Tips For Black Financial Empowerment

"The most dangerous of all dependencies is to dependshopping with a list - 70% of purchases are
on your powerful oppressor to free you and sharespontaneous.o Create a household budget and review
power with you, because powerful people never trainit regularly.o Stop and count to 20 before making a
powerless people to take their power away fromspontaneous purchase - visualise your bank balance
them."decreasing as the money leaves your account.o
John Henrik ClarkeUnderstand the difference between Wealth and
IntroductionIncome - high income and wealth are not necessarily
The above quote from one of the towering giants ofsynonymous. A basic definition is that wealth = assets
Afrocentric thought, the late John Henrik Clarke,- liabilitieso Find out more about the concept of 'residual
speaks to the reality of present day power relationsincome'o Switch mortgage provider, utility provider etc.
between Caucasians and Afrikans. Let's amend thison a regular basis to get the best deal - most people
quote in light of the topic of this paper, Black financialare more likely to get divorced than switch mortgage
empowerment.providero Save for a hurricane not just a rainy dayo
"The most dangerous of all dependencies is to dependBalance your investments between High, Medium and
on your wealthy oppressor to free you and shareLow risk investments - For a person aged 35 the
wealth with you, because wealthy people (and nations)balance should roughly be 35 : 35 : 30. As you get
never train poor people (and nations) to take wealtholder your investment balance should move towards a
away from them."greater proportion of lower risk investments.o Read
John Henrik Clarke adapted by Paul Ifayomi Grantbooks, websites etc. that will teach you about financial
Afrikan people need to be shocked out of our 'wakingliteracy and economic relations between different
coma' and face the harsh realities of the world we aregroups of people.o Teach your children about financial
in. No one but ourselves is going to change ourliteracy - set up a (high interest) savings account as
generally pitiful economic condition. This is a fiercelysoon as they are born. Encourage them to save most
competitive world in which different groups competeof their pocket money. If you can afford it, match what
against each other, whilst many of us are locked intothey have saved at the end of the year. Discuss your
an individualistic fantasy; thinking that success is ahousehold budget with your children (when they are old
purely individual pursuit. Group identity, solidarity, trust,enough) so that they understand that there is not an
co-operation and accountability provide the platformunlimited supply of money from the hole in the wall!o
for individuals to achieve economic success. This isDo not accumulate debt buying depreciating assets e.g.
why Afrikans are at the bottom of the economic pilecars, electronic equipment, designer clothes etc.o
wherever we live, despite the Oprahs, Bob Johnsons,Participate in some form of collective financial
athletes, entertainers etc.investment e.g. Pardner, ABDF Ltd ( credit union etc.o
TOP TIPSo Buy Black (as far as possible) - checkGive money regularly to good causes that empower
your shopping list and see how much expenditure youAfrikan peopleo Remember, economics is a we game
can transfer to a Black owned business.o Learn aboutas well as a me game - i.e. groups that invest in their
the 'Local multiplier Effect' - do a web search for theown communities are economically strong.o Economic
New Economics Foundation where you can find outcharity begins Black at home!o Think Black, Buy Black,
about how to fill the holes in our economic bucket.o Goto get us Black on Track!