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In our last “Money & Me” post, we discussed some of the reasons people might struggle with money and personal finance. The cause of the struggle or challenge is often due to individuals doing what is necessary to survive and/or attempting to keep up appearances. While this does not apply in all cases, we did find that most people included one, the other or both when asked. If you recall, we left everyone with a couple of questions. 

  1. How does money bring value to your life?
  2. How does money influence your daily decisions?
  3. Do you feel you have a good handle on your finances (including your debt)?

What were your thoughts?

We received responses from a few readers, who all have had challenges with money but all had slightly different answers to the above.

Of those who responded, the responses of one particular individual stand out to us:

1. How does money bring value to your life and how does it impact your quality of life?

I value money way more than I probably should. It is often said that money is the route of all evil, but that’s incorrect. The bible verse actually says the LOVE of money is the route of all evil. While I am still on my journey of not allowing money to be of such focus in my life – I do recognize that it holds value and power over my mood and overall mental health. When I have it, I’m happy. When I am lacking, I am stressed and angry.

2. How does money influence your daily decisions?

Yes most definitely. Forever checking my balance. It influences my daily expenditures and optional luxuries.

3. Do you feel you have a good handle on your finances (including your debt)?

No, but I do see the light at the end of the tunnel. I have poor money management skills and we are in debt currently. Our goal is to be debt free by the first quarter of 2021. Credit card/LOC debt free, not mortgage free….yet. When it comes to bills and other expenses, I do feel like I have a good handle on it. I am vey aware of due dates and am on top of paying things.

Our conversation

Through further discussion with this reader, they shared that they have never really been good with money for one reason or another but now recognizes the changes that need to be made in order to get back on track financially. An individual recognizing a need for change is the very first step in finding oneself in a better financial position. We often do not know that we are making poor decisions until we receive a metaphorical slap in the face. For further perspective, this individual moved out at a relatively young age, had to work while finishing high school in order to pay rent. This is a perfect example of someone who’s financial struggles emanated from a need to survive.

What’s gotta give?

People often have hit rock bottom (very poor credit, accounts in collections etc.) before they are willing to make changes drastic enough to improve their circumstances. Our goal at Black on Track is to help people gain control of their finances long before they hit the proverbial “bottom”. We hope to bring the basics of personal finance to the masses, particularly those who need a baseline education around personal finance, budgeting, investing, home ownership, insurance and more. Are you, as an individual, prepared to do what is necessary to make meaningful change? As members of the black community start building wealth, there is more of a need than ever for education around how to manage that wealth. Through our various partnerships, we look forward to taking the journey with all of you. We encourage you to share with your friends and family, so that they can also benefit from our content as well. Give us a follow on Instagram.