MASTERING THE MONEY GAME

For most of us, mastering the money game is a matter of discipline. A typical routine for Black men is to complete high-school, get some secondary education, get into a civil service position or go into the entry level workforce.

When we entered what was considered “the real world,” we remember having vivid desires surrounding what we were going to do in life.

The plan was to get your money stacked up as soon as possible and pursue your passions.  Most Black men were largely influenced by hip-hop culture and the materialism that is branded within it.  If we’re going to be honest with ourselves, we probably imagined our lives at some point being like an episode of MTV Cribs, or if you’re old enough: Lifestyles of the Rich and Famous.  A large home with a fleet of cars and a wardrobe that would make us excited to get dressed decorated our imagination. At some point, nearly all of us had ideas of being a pro athlete, entertainer, or powerful executive.

Over the years though, our imaginative fire began to settle down.  We began to settle into the realities of the struggle of making a living.  So we set up ideas that we believed would give us representations of success such as: being rich by 25.  Then we pushed it to 30.  Eventually we would find ourselves dreading the nightmare of being broke at 40.

What Is: Mastering The Money Game?

When you think about those rough times financially that you’ve experienced over the years, you’re disappointed with because you know that you could’ve done some things differently.

I found myself so down and out financially at one point, that I had a negative bank balance.  The utilities in my apartment got shut off and eventually I had to give up my apartment. I remember the shame that I felt knowing that I literally couldn’t even afford to buy a slice of pizza.

What was the reason that I didn’t even have 1% of all the money that I had made throughout my life saved up as a hard working man?  Would a higher income have helped? Perhaps. But the real problem was my poor money habits that had landed me there.

Mastering the money game requires us to take an honest assessment of ourselves.

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The Concept of Being a Man of Means

The first concept we want to adopt in mastering the money game is: being a man of means.

Being a man of means is not centered on being a big spender.  It is primarily about being able to adequately provide for yourself.  Being a man of means is where we can take care of our basic needs such as: a private residency, food, a basic wardrobe, healthcare and in most cases; personal transportation – along with other lifestyle components that allow us to live with a state of continuity.

Being a man of means is also about experiencing the joy that money can bring to our life and putting ourselves in a position to experience such. Furthermore, it is not being carelessly self-indulgent.  Mastering the money game allows us to be in a position to get what we want.  There is a big difference between being a man trapped by consumerism and being a man who is not complacent about the business of being financially established.

Being Prepared

Mastering the money game serves as a hedge against dilemmas.  We can look back at some situations where we were less than $2000 away from avoiding catastrophe in our lives.  Having enough money to make a repair on our vehicle, to pay for an emergency medical service or to take care of a maintenance problem in our home would mean a lot.

Build an emergency account.  Have a few thousand dollars set aside in the event that something like a job loss, etc. occurs so that you could still sustain yourself for a period without going into a complete panic .

The practice of living within our means and reducing or eliminating unnecessary debts is also important.  We want to have as few things hanging over our heads that would cause overwhelm and tribulation to our lives.

Best Practices for Mastering the Money Game

Reduce your money drain. Estimate how much money you spend on take-out, unnecessary electronics and luxury clothing items among other things.  Set up some constraints around those areas and you’ll notice an immediate difference in your savings.

Employ the habit of stashing at least 10% of your net income.  Whether you’re paid weekly or every other week, put 10% of your bring home pay to the side in a savings account.

You’ll get excited seeing yourself hit milestones such as you first thousand, then 5k and 10k saved up.

Becoming More Valuable in the Marketplace

As Black men we tend to find that one comfortable hourly pay or comfortable salary and we put it in park.

We get comfortable having enough to manage expenses in the city or town that we know how to get by in. Nationally the Black man’s gross income is just north of 40k in 2021.

Now for one thing, be proud of yourself for maintaining a work history.  Furthermore, let’s lessen our expendability in this world by having an arsenal of relevant skills.  Consider obtaining certifications, licensing, etc. that would contribute to you being more valuable to the marketplace and subsequently increase your income.  Set a goal to increase your income by 50-100% within the next year or two.

So, if you make around 32k, what can you become proficient at so that this time in the next year or two you could be making about 50-60k?  Be flexible about how you’re going to achieve that.  Consider taking the nomad approach of going where the money is and where the money is going. In addition having a variety of skill types such as hardware/labor skills, software/digital skills and soft skills/communication skills will be of great value to you.

Mastering the Money Game Requires Self Enterprise

In mastering the money game it is increasingly critical to not rely on guarantees but to create opportunities.  Be self-enterprising by delivering direct value to the marketplace and name your price.

This is where you can start to take more control over your financial destiny.  Think of a passion project where you can monetize your skills, hobbies and talents.  Self enterprise is an important step in mastering the money game as a Black man because you never know when your time is up when you work for someone else.  Technology presents everyone with an opportunity to be entrepreneurial on a shoestring budget and the primary investment of your time. See EMERGING INTO AN ENTREPRENEUR

Enjoying Your Money

As we discussed earlier, a lot of times we can engage in frivolous spending, but here is where we can experience the joy of dedicating our money to purely have fun without feeling guilty at all.

Mastering the money game allows us to use money to not just survive but also enjoy life.  Use the 10% rule of thumb to dedicate to entertainment, luxury, fun and any type of discretionary spending.

If you’re starting out from the pits of hell, then you know that using 10% of you money just to enjoy yourself is off into the distance.  But keep in mind that when you’re struggling, it’s just as important to not beat yourself up to the point where you begin to diminish your self worth and start to view yourself as being unworthy of anything good.

If 10% is a stretch, try a smaller percentage or try a dollar amount such as $10 a week devoted to fun.  You don’t have to spend it all at once.  You can keep building your fun account but I would suggest not to let too many months go by without using it unless you’re really saving up for something big.  Even then, you can enjoy yourself along the way to your dream buy spending smaller amounts for nights out and doing inexpensive recreational activities.  Don’t forget to give yourself the experience of rewarding yourself regularly.

Mastering the money game calls for us to allocate or funds with purpose.  Get organized and take control of your destiny!

Written By: Waymon Brown. Creator of theesquireproject.com. Email info@theesquireproject.com