ECONOMIC HEALTH ECONOMIC HEALTH

ECONOMIC HEALTH IS POSSIBLE

For some, the idea of achieving personal economic health seems far-fetched. Perhaps an alternative perspective is becoming economically healthier.

Financial stability enables families to access safe housing, healthy foods, and other necessities. It also allows families to engage fully in their communities and plan for the future. However, too many U.S. families with young children face persistent financial hardship impacting their health and well-being. And while those families can be of any race, minorities make up a striking majority of them. That’s why BWHM is collaborating with local experts and organizations to get the financial education many Black families miss out on because of race gaps in the system.

Read more about family economic stability at the Robert Wood Johnson Foundation >>

Examples of our Economic Health Topics

  • Do More with Your Finances
  • Supporting African American Businesses
  • Negotiation Skills at Work
  • Financial Basics for Adolescents/ Young Adults

“If you really wanted to, you could have what you wanted. But if you could be wise and prudent, you would have more of it later on.”

— Maya Angelou —

STOP LIVING FROM PAYCHECK TO PAYCHECK IN SIX STEPS

Accept Your Situations

Accepting the reality of your situation and forgiveness are key to building a sustainable stream of income. Although it can be a daunting task, learning to accept your current situation–either good or bad–works better in regulating frustrating situations. You must understand that the quicker you accept the reality of your financial situation, the better you can learn from it and move on quickly. Hence, by accepting your current poor financial situation, you can effectively begin to address it by making deliberate decisions.

Define Your Goals

Having accepted the reality of your situation, you must set deliberate goals for yourself; this helps give your life direction and a sense of purpose. Setting goals are reputed to give you a long-time vision and short time motivation. While defining your goals, you must also ensure that those goals motivate you and that they are achievable as well as measurable. Hence, you must start small, set goals you can easily achieve, and learn to increase it as you make progress.

Develop Your Plan

This is one of the most crucial steps you must take to stop living from paycheck to paycheck. It is not enough to accept your situation and set goals for yourself. You must also have a blueprint for how you are going to achieve your set goals. Have it in mind, that your plans are unique to you, what works for others might not necessarily work for you. Consequently, strive to develop plans that will help you achieve your set objective at a given time.

Take Action

A lot of people are in the financial mess they find their selves today because they have refused to take actions on a daily basis. They keep procrastinating and end up never achieving anything concrete. Therefore, if you must stop living from paycheck to paycheck, you must take deliberate actions at addressing your current financial status. Always remember that it is one thing to have a well-written plan and another to execute that plan.

Correct & Adjust

If you must stop living from paycheck to paycheck, you must ensure that you make the necessary correction and adjustment to your action plan, try to identify actions or plans that are not yielding results and replace with a more potent plan.

CREDIT: The BOSS Network, Black Enterprise Magazine

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