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I usually don't discuss money

7/31/2015

3 Comments

 

Any household with income of more than $394,000 (Source: World Top Income Database) is considered in the top 1%. I landed there. Given where I started 1% looks good on me.

It is best to start at the beginning. My humblest of  beginnings.

I grew up on social services. Better known as welfare. I know first hand the feeling of turning over to the teller food stamps that look nothing like US currency. The stamp has sense my time become so much more acculturated. I hear it is more like a credit card in appearance. I hope so. When I grew up, a food stamp looked like a food stamp. It looked like "Please pretend not to notice. We need your help. We need help period." And the worst part of that experience, those dreaded words, "You can't purchase this on welfare/food stamps. This is not accepted." To watch momma hand it back to the teller with the words, "It's okay, we did not need it anyway," broke my young heart. My young heart beat yelled, "One day momma we will have "that" and more." Momma died of a heart condition much too young to realize what I meant. I imagine God has given her a front row seat, kind of like watching a matinee to my life. Momma I am living the life you were meant to live. The one I told you we were destined for. I am doing this for you, I am doing this for us!

The way that I acquired wealth was not by chasing more money. It was by increasing my net worth. This is something not everyone thinks about. Having a good income is one thing, having assets that increase in value is another.

My mom used to keep her savings under her mattress. She did not trust banks. She paid bills using money orders and cash. I taught her how to use a check book when she was in her early thirties. She never owned a credit card. Times have changed.

It does not take a lot of money to become rich. It does take a lot of discipline. This means saving a portion of our income, investing in interest bearing instruments, and it means seeking to own assets that increase in value over time.

I have always liked to save money. I graduated from college with money $1.000s in the bank. My motto has always been pay my bills, pay my tithes, save my money. I have tithed without disruption since I was 13 years old.

Thinking rich is a mindset supported by scrutinizing actions supported with purposeful follow through. Everyone can save money. I did not say you have to save all of your money.

There are a lot of books written about "Becoming Rich." Many authors have become rich writing them. As someone who came from nothing and arrived at something, I can offer simple, digestible, transparent suggestions for getting started.

Think in wealth building terms not just income increasing terms. Don't focus on having more but on keeping more. Don't just plan for your tomorrow but for their tomorrow.

Deuteronomy 8:18 ESV  You shall remember the Lord your God, for it is he who gives you power to get wealth, that he may confirm his covenant that he swore to your fathers, as it is this day.

I hope my experience helps you.


3 Comments
Jerri
7/31/2015 12:24:49 am

So my husband and I have never hit a 6 figure combined income. I am a physical therapist and could have at least doubled my income early on but it just wasn't a priority to me while raising 3 kids. But my husband is a banker and knows how to make a dollar stretch so we have managed with a very modest lifestyle to get 3 kids through private college (Morehouse and Spelman). My daughter, majoring in engineering and minor in computer science, would periodically ask me "mommy are we poor?" And I would explain that we are rich with fMily and we don't spend our money on just every whimsical desire. Still, she has the same determination in her heart that you describe in your narrative and I understand where it comes from. Just another instant where you reminding me of my daughter put a smile on my face Ladetra. Love you much and keep inspiring.

Reply
link
7/31/2015 12:32:43 am

My baby girl. An engineer. Love you back.

Reply
Karen Ruffin link
8/1/2015 07:52:53 am

Inspiring. Amen, my sister.

Reply



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    La Detra Joy

    I love being around people. I would rather live falling than break my spirit never trying anything hard. This blog is about trying and retrying life.

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