I read the Black Enterprise Magazine every month (Thanks to My Dad because I'm too cheap to get my own subscription) and in every issue, they list the 10 Wealth for life Principles.
I love to see encouraging pieces like this because not only do I intend on being a very successful individual, I would like to see others achieve that same goal.
Most of these principles, I already follow. Some of my most favorite things to do, besides the obvious, are to save money (maximize my income), plan for the future and help others.
I'm already thinking about my childrens future without having any(if I don't have some of my own, you better believe I will adopt!). I think this is something we all should follow and not just minorities.
1. I Will Live Within My Means
2. I Will Maximize My Income Potential Through Education and Training
3. I Will Effectively Manage My Budget, Credit, Debt, and Tax Obligations
4. I Will Save At Least 10% of My Income
5. I Will Use Homeownership as a Foundation For Building Wealth
6. I Will Devise An Investment Plan For My Retirement Needs And Childrens’ Education
7. I Will Ensure That My Entire Family Adheres To Sensible Money Management Principles
8. I Will Support the Creation and Growth of Minority-Owned Businesses
9. I Will Guarantee My Wealth Is Passed On To Future Generations Through Proper Insurance And Estate Planning
10. I Will Strengthen My Community Through Philanthropy
***The 10 Wealth for Life principles are meant to serve as a step-by-step guide to responsible saving, investing, and spending in order to build wealth and pass it on to future generations. Wealth preservation goes hand-in-hand with wealth accumulation. Consequently, the new principles place greater emphasis on financial discipline. Through consistent application of these principles, you and your family will be well on your way to establishing a financial legacy that will survive the test of time. We resolve to give you the tools you need to not just survive, but thrive, regardless of what the economy and financial markets look like.