Quick, how much does your spouse make? If you don’t know the answer you’re not alone. According to a recent Fidelity survey, forty-three percent of couples could not correctly identify how much their significant other earned. This was despite the fact that 72% of the couples thought that they communicated very well or exceptionally well about money. Both men and women were … [Read more...]
[Our Latest Movie] Generation One: The Search for Black Wealth
BMWK family we're excited to share the official trailer for our fifth film titled Generation One: The Search for Black Wealth. We plan to use this film to make a pivotal shift in the conversation around the creation of wealth in the black community and it all starts here on BMWK. Stay tuned for more information and resources to help your family and our community gain … [Read more...]
Black Male Raises $16,000 to Fund His Dream But Police Steal It Assuming its Drug Money
Joseph Rivers like many young people had big dreams of traveling to Hollywood and making it big! His family believed him so much, that they raised $16,000 for him to leave his home town from Michigan and move to LA. On April, 15, 22-year-old Rivers changed trains at the Amtrak station in Albuquerque, New Mexico with all his belongings including an envelope with $16,000 in … [Read more...]
Money Monday: The 5 Tough Money Questions You Must Ask Your Spouse for Financial Success
Money issues can drive a searing hot wedge between any couple, disrupting marital harmony in the process. That’s why it’s crucial for couples to protect their marriage by having honest discussions concerning finances before problems arise. Yet, according to a Country Financial Security Index survey, 42% of couples did not even bother to discuss how they would handle their … [Read more...]
Money Monday: How to Set Yourself Up for Life in Your 20s
Your 20s are a time to learn and make mistakes. But, it’s also a time to build the habits that will guarantee a wonderfully successful life. Master the right habits and you’ll travel the smooth road to prosperity. Develop the wrong habits, however, and you could struggle with money problems for decades to come. Let’s take a look at some of the moves you should make in this … [Read more...]
My Husband Asked if I Was Happy in Our Marriage, I Had to Be Honest
The other day my husband asked me on a scale of 1 to 10, how happy I was in our marriage. We're coming up on our 7 month wedding anniversary and tend to check in with each other about what's working in our marriage, and what areas we can afford to improve in. It didn't take long for me to answer my husband's question. I automatically knew I couldn't give him a confident 10. … [Read more...]
3 Easter Games Adults Can Enjoy
After church is over and everyone is full from the ham, turkey or bbq, it’s usually the adults’ responsibility to hide eggs, real and plastic, for the kids. But what if your family doesn’t have a lot of small kids or what if the adults want to have some fun? Here are some things the adults can do to enjoy Easter. If you have a lot of kids in the family, make the hunt a … [Read more...]
Money Monday: 4 Questions that Show if Your Actions Match Your Aspirations?
We say we desire financial independence, but how serious are we really? Too many of us talk a good game, but our actions tell a different story. We proclaim that we wish to be wealthy but haven’t even created a simple budget, cracked open a single personal finance book, or even built the smallest of emergency funds. Becoming financially fit is not a mystery. It's often as … [Read more...]
Money Monday: 9 Wealth Secrets of America’s Black Millionaires
Famous African-American success coach and motivational speaker Dennis Kimbro obsessed over a burning question: What separates the haves from the have nots? Why do some people become wealthy while others struggle to live paycheck to paycheck? To answer the question, Kimbro spent seven years questioning more than 500 black millionaires, and his research produced a startling … [Read more...]
Money Monday: The One Key to Financial Freedom the Wealthy Live By
“It’s okay to be a superstar - to be the man in L.A., but sooner or later you need to start owning things.” - Magic Johnson to Shaquille O’Neal Here’s a simple truth: We live in an ownership society, but the key to financial success is understanding what to own. While Madison Ave would have us believe that late model automobiles, designer labels, and the newest electronic … [Read more...]
Money Monday: How Compound Interest Can Make You Rich or Poor
It’s been called one of the greatest forces in the universe. Understand it and you’ll see why some people invest their way to wealth, while others quickly become stuck in a quagmire of debt. This simple but powerful force is compound interest. Let’s see how it works and why it can profoundly affect your financial life. Let’s say you possess $1000 to invest and that you earn … [Read more...]
Money Monday: 3 Things to Know Before You Plunge into the Stock Market
While the crash of 2008 may have soured many on the stock market, stocks still remain one of the easiest ways to build wealth. Stocks have historically enjoyed between a 7-10% average annual return, beating most investments including, according to many experts, investments in real estate. A recent Pew Research Center report reveals that part of the great black-white wealth … [Read more...]
Money Monday: How to Organize Your Finances for Your Best Money Year Ever
A disorganized financial life can spell disaster. But with a little effort, you can gain control of your money and start building a rewarding financial future. Start with these simple tasks. Create a bill paying system To avoid late fees and to understand exactly where your money is going, create a bill paying system. You must know exactly how much needs to be paid and when … [Read more...]
3 Core Money Mindset Principles that will Keep You Out of Debt and From Living Paycheck to Paycheck
As you embark on any journey of financial self-awareness, I want you to remember three of my core money mindset principles. These principles not only empower me, they also push me to make smart money decisions on a daily basis. Know Your Why One of the ways to improve your relationship with money is to understand why are you spending or saving. Money is a proxy for so many … [Read more...]
Money Monday: White Households Hold Thirteen Times More Wealth than Black Households
According to a new report from the Pew Research Center, white Americans now hold thirteen dollars of wealth for every dollar held by black Americans. The median net worth of white households in 2013 was $141,000, while the median net worth of black families rang in at only $11,000. This wealth gap has widened since the recent Great Recession, and is the highest it’s been … [Read more...]