Maximizing Your Financial Mindset: Guide To Ownership

adult-business-computer-1181354.jpg

Maximizing Your Financial Mindset: Guide To Ownership

By Briana Elmore

Our generation is in a great time. We are unapologetically pursuing the lives that our ancestors dreamed of. We are educated, motivated, and socially and emotionally aware of ourselves and the world around us. There are more of us coming forward with an entrepreneurial pursuits. Most of us can identify with the mentality of wanting to work for ourselves and securing multiple streams of income.

I have seen countless friends and family starting their own blogs, businesses, and brands. Everyone is working hard to establish ownership over the things that they pour their time, talents, and treasures into. My heart is warmed to see so many Black business owners who are worthy of our Black dollars. We are truly stimulating our society with more Black Owned businesses than ever before. This wave of Black entrepreneurship is something that no only gives us Black consumers products and services for-us-by-us, it also ignites future generations to know that they are capable of ownership.

After the death of Nipsey Hussle, I was deeply impacted and moved by his legacy of ownership and giving back into his community. He was able to revitalize and stimulate growth in his community. He made it a point to not only own properties and businesses in the community, but he also regularly interacted with the people of his community. I started to think of the importance of combating gentrification and the decline of our communities with Black ownership. Don’t get me wrong, there has always been examples of Black ownership in our communities. However, there is a need to multiply that number and continue to invoke change. There has been enough of businesses of people outside of our communities profiting off of our communities.

If you are considering going into a venture focused on ownership please consider the following:

Save Your Money

A big part of ownership is having the resources available to purchase the land, business, or investment. Having a good savings plan in place will be beneficial to your ownership journey. It is also equally important to work to improve your credit in the event that you need to take out a loan to embark on your ownership efforts.

Research Ways To Invest Your Money

You should research the different types of investments that you can make with your money. There are many ways to utilize your dollar in the name of ownership. Your research will help you make an informed decision on your investment. This will allow you to understand the impact your ownership will have financially as well as on the community.

Seek Financial Advisement

After you have applied research to your desired form of ownership, you should meet with a financial advisor to gain insight on the impact to your finances. You want to make sure that you are protected in your investment. This step will help you understand the responsibility involved in ownership and can help you prepare so you are able to navigate ownership responsibly. You can set up proper tax and income practices that come with ownership to keep your investment running smoothly.

Ownership is a big responsibility to take on but its rewards and benefits are extremely important. We must continue the marathon in our communities to stimulate growth and change that lasts for many generations. Seek. Own. Inspire. Grow.