8 Ways to Secure Your Financial Future

As a Black person or Black business owner, you have a lot to prove more than anyone. According to the U S Department of Commerce Minority Business Development Agency, black-owned business owners are more likely to have their loans rejected than their white counterparts. Even if they get the loan, it is usually low amounts compared to the white. Forbes attributed this treatment to a lack of assets and low credit history. In this situation, it is pertinent to find effective ways to secure your future. That way, you have access to many opportunities within the black business network and other networks. Besides, securing your future will help you avoid and plan for some future risks. Just a single hospital bill can affect your financial situation and leave you stranded. Thus, securing your financial future is as important as securing your life.


Steps to Secure Your Financial Future


Set a goal:

Understand why you want to empower your financial future. Is it to fund an expensive lifestyle or to sustain your future? Or to secure a good life for yourself and your family? This step will help you set short term goals that will eventually lead to long term goals.

Review your expenses:

The first step to securing your future is to analyze how you spend your money. List out the amount you spend on groceries, clothing, electricity, and other bills. Then, categorize them under the most expensive, the more expensive, and the expensive. With this step, you can track your income and cut back on some unnecessary expenses.

Create a Savings Plan:

At this stage, you have to create an emergency savings plan. An emergency fund is a kind of money set aside to cover up for situations that you do not plan, for instance, a sudden illness or job loss like we witnessed in 2020. No matter the size of your income, not saving enough can reduce your income tremendously. The latest Brankrate Financial Security Index, as of 2018, stated that the majority of Americans have no emergency saving plan. Nevertheless, you can get more information by checking black business news in the US on a successful saving plan.

Create many streams of income:

You can have many means of making money by investing. It also means creating an investment portfolio. Your portfolio can comprise Black-owned business stocks in the US, real estate, cash, and bonds. If one means does not work out, another comes in handy. This step is beneficial for Black business owners. Investing in Black-owned business stocks will open up many hidden opportunities.

Live within your means:

It is a waste of time making plans to stabilize your financial future and spending above your means. Living within your means is equivalent to cutting your coat according to your cloth. Securing a financial future means you have to spend only when necessary.

Only take a loan for investment:

Living the best of your life on several loans will never help you have a reliable financial future. Instead, take a loan to start a business or invest. This step might mean getting involved in black-owned business stocks in the US or investing in yourself. This way, the profits outrun the loan cost.

Get a financial education:

Financial means something like saving enough and differentiating between want and needs. It also means managing a budget well. Being financially literate makes you self-sufficient and helps you plan for future surprises. It also empowers you to manage and grow your money well.

Take calculated risks:

Nothing is certain in life. Taking a calculated risk in your financial journey includes moving to a new city, going back to school, starting a Black-owned business, or taking a new job. If, unfortunately, your decision does not work out well, you can bet you are taking some valuable lessons from it. These lessons will later help you in making smart decisions in the future.


Securing your financial future is not a day job as it demands careful, well-planned actions. An excellent place to start is to read black business news in the US. They provide valuable tips on black-owned businesses and black business secrets in the US.


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