Afrikeen Wealth

  Debt management Is it possible to live debt-free? I don’t know; I try but find myself borrowing again. However, The critical thing in personal finances is managing and avoiding debt. Debt is good when utilized and works well, as Jay Z says in the jam  The Story of O.J .-  " You wanna know what’s more important than …, Credit.  You wonder why Jewish people own all the property in America? That’s how they did it!  " Let me share some strategies I employ to keep paying off loans and avoid high-interest loans and predatory lending. I will also give you some considerations when it comes to debt consolidation. This will empower you with knowledge and actionable insights to navigate the court debt. Managing Debt Responsibly Before we embark on strategies, we must remind you of debt dynamics. When managed responsibly, debt is an excellent tool for achieving financial goals. However, unchecked debt can lead to economic turmoil, stress, and depression. At the end of the...

Opening your first bank account is a fundamental step in your journey to financial prosperity. This seemingly simple act is critical to unlocking a world of financial opportunities.  Banking and savings However, over 50% of the global working adult population lacks access to financial services, with a pronounced impact on low-income individuals in developing economies, where around 80% of those in poverty face exclusion. Compared to adults, youth exhibit a 33% lower likelihood of possessing a savings account and a 44% lower likelihood of saving through a formal institution. The prevalence of savings accounts for young people differs across regions, ranging from 12% in Africa to 50% in East Asia and the Pacific. Let us then walk through the terrain of banking and saving accounts as I help you understand how to choose the correct account understanding interest rates. Opening Your First Bank Account The first stride towards financial empowerment is often the most pivotal; opening a b...

  financial goal setting As Africans, we struggle with keeping our finances in order and sticking to a plan. Unlike other cultures where people first seek financial help from institutions, we look for family and friends, then the institutions. We say a problem shared is “a problem half solved.” This was the birth of the “black tax,” which derailed many of our plans. I won’t say it’s terrible, as I have been a beneficiary of it, but it messes with people’s plans.  Today’s focus was not “Black tax”; however, I wanted to talk about having financial goals and how they can benefit the African population to realize greater wealth, prosperity, and financial independence.  Here is how you can go about setting up your plan for future success:          i.            Self-Assessment  Knowing where you stand financially is the first step towards setting meaningful and achievable goals. Start by assessing your current financi...