The do’s and don’ts of building financial legacy
Building a lasting financial legacy is a goal that transcends gender, ethnicity, and identity. However, it's essential to recognise the unique challenges faced by Black LGBTQ+ womxn and non-binary people in the UK. Creating a lasting financial legacy is a powerful step towards securing your future and positively impacting generations to come. In this blog post, we'll delve into the dos and don'ts to help you make practical and impactful financial decisions tailored to your specific circumstances. Let's get started!
Do
Financial Education is Key
Start by equipping yourself with financial knowledge. Take the time to understand personal finance, investment options, and how the UK's financial system works. Attend workshops, read books, and follow reputable financial experts who prioritise diverse voices and perspectives. Join My Moon Landing Financial Fundamentals programme for three weeks of core skills training focused on managing your debt, increasing your wealth gap and budgeting effectively.
Set Clear Goals
Identify your financial objectives and create a plan to achieve them. Whether it's buying a home, funding education, or starting a business, setting clear goals will keep you focused and motivated on your journey to financial success.
Build Emergency Savings
Life is unpredictable, and having an emergency fund is essential. Aim to save at least three to six months' worth of living expenses in a separate account to safeguard yourself from unexpected challenges. This may take a long time, but don’t let that deter you. The sooner you start, the closer it is.
Invest Wisely
Explore investment opportunities that align with your risk tolerance and financial goals. Diversify your portfolio to spread risk and consider sustainable investments that resonate with your values.
Protect Your Assets
Life insurance, disability insurance, and estate planning are crucial aspects of building a financial legacy. Ensure your loved ones are protected and well-taken care of in case of unforeseen circumstances.
Don't
Live Beyond Your Means
Resist the temptation to overspend or rely heavily on credit. Living within your means will allow you to save and invest more effectively.
Ignore Financial Literacy Gaps
Recognise any gaps in your financial knowledge and actively work to bridge them. Seeking professional advice can also be beneficial when navigating complex financial decisions.
Avoid Emotional Investing
Emotions can cloud judgement when it comes to investing. Stay disciplined and focused on your long-term goals, avoiding impulsive decisions based on market fluctuations.
Rely Solely on Traditional Paths
Consider entrepreneurial ventures or side hustles to diversify your income streams. Embrace creativity and innovation in pursuing financial growth.
Be Afraid to Seek Support
Building a financial legacy can be overwhelming, but remember; you don't have to do it alone. Seek advice from financial advisors or join supportive communities to learn from others' experiences.
Building a financial legacy as a Black LGBTQ+ womxn and non-binary person living in the UK is entirely achievable with the right approach. Remember, creating a lasting financial legacy is not just about accumulating wealth; it's about empowering yourself and your community for a brighter and more secure future. Embrace the journey and start making impactful financial decisions today!
