Troy Polamalu is taking time during the NFL lock-out to earn his college degree. I wish more NFL players, and people in general, were being proactive about their financial futures.
Though Troy makes millions and, according to the U.S. Census Bureau, the average American family brings in $50,221 a year we have a lot more in common that one might think. We all have to feed our families, keep a roof over our heads, and clothes on our backs. We all have to make decisions about how to spend our money and how we can increase our net worth.
Every day we make decisions about how we will spend our money. Most of the time we spend our money investing in things that will not increase the value of ourselves, our families, and our communities. In 2010 African-American buying power was valued at $836 Billion by the U.S. Census. How much of that money went into purchasing things that increases the net worth of African-American households?
There is an idea that you’ve had for a while now about generating more income. It could be starting a business. It could be furthering your education. It could be cutting unnecessary costs to create, or add to, your emergency account or retirement account.
What’s stopping you from investing in yourself? I bet you invest in soda manufacturers, jeans companies, and utility conglomerates every day. Is giving your money to those organizations to create value for those shareholders more important than creating value for yourself?
I thought not.
You are going to take one step this week to increase your value. You are going to do one thing differently than you would normally do it to increase your net worth. It might be saving your change in a jar because you know that, on average, you’ll save $50 per month. Perhaps you’ll buy a water filter pitcher for your home so you can stop buying bottled water and use the savings to start your emergency account. Find a small opportunity to make a big difference in your financial life.
Whatever you do, you’re going to start investing in yourself today.
Shay Olivarria is the most dynamic financial education speaker working today and the author of three books on personal finance. Visit her at www.BiggerThanYourBlock.com.
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