I probably should have posted this last week to give it time to marinate in your consciousness. There is really no reason that Blacks don't have more financial resources except we don't follow basic rules. I'm guilty also.
Let's do better --- starting NOW. More important, let's teach our children better financial habits. As the United States' economy continues on this downward spiral, it would behoove all of us to do a major re-working of financial priorities and prepare for some serious survival issues.
Black entrepreneur A.G. Gaston had it right a long time ago. His lessons still hold true today.
A.G. Gaston: Rough Road to Riches
By James C. Johnson
As the civil rights movement swept through the South during the late 1950s, certain moments captured the bravery of those on the front lines. When Rev. Martin Luther King Jr. was arrested in Birmingham, Alabama, for marching without a permit, march organizers knew his immediate release was crucial to keep the struggle alive. The call for help went out to Arthur George Gatson, the city's most prominent black entrepreneur, who posted the $5,000 bail for King's release. [MORE]
A. G. Gaston's 10 rules for success
1. Save a part of all you earn. Pay yourself first. Take it off the top and bank it. You'll be surprised how fast the money builds up. If you have two or three thousand dollars in the bank, sooner or later somebody will come along and show you how to double it. Money doesn't spoil. Keep it.
2. Establish a reputation at a bank or savings and loan association. Save at an established institution and borrow there. Stay away from loan sharks.
3. Take no chances with your money. Play the safe number, the good one. A man can't afford to lose has no business gambling.
4. Never borrow anything that, if forced to it, you can't pay back.
5. Don't get bigheaded with the little fellows. That's where the money is. If you stick with the little fellows, give them your devotion, they'll make you big.
6. Don't have so much pride. Wear the same suit for a year or two. It doesn't make any difference what kind of suit the pocket is in if there is money in the pocket.
7. Find a need and fill it. Successful businesses are founded on the needs of the people. Once in business, keep good books. Also, hire the best people you can find.
8. Stay in your own class. Never run around with people you can't compete with.
9. Once you get money or a reputation for having money, people will give you money.
10. Once you reach a certain bracket, it is very difficult not to make more money.