"Make Your Money Make Money For You"
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Posted By: Wayne Hodges Jr. on January 27, 2008 I have been actively involved in real estate for the past 10 years. I am not rich by any means. However, I have been fortunate enough to make a little money the old fashioned way. The 3 keys? Entreprenuership, Savings, and Investment! In most cases, the latter two items tend to take precedent over the other. However, all three items are usually linked to each other in some form or fashion. According to the U.S. Census Bureau, a typical black family's median income is nearly 30% below their white counterparts. Even more surprising is the fact that black families generate more sales tax revenue per capita than any other ethnic group in the United States. These statistics signal three things in particular: 1) blacks must pursue more opportunities through entreprenuership, 2) since corporations are not hiring us, we must hire ourselves, and 3) since we are spending so much money, why not spend it on black businesses? Also of note...the opportunities to invest have never been better. A large number of mutual funds are yielding anywhere from 10 to 20% return on investment annually. For example, if you invest $1,000 into a fund annually for 10 years with a 10% yield, you will make an additional $7,500 in interest. And for those individuals seeking ownership of real estate, now is definitely the best time to buy with a large number of properties listing anywhere from 10 to 25% below market value. The advantages for owning real property versus renting are lopsided. The advantages include cash flow, equity, tax breaks, etc. Feel free to send a response if I can answer any of your questions regarding investment. Now is the time for us to develop the mindset of having our money make money for us. This can only be accomplished through savings and investment. I am doing it. How about you? If you enjoyed this article, Join HBCU CONNECT today for similar content and opportunities via email! |
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Wayne Hodges Jr.
Realtor, Reece & Nichols St. Mary`s Col class of 2009 Member Since January 2008 |
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