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Have You Had Your Financial Check Up?

from our sponsor Wells Fargo

In beauty salons and barber shops across the nation, at summer barbecues and holiday dinners, African Americans have a long tradition of indulging in rich conversation. These conversations often turn to silence when it comes to personal finances. The subject of money has traditionally been a very private matter, most likely because of having a strong sense of self-reliance and pride. Whatever the reason, it’s time to get comfortable and candid when talking about money matters.

Mastering your finances starts with organization and goals. Whether you are thinking about purchasing a home or an investment property, saving for college, building wealth, or simply going on a vacation, you have to start with a plan. To begin, clearly lay out what money you have coming in, and what you have going out. A simple technique that really works is writing down every dollar you spend for a month. That helps you see where the money is going so you can prioritize and, perhaps, make adjustments. Once you have this insight, create an itemized budget.

Next, be deliberate about thoroughly combing through your expenses and transactions, and regularly reconciling your budget. If you find that you have more disposable income than projected, resist the temptation to reward yourself. Instead, consider applying more funds toward paying down debt, or to your savings or 401(k) plan.

And finally, enrich yourself. Study. Take advantage of resources designed to help you to become savvier about things like budgeting, saving, investing and building wealth for life after retirement. Wells Fargo offers a variety of free, online tools that can help you along your journey toward financial success. Visit My Financial Guide for more tools and resources on financial management.

Most of all: Don’t be afraid to talk about financial matters…because “money talks!”


This article has been prepared for informational purposes only. The accuracy and completeness of this information is not guaranteed and is subject to change. Since each individual’s financial situation is unique, you need to review your financial objectives to determine which approaches might work best for you.


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