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The Importance of Business and Financial literacy in the Black Home.




Knowing about Finance and Business is something all families should be talking about in their home. You never stop learning about how your money works and how to obtain financial freedom or running a business in your life. Learning these things gives you and your loved ones some relief as you get older, knowing that your affairs are put together.


As a business lover since my early twenties, I love business. My father and mother opened their business many years ago, and I was in love. I helped where I could and paid attention to everything from how they talked to customers to keeping financial books.


When talking about business, finance follows it goes hand and hand. If you are running a small business, you need to know the basics, Hell if you’re paying bills at home, you need to know your finances because your home is a business also.


Business and Financial literacy need to be learned and passed down through the family, especially in the black community; we have been set back generations for our lack of knowledge ( racism), which I speak about in Our Lives Matter.


We are also faced with terrible family secrets of people holding on to information that screws over the other generations and family members.


We now are in the age of information, and it is essential to know your shit and teach it to your kids to build generational wealth. In this blog, we will talk about what business and financial literacy is, why it is important, and a few books that will put you on the road to be knowledgeable on this subject.




What is Business and Financial Literacy


Business and Financial Literacy is understanding terminology, concepts, and know-how and when to use the information to gain a financial impact. This includes operational functions and accounting.


Being financially literate helps with the landscapes of business, and most importantly, you’re home finance. Many people are left in the dark when it comes to knowing about business and financial literacy. What you don’t know can not only hurt you at home but also cause significant issues in your industry.


You must first know how to handle your home before you jump into business. Financial planning help organizes and manages the money going in and out of your home and business.


Why Finance and business literacy is important in the community


Our community is hurting because we are not equipped with the programs or education to teach the community at a young age. Business and Financial Literacy gives us the skills needed to manage our money effectively. Knowing when to take a risk and when to save and hold on. African - Americans make up only 13 percent of the population in the U.S, and among that, most have no savings for retirement, health insurance, or even life insurance.


According to the Kaiser Family Foundations, African Americans ( poverty rate is 27% )compared to white families at 10% in Ohio. Despite what anyone says, the data shows we are still affected by the discriminatory practices and policies to keep us beside.


Literacy in this area we’ll give us the power to not only take care of our families but build up our community and open educational school that will teach future generations.


Bringing money back into our community will save our homes; many people move out as soon as they get money and put the dollar into another community, but what about the people who still live and love their community? They do not see any return from this.


Teaching your children, it is ok to build in their community will open doors for children whose families can’t afford to move from that area.


Bringing after-school programs and activities backs, setting programs to help fix up older homes for a living. Putting small mom-and-pop grocery stores and shopping.


All these things can happen, and we can keep these things in our neighborhoods from teaching about business finance and bringing help to those in need.




Learning the basics can open doors.


Just learning the basics will help open doors to Homeownership, Business Finance, Stocks, Bonds, Taxes, and many other forms of saving and lending that will put your dreams forward.


Statistically, Black entrepreneurship is on the rise and every year increasingly growing. According to ABS, there are about 18.3% of U.S minority-owned businesses and 19.9% are owned by women.


The U.S economy counts on black people spending habits but does not count on African American wealth. I also talk about this in my 2020 State of emergency Black Lives Matter Are You Tired Yet?


We are big spenders but the most likely to live and die poor and never have anything to pass on to the next generation. We, as millennials, have the option to learn and share as much knowledge as possible. I honestly research and read about business and finance.


We need to know more about money than just spending; we need to learn how money can work for us to put businesses and schools in our community.


Money circulation is critical in communities to keep financial stability and economic growth in that area. The Black dollar circulates zero to one time in the black community compared to any other community, which is much higher.


This needs to change for our children. Learning the basics opens doors for more than just cars and homes. It also helps in business loans; even though you don’t need A1 credit for business loans, it doesn’t hurt only helps.


I started my business research from my favorite Tik Tok, Youtube, and Instagram influencers.



These women have given so many tips that I have researched and put into play within my own business, and it works. Information moves fast, and getting the info you need is more accessible in this day and age.


That’s why teaching our children early is essential.



Business and financial literacy books


Read, Read and Read. If you want to know something, reading is the best way. Listen to audiobooks and podcasts. Here are a few Financial books for learning about Business and Financial.




































Podcast



How we can teach our children.


Starting with allowance, giving you children pay for doing chores around the house. Teach them to save some, spend some, and put a bit up for an emergency. That teaches them about buying things they want vs. what they need.


This teaches your children to determine what’s important to buy and what can wait for another day.


Money management is important; this year, my two older girls got their first job. Now that they are old enough, they have to buy some of their personal items and items they wanted. Money was put up for long-term goals, and some put up for savings not to be touched.


So in this year, they will sit with me learn about taxes and how to file at the end of the year; they also will learn about college grants, how to search for one, paying bills and the importance of budgeting and how credit and credit cards work so they won’t be stuck with debt before they can even get thru college. Putting your kids on your credit card is an excellent way to help build their credit early.


They only a few years left under my wing, I don’t want to send them out into the world without the tools need to get by. I will not spoil my kids by giving them everything; they will learn nothing from that. Although they are pretty spoiled, some things I’m not willing to do.


Instead of a high-end brand on their body, get them bonds, stocks. Invest in a fixer-upper home for them to either life or rent out for extra money while they are away at college. Teaching them how to side hustle and build a small business so they can focus on school. Teaching them to build their own brands and business if they choose to do so.


My children are fortunate they have a mom that understands business and finance and have many years of life experiences under my belt. I am stilling learning and fixing things I didn't do correctly in my twenties. For moms who don’t understand much about this subject. I thought of making a PDF nohow to start small and teach our children about Business Financial literacy. Please drop a comment to let me know if you would like me to work on an offer for you busy moms.



I believe in reach one teach one, building our communities and our kids. We as parents know how hard it was growing up with not much information so quickly at our fingertips; now that we are more versed, we should share our knowledge with the ones who don’t know, put money into our communities and build our legacy.


Until next time Luvs

Be Blessed and Less Stressed




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