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Wealth

What are the mistakes we need to teach our children and young adults to avoid?

Our featured trailblazer today is Anthony ONeal.

At the age of 19, Anthony ONeal was deep in debt, homeless and had little hope for where his life was headed. But after hitting rock bottom, he turned his life around and committed to helping students find and pursue their passions. Since 2015 as a part of the Ramsey Solutions team, Anthony has helped thousands of students make good decisions with their career, money, relationships and education to live a well-balanced life.

I need your help right now to share this episode with our parents, students and young adults who need to hear this content and take action today toward creating a plan, following a budget and beginning to lay a foundation for building wealth.

Key take aways from Anthony:

  • Being an African-American man, one of my desires was to represent my race, my culture, across all platforms, and earlier this year I had the opportunity to do that by going on the Rachel Ray show, to represent our culture as a young African-American man that has come from homelessness, sleeping in the back of his car, to now traveling the world and inspiring all people, working with a guru, an amazing man like Dave Ramsey; going there to share my message, my story with a millionaire — a famous person.  I’m extremely grateful for the opportunity, for God to trust me with that platform.
  • I had amazing parents who loved me dearly but they couldn’t teach me what they didn’t know. They didn’t teach me about practical life skills, wealth, debt, credit cards, debit cards, checking accounts and budgeting.
  • I knew the word of God but I didn’t know life.  So, when I got out on my own I didn’t know how to deal with the things that were hitting me — credit cards, loans and car loans.
  • I was getting my financial education from the world, and the world was teaching me some bad stuff.
  • “More is caught than taught.”  Rachel Cruze
  • We shouldn’t necessarily be doing as much “teaching” but we need to be practicing what we’re teaching in front of our kids.
  • Our kids will see what we’re doing, duplicate it and then ask questions.
  • As parents, we first have to start taking control of our finances, having budgeting meetings with our spouses, and getting on the right pages.
  • A good man leaves an inheritance for his children’s children.
  • The #1 financial mistake people are making today is not having a plan for their life and a plan for their money.
  • If you can’t see where you’re going then all the other mistakes don’t matter.
  • Where there is no vision the people perish:  your money perishes, if you don’t have a vision for your money; and your goal perishes, if you don’t actually write down your goals.
  • Your money and your goals need to be congruent.  Put your plan for your life and your money on paper.
  • Tips for young people just starting out financially:
    • #1 As soon as you graduate from college and know your income, get on a budget.
    • #2 Go home for a year or two with a solid plan to analyze your financial position and save.  Don’t rush out into life and make some dumb decisions.  Avoid debt.
    • #3 Be patient and stay in your lane.

 

One Action To Blaze Your Trail:

Put your vision on paper! Where do you want to go? What do you want to do?

 

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Today's episode was brought to you by:

The Campaign for Black Male Achievement. The lives of black men and boys matter. We need you to join, support and invest in this movement to help improve the life outcomes of our black men and boys.

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