Dear Black People, How Much
Money Should We Invest?
Last Sunday, Financial Joy School had a seminar, “How to Invest?” with Jesse Berkoh. The question came up:
“How Much Should You Invest?”
In the words of Jesse, “we should invest All That We Can.” I love that statement because sometimes we focus on a number, and the truth is we could give too much or too little for investments.
But, if we give All That We Can, that number will be perfect for you and your family. So, I wanted to help you figure out All That We Can amount. Let’s Go…
If you bring home $4000 per month, your essential bills (home (rent or mortgage), car, phone, utilities, food, insurance, medicine)
If your essential bills come up to $3200.00, your All That You Can amount would be $800 per month to invest.
If you are a more “Do What I Can investor,” your number would be different on top of your essential bills, you will have your leisure bills.
Leisure Bills will include (hair, travel, entertainment, etc.); please know it is nothing wrong with leisure bills. Your do what you can amount, would be $200 per month.
There is no magic number to say you need to save this amount; it depends on which journey you want to travel:
1- All That We Can
2- Do What I Can
Neither is wrong or right; it depends on your needs, and pick what is right for you.
Direct your money where it should go, and your money will work for you if you are directing in the good investing ground. But, first decide what type of investor are you All That We Can or Do What I Can
If you are still unsure how much to invest, visit our Investment Calculator, and a monthly number will populate for you depending on the numbers, years, and rates you put in. The calculator is for information purposes only, and it can assist you on your journey.
We are here to empower, inspire, and support Black and Brown families to build generational wealth today and forever.
Free Financial Seminar
We have a free seminar coming up on November 20th from 12:30 pm-1:30 pm, teaching you all about Wills and Trusts. Join us by signing up for Financial Joy School The founder of Trust & Will Cody Barbo will be our special guest on November 20th and free Wills will be given.