Another key attribute in the level-up process is improving one’s financial health. On the surface, this might look like I am referring to the idea of women making more money, and I assure you, I am not opposed to this sentiment at all. I love watching other black women win, especially if it means they’re getting paid, too.
And since the word has been out about the pay gap between males and females, I am all the more enthusiastic with my support of black women building wealth for themselves, because that means they’ve figured out how to master the tricky game of rising up in an economic system that doesn’t necessarily want them to win. I absolutely celebrate black women stacking paper, especially if it was earned from an honest living.
But even the richest woman can have failing financial health. How? Poor investments, unmonitored spending habits, no saving, and lack of financial tracking and goal-setting are some of the major culprits that come to mind. At least, those were my hang-ups. And I had to learn to undo each of them one-by-one. Here’s a cheat sheet so you can sidestep some of my pitfalls:
Lesson 1: Start investing as soon as you start earning.
That 401k option that is available to you at your job that you despise? Go ahead and start that, especially if your employer offers to match your contributions. The sooner you can begin investing, the sooner your money can start compounding and growing for you. Even if you feel you won’t be at the job that long, once you become eligible for an option like this, especially with an employer match, take it. It’s free money that can be rolled over into another account should you decide to quit later. Don’t do what I did and swear up and down that you, “won’t be here that long,” and then whittle away two years. That’s two years of saved contributions that you will have missed out on.