge in this impulse buy.

Now, the only reason I walked out of that store with that bag and no guilt was because I had financial structures in place that would allow for such a purchase.

When considering whether you should buy on impulse, ask yourself the following questions to determine if you can justify the purchase with a clear conscience:

1. If I charge it on a credit card, could I pay it off right away?

If you don’t have the money to pay your impulse buy in cash, then you can’t afford to splurge.

Sixty-five percent of your credit score comes from your ability to pay on time and pay in full.

If you are thinking about robbing Peter to pay Paul for a fashion must-have, it’s better to wait and purchase with cash.

2. Have I contributed to my emergency fund?

If your impulse money is coming from your emergency fund money, then you can’t afford to indulge.

Sorry.

Every pay period you should aim to stash away at least 20% of your income for a rainy day. When you have at least six months worth of living expenses or net income, then you can graduate to extra expenditures.

3. Have I contributed to my retirement fund?

Please don’t fix your face to say that you can’t squeeze out $45 a month to put away for your financial future at the same time that you are fixing to splurge on something that is not a need.

Splurging is a privilege and a want.

A solid retirement is a necessity.

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So if you are in the mood to buy what the heart desires, make sure there’s at least 10% of your pre-tax income that is earmarked for your twilight years.

4. Can I pay this month’s bills in full?

As a personal finance coach, I’ve read absurd accounts of women using their rent money to pay for a trip to Paris, going to Paris, and ruining their trips worrying themselves about how they were going to find the money to pay their rent.

If Paris is on your vision board, then a budget for Paris shouldn’t be far behind.

Online banks like Ally Bank offer services that allow you to save for specific goals such as travel.

Open an account and systematically save your passage to delightful Paris.

5. How often do I do this?

If you are in the habit of impulse buying, then we should call it something else.

It’s a pattern. It’s chronic. It’s not on a whim.

If your MO is to buy without thinking all the time, then mustering up some discipline or limits to how much you spend will be a saving grace and possibly give you more courage and confidence than you might think.

Impulse buys aren’t dangerous when you have a strong financial foundation.

When the timing is right, they are life’s way of rewarding you for all of your hard work and solid financial commitment.

BMWK-  When have you found it is OK to splurge?

About the author

Kara Stevens wrote 141 articles on this blog.

Kara is a motivational speaker, life coach, and founder of the personal finance and lifestyle blog The Frugal Feminista .

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