By AFRO Staff
Knowledge is power- but the process of learning how to properly deal with money is often a hard lesson. In honor of National Financial Literacy Month, members of the AFRO team weighed in on how they have navigated their finances over the years and tips they have used along the way. Read below and send your finance tips in to the AFRO at editor@afro.com
Question 1: What is the best financial advice you have ever received? Who gave it to you?
Question 2: Have you ever been in a tight financial situation? How did you get through it?
Q1: “The best financial advice you ever got was in reference to stocks: hold your investment until you make a 10-15 percent profit and reinvest all the profits you make. That came from a friend who is a successful portfolio manager.”
Q2: “I’ve been in a tight financial situation. I got through it by cutting my day-to-day costs as much as possible and paying off the debts that were accruing the most interest first.”
-Yahya Abdelhamid
AFRO Media Sales Consultant
Q1: “The best financial advice I have ever received is “save, save, save.” My pastor, Rev. Willie B. Tripp of Bibleway Community Church of God, gave me this advice.
Q2: “I have been in tight financial situations before and to get through them I used my pastor’s advice. I leaned on loved ones for support, advice and encouragement while I kept working and researching ways to save money and make more.”
-Tashi McQueen
AFRO Political Writer
Q1: “The best financial advice I ever received came from Michael Shacklette. He was the president of a multimillion dollar construction company. He told me ‘If your business isn’t paying your bills– it’s not a business, it’s a hobby.” He told me I needed to “get a job.” I learned that there was no shame in going back to work when my business wasn’t turning a profit or paying my bills. I’m proud to say that I’ve not had to go back to work for anyone since 2018!”
Q2: “I once got out of a financial bind by selling four pairs of designer shoes and three handbags. I keep my high ticket items in great condition just in case I’ve got to cash them in, in the future. That crisis was to pay my daughter’s student loans off, she’s debt free.”
AFRO Freelancer, Arts and Culture
Q1: “My grandfather [said] save your money.”
Q2: “I have been in a tight financial situation. I’ve cried, prayed and used resourcefulness to find solutions. Otherwise, I borrowed.”
–Edward Robinson
AFRO Contributor, Sports
Q1: “The best financial advice I ever got was to only spend what I have to spend and to be realistic when it comes to memberships and subscriptions.”
Q2: “When in a tight financial situation I usually fall back on credit cards. I try to only use it for emergencies because it is easy to be dependent on them. And, of course, I bug my parents when I need some help, especially as a college student.”
–Ayriana Griffin
AFRO Freelancer
Q1: “Use payroll deductions! When you don’t see it, that makes you not want to touch it so fast.
This was advice from a co-worker.”
Q2: “I took money from my stocks to get ahead.”
–James Fields
AFRO Photographer
Q1: “‘Pay yourself first – add to your savings and retirement plans,’” [was] told to me by my dad.
Q2: “Yes, several times. My support was from a Black bank –“my family.” Even now, [with] my parents passed on, my mom instilled in her children to support each other and I can always count on my siblings.”
–Bonnie Deanes
AFRO Finance Manager
Q1: “When I got my first job in high school, my father told me I needed to put 20 percent of each paycheck into a savings account. Being 15 at the time, I didn’t really understand why it was necessary. I was just excited to have my own money to spend. But, the practice became routine, and it’s benefited me ever since.”
Q2: “To support myself during college, I worked at a local wedding venue during the summers. When the semester started, I would work sporadically, but I made the bulk of my money in the summer. When the COVID-19 pandemic hit, my hours were cut significantly the summer before my senior year. This meant I went into the school year with a lot less money compared to prior years. To offset the hit to my bank account, I became a delivery driver for Postmates and Instacart. When school started and events picked back up again at my job, I spent my weekends working at the venue. This combined with a strict budget helped me get through the year with a modest amount of money to spare.”
-Megan StylesAFRO Business Writer