By April Taylor
The Root recently published a blog by Erin Evans about Building Black Wealth. In the final installment of a five part series, the blog highlighted 11 black entrepreneurs that represent a myriad of industries to find out what tips they have to share on building wealth.
The first person highlighted is Aaron Walton who is the co-founder of Walton Isaacson which is a full service advertising agency with a global presence. Walton suggests that one of the first steps a person should take is to align with someone whose full time job is to manage money and to also find someone who shares your vision for the lifestyle you want to attain and who simultaneously understands the ins and outs of your chosen profession.
The next person to give advice is Myleik Teele who runs a monthly subscription plan for natural hair care products through CurlBox, a company that she founded. Her advice is to be sure to manage ones emotions about money so that financial success has nothing to do with keeping up with the Jones’s. She points out that financial stability will always feel better than feeling like you have better or more material possessions than the next person. Jason Panda, the founder of B Condoms, gives similar advice by saying that it is important to always live below ones means because live can be very unpredictable, and a key component of being financially stable is having a nest egg to fall back on. A key component of living within or below one’s means is learning to budget which is the advice given by Jason Young, the co-founder of MindBlown Labs.
Trinity Manning, the CEO of OnceLogix, advises that it is important to have clear financial goals, that saving must become a habit, and that it is important to become an entrepreneur so that one can create multiple revenue streams. Overall, the entrepreneurs interviewed seem to agree that it is important to have a plan, to be disciplined, and to not see wealth as one dimensional, but as something that must be valued in every aspect of one’s life in order to be lasting.