It is without fail the year of Black Girl Magic!
We have Queens conquering in the areas of politics, business, education, entertainment, beauty and making absolutely NO APOLOGIES about it!
To say I am here for it would be an understatement. Nothing is more inspiring to us than seeing the underdog win. We pay to see these moments happen. The best movies are about those moments.
With minority women crushing it in so many spaces, one area that is still in need of education is our credit and finances. Statistically, black women are one of the most educated groups in America today and in the same breath, we’re on the top of the list when it comes to carrying debt.
The fact is, for minority women to keep winning in all that we do, there must be a genuine conversation about our money and debt.
Five Reasons Why the Struggle is Real
● There is still a wage gap between the salaries of men and women. The simple math truth is when you make more, you can pay off more debt. With women still earning 80 cents to the male dollar, we have to be more intentional about our finances.
● Women are most likely to carry a balance on their credit cards. According to a study, 60% of women carry a balance on their credit card which over a period means that they pay more due to interest.
● Women are least likely to go rate shopping for loans and credit, which often means women are paying higher interest rates on credit lines such as a car, credit accounts and mortgages.
● Women are more likely to impulse shop. According to a study published in the Journal of Financial Planning, 23.7 percent of women compared to 4.5 percent of men agree they can't resist a sale. Although it feels like we are saving from a deal, the truth is you didn’t save more, you really just spent money that could have been used to decrease your debt.
● Women are more likely to pay the minimum payment on their debt. Just like carrying a balance on your revolving credit doesn’t benefit you, paying only the minimum balance is only keeping you in debt longer. (Imagine throwing a cup of water on a raging fire)
I am 90% percent sure that all of us have heard this statement, most likely from somebody’s grandmama or momma:
“If you knew better, you’d do better.”
So learning to negotiate your salary, paying off your balance in full every month, learning to shop around for the best rates when it comes to credit cards and loans, paying more than the minimum amount on your debt (strategically), and learning to walk away from a sale are all GREAT pieces of financial advice!
Hint: Please go and apply something sis. Seriously, doing these things can add some magic to your financial world.
However, I don’t recommend starting there first.
The hard truth is only a few of you will read this advice and start implementing these suggestions. Out of those few, only a handful will continue to implement these tips after 21 days. Why?
When our heart and mind are focused on purpose and aligned with our values, money naturally begins to come in, and with a great system in place it will GROW.
Dear Queen, you don’t struggle with making money. Minority women in my humble opinion are the most hardworking group of individuals out there! We struggle because we don’t always take the time to reflect on the mindsets passed down to us from the old generation, especially when it comes to money.
So here’s my number one advice on how to add some black girl magic to your money.
Discover your Money Memory
What is a Money Memory?
A Money Memory is a memory typically formed around the age of 8-13 years old that shapes our money philosophy.
While working with some clients and working through my money journey, I’ve discovered that every client has a money memory that has shaped their money philosophy that they often are unaware of. This money memory carried such a strong influence and is often filled with limiting money beliefs.
I was a latchkey kid, a kid who was home without adult supervision for a large part of the day, especially after school due to my parents being at work. Growing up, my mom had three jobs. My earliest memory was seeing her come home from work to take a quick nap before having to go to another job overnight. I used to iron her uniform and prep her food so that she could rest for a few hours.
She worked unbelievably hard and there were days that she was so tired and in pain from the stress of balancing all of her responsibilities that she would be hunch over.
As a child, I could say that all of my needs (food, shelter, clothing) were always taken care of, however my WANTS or genuine pleasures were not a thing I consider. I never liked asking to go anywhere because my Mom didn’t have the funds for extra stuff. Around that age I became a saver however unconsciously, I developed several limiting money beliefs:
“I had to always work myself nearly to death to make money to survive.”
“I will always have just enough to cover my needs.”
“Fun and self-care are optional.”
That’s how I approached money, with an energy of lack and stress. How many of you guys can relate?
I didn’t realize how unhealthy and damaging these beliefs were until I found myself, burnt out, on the verge of working myself to a deep depression in college.
This mindset didn’t change until a different money reality confronted me. I encountered someone who had a career that she LOVED! She poured all of her energy into maximizing her gifts and her money not only covered her finances for months, but she enjoyed taking time off to travel the world and have phenomenal experiences.
Isn’t that what we all want?
Now it’s your turn
Do this quick 5-minute activity. Sit in a quiet space with your eyes closed. Take a deep breath. Think back to when you were 8-13 years old. Now ask yourself these questions:
What is the first memory I have when it comes to money?
Is the memory positive or negative?
What is something I took away from that experience?
Is that thought or belief helping me or hurting me?
You need to realize that whatever limiting money belief you have comes from a bad money memory and it is a belief you can let go or re-frame. You can decide on whether or not it is serving you. You have to ask yourself: is this limiting belief the ultimate truth?
Are you ALWAYS going to be struggling?
Should debt be a normal part of your life?
Do you HAVE to work 3 thousand jobs you hate to survive?
Is money really evil and running away from you?
It’s time to surrender any limiting belief that is preventing you from adding some black girl magic to your black girl money. That’s what I am here for as a money coach, to help take the stress out of money and help you create a holistic plan to create wealth. If you are interested in learning more about my services feel free to check out my personal site here.