Finding Wealth For Our People
It's Monday Morning people. My employees are all over the place this morning. Seeing that it is a new year and the newly accrued vacation and sick time have come into play, they are calling in left and right. I might actually have to go into the office today.
I just love my people! I was having a conversation with my family yesterday. My mom has 4 sisters and 3 brothers. We all try to get together at least once a month to keep the family going, and make sure that all of our kids get to know each other. We all live in different suburban areas of Dallas, so we rotate locations. The topic yesterday was wealth. There is a big difference in being rich and being wealthy. I must say that my family is well off. Everyone owns a piece of real estate, and they have their money in the right place, seeing that my mother is the family financial advisor and final guide. She takes care of her people. Well, saying that "everyone" is okay is an exaggeration. There are black sheep in every family. In my family, we have four. One crack head, one ghetto gold-diggin' baby momma( and yes, that is her occupation and she refuses to change), one career student ( he has 2 master's degrees and doesn't use either of them, is still in school, and lives at home with his parents), and a shop-a holic, she can't keep money to save her life. If Neiman's or Saks is having sale, she's there! I'm sure you will hear more about them in the future. Their idea of wealth is their annual tax refund at the first of the year, when their actually working. Hopefully one day they will come out of the dark. When you have the opportunity to have money with little effort, then you should jump at the chance.
My mom let us know 'in laymen's terms' how we as an investment group were doing (I'm not a broker, but I know enough to know when I gain or lose money on the market). My mother is trying to make our future generations weathly. We see 'other' racial groups do it all the time and wonder how people are born into money. Well my mom gave us a simple explanation. This is separate from all other investment plans that you may have, 401K retirement). This money is to be used to pass on to your children. She said that if you bring home at least $400 wk ($1600 mth) after taxes, You should save, AT Least $100 a month. You should adjust that amount with your salary ($25 for evey $100 that you earn). After the first year of saving, the money($1200) should be put into an IRA or Mutal fund (which gains money each year depending on the bank that you use), and add money to it at the same rate. I started this plan at 18. Seeing that my mother is a financial whiz, none of our money was affected by the September 11, tragedy and the type of fund that I invested in doubles every three years.
(If you are 25 years of age, and you make at least $400 weekly, and save $100 monthly....by age 65, you will have at least $48000 saved...If placed into a mutual fund that doubles every 3 years, at age 65 you will have (9,830,400...that is, if you don't have to use any at a given time...which you probably will have to, and pay penalties, but even if you dip into the pot about 5 times before age 65 , you will be left with a large sum of money to leave to you kids, their kids). It really works. My parents got a late start, but they still will be leaving my brother and I quite a bit of cash (Even though I don't want anything to happen to them!) As of now, my brother has no children, so everything is willed to my daughter. At this rate. My child will never have to work a day in her life. Hopefully she will develop the same value of saving, and secure the future for her kids. If that is the case, and this conntiues, my decendants will be wealthy.
NowI have a nice chunk of savings on the side. and to think, it only takes a little money to start! It really works. I am a living example of how a woman who became a mother at age 18 can be more than a statistic. I am a college graduate....I have my own money..... and own my own home, and I haven't even reached 30.
So in an effort to help more of "US" succeed, I work a few evenings a week with a group of young ladies at the B & G Club here in Dallas to have a positive impact on some of "our" kids. They have so much potential, but lack the knowledge to succeed. All of my accomplishments mean nothing to me, if I can't help at least 1 kid be BETTER than me.
My question to you is, what are you doing to leave your legacy on the world?
I just love my people! I was having a conversation with my family yesterday. My mom has 4 sisters and 3 brothers. We all try to get together at least once a month to keep the family going, and make sure that all of our kids get to know each other. We all live in different suburban areas of Dallas, so we rotate locations. The topic yesterday was wealth. There is a big difference in being rich and being wealthy. I must say that my family is well off. Everyone owns a piece of real estate, and they have their money in the right place, seeing that my mother is the family financial advisor and final guide. She takes care of her people. Well, saying that "everyone" is okay is an exaggeration. There are black sheep in every family. In my family, we have four. One crack head, one ghetto gold-diggin' baby momma( and yes, that is her occupation and she refuses to change), one career student ( he has 2 master's degrees and doesn't use either of them, is still in school, and lives at home with his parents), and a shop-a holic, she can't keep money to save her life. If Neiman's or Saks is having sale, she's there! I'm sure you will hear more about them in the future. Their idea of wealth is their annual tax refund at the first of the year, when their actually working. Hopefully one day they will come out of the dark. When you have the opportunity to have money with little effort, then you should jump at the chance.
My mom let us know 'in laymen's terms' how we as an investment group were doing (I'm not a broker, but I know enough to know when I gain or lose money on the market). My mother is trying to make our future generations weathly. We see 'other' racial groups do it all the time and wonder how people are born into money. Well my mom gave us a simple explanation. This is separate from all other investment plans that you may have, 401K retirement). This money is to be used to pass on to your children. She said that if you bring home at least $400 wk ($1600 mth) after taxes, You should save, AT Least $100 a month. You should adjust that amount with your salary ($25 for evey $100 that you earn). After the first year of saving, the money($1200) should be put into an IRA or Mutal fund (which gains money each year depending on the bank that you use), and add money to it at the same rate. I started this plan at 18. Seeing that my mother is a financial whiz, none of our money was affected by the September 11, tragedy and the type of fund that I invested in doubles every three years.
(If you are 25 years of age, and you make at least $400 weekly, and save $100 monthly....by age 65, you will have at least $48000 saved...If placed into a mutual fund that doubles every 3 years, at age 65 you will have (9,830,400...that is, if you don't have to use any at a given time...which you probably will have to, and pay penalties, but even if you dip into the pot about 5 times before age 65 , you will be left with a large sum of money to leave to you kids, their kids). It really works. My parents got a late start, but they still will be leaving my brother and I quite a bit of cash (Even though I don't want anything to happen to them!) As of now, my brother has no children, so everything is willed to my daughter. At this rate. My child will never have to work a day in her life. Hopefully she will develop the same value of saving, and secure the future for her kids. If that is the case, and this conntiues, my decendants will be wealthy.
NowI have a nice chunk of savings on the side. and to think, it only takes a little money to start! It really works. I am a living example of how a woman who became a mother at age 18 can be more than a statistic. I am a college graduate....I have my own money..... and own my own home, and I haven't even reached 30.
So in an effort to help more of "US" succeed, I work a few evenings a week with a group of young ladies at the B & G Club here in Dallas to have a positive impact on some of "our" kids. They have so much potential, but lack the knowledge to succeed. All of my accomplishments mean nothing to me, if I can't help at least 1 kid be BETTER than me.
My question to you is, what are you doing to leave your legacy on the world?
posted by LUVIN ME @ 8:06 AM
3 Comments:
At 1:18 PM,
Stone said…
You make me want to invest. I want to have money when i get to 65. I also want to look just as cute as I do now.
At 7:29 PM,
Unknown said…
What a wonderful post. You have me really thinking about what I do with the money I have right now (which ain't really jack). I'm gonna start thinking 'bout my future. I would love to be able to leave the next generation a couple of bills.
Me.
At 7:29 PM,
Unknown said…
What a wonderful post. You have me really thinking about what I do with the money I have right now (which ain't really jack). I'm gonna start thinking 'bout my future. I would love to be able to leave the next generation a couple of bills.
Me.
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