Black Women - Know Your Worth

Friday Dec 01st, 2017


With the holidays quickly approaching this is a good time to take stock of your worth.

There are a lot of women who believe they are successful because they have a lot of income, but are in essence wearing all their hard earned money on their back, and feet.

However,  your net worth is more of an indicator of wealth than an income, because it shows you how much you have amassed in capital, liquid assets, and other forms of investments other than cash. Another way to look at it is income is what you have, and your net worth is what you have done with that income over the years after you have paid off all of your debt. Put yet another way, net worth is what is difference between what you own and what you owe.

Here’s an example:

If Not So Money Minded Melissa  makes  $100,000 each year and has $40,000 in her 401K , other investments and savings, but also has $200,000 worth of debt due to student loans, credit cards, and car payments, then she has a negative net worth of $160,000. A negative net worth means that you owe more than you own.

On the other hand, if Money Minded Michelle makes $50,000 each year, but has managed to live below her means, pay off her loans, and started stashing money away for retirement and savings totaling $30,000, then Michelle—with  half of the income of Melissa— has a positive net worth of $30,000. A positive net worth means you own more than you owe.

Your net worth analysis is the basis for your financial and wealth building plan. It provides you with a baseline of your wealth. It allows you to see where you are so you can get to where you need to go.

What about the brothas?

Doesn’t matter right now, focus - this is about you. We already know what the men are and are not doing, this is about how you can make things better for you! Over 70% of all children born in the black community are born to single women. Single women are 60% more likely to live in poverty and combine that with being a black female and their chances of poverty increase by 20%. So, even though the black woman has been holding down the black family despite the black man not being present; she must do better as far as building wealth.

Moving on - here are 5 ways to build your net worth:  

 Stop spending now!

Throwing your money away on depreciating products is working against you. Stop buying items that aren’t worth anything. In case you are unsure of what are depreciating assets here’s some examples - clothes, shoes, purses, accessories, televisions, electronics devices and stuff in general. Do whatever it takes to stop spending. Manage your spending, and you will have more money.

Make a habit of tracking your expenses every day for a month and you will be shocked by how much of your paycheck  you are tricking away. The intent is not to stop eating out or quit hobbies entirely, but instead to become aware of your spending habits and identify areas where you can make adjustments; a little goes a long way.

In addition, using cash instead of credit cards will help to curb your spending.

Get rid of debt

Since net worth is calculated by subtracting your liabilities from your assets, it  only makes sense to reduce the amount of  your debt.

Money you owe is money that could be used to grow your net worth. Reducing your debt is a big step in helping your net worth number increase! know what you owe and have a plan for paying it back. Make extra payments where possible and work to reduce your overall debt burden.

Build assets at any cost

Assets are a must to increase your net worth. Assets are anything that increases in value.

Here are your main asset classes:

Real estate/property: the more equity you have in your home, the greater your net worth.Investments: stocks, bonds, mutual funds and tax-deferred retirement plans. Just remember to add the taxes on these assets to your liabilities.Collectibles: art and antiques—the market for these items will fluctuate, make sure to have each of these items appraised.

Please notice I did not say your clothes, shoes, purses, electronic devices, televisions, or hair pieces etc.

Find Passive Income

Passive income is money or assets that make you money. Put your money to work. Currently, you are working for money. However, those who generate wealth have their money work for them.

Money has the ability to work harder than we can. Money works 24/7/365 (24 hours a day, 7 days a week, 365 days a year). It does not get tired, sick, or disabled. Make the choice to master your money, make it work for you so you can live your Blisss Life, not just dream about it.

You can do this through real estate rents, business income, licensing intellectual property, investments vehicles (stocks, mutual funds, etc.), and even the proper life insurance.

Talk to a Professional


This is the most important step and yet the most overlooked. We pay our hair stylist, manicurist, esthetician but, people don't want to pay to consult a financial advisor often because they are embarrassed about the state of their finances.

Talking to a professional can get you the latest information on how to utilize tax breaks or assist you in your budgeting. Never be ashamed to ask for help and use the resources that are available.

The Bottom Line


Increasing your net worth is not something that will happen overnight. It requires careful planning, commitment and the desire to succeed. With a little foresight and determination, you can improve your net worth and become a wealthy woman. and provide yourself with a financially secure present and promising future.

Click Here To Get Pre-approved  online or Text apply@blissslife to 4842

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© 2017, Tonya Brown. All rights reserved


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