Know your true net worth: finding out how much you're worth is a major step toward building wealth - Black Wealth Initiative

Knowing and boosting your net worth should be your goal. To do that, for Suggs and many others like her, Epps says the answer is simple: "We need to spend less than we make."

He continues, "Look at how you spend and invest your money. You can't go with immediate gratification, you have to take some sort of risk and put something away for tomorrow." By doing that, you'll be taking the biggest step toward financial empowerment ever.

Declaration Of Financial Empowerment

From this day forward, I declare my vigilant and lifelong commitment to financial empowerment. I pledge the following:

1 To save and invest 10% to 15% of my after-tax income

2 To be a proactive and informed investor

3 To be a disciplined and knowledgeable consumer

4 To measure my personal wealth by net worth, not income

5 To engage in sound budget, credit and tax management practices

6 To teach business and financial principles to my children

7 To use a portion of my personal wealth to strengthen my community

8 To support the creation and growth of profitable, competitive black-owned enterprises

9 To maximize my earning power through a commitment to career development, technological literacy and professional excellence

10 To ensure that my wealth is passed on to future generations

B.E. Wealth Calculator

ASSETS
  Checking account                                 $--
  Savings account                                   --
  Savings certificates                              --
  Savings bonds                                     --
  Market value of home/apartment                    --
  Market value of other real estate                 --
  Cash value of life insurance                      --
  Surrender value of annuities                      --
  Equity in pension or profit-sharing plans         --
  IRA and Keogh plans                               --
  Market value of:
    stocks                                          --
    bonds                                           --
    mutual funds                                    --
  Other investments                                 --
    (including collectibles and precious metals)
  Current value of:
    automobiles                                     --
    household furnishings & appliances              --
    furs and jewelry                                --
  Loans receivable                                  --
  Other assets                                      --
                                    TOTAL ASSETS   $--
LIABILITIES
  Current bills                                     --
  Mortgage balance                                  --
  Credit card balance                               --
  Auto loans                                        --
  Student loans                                     --
  Check overdraft fine of credit                    --
  Home equity loan                                  --
  Margin loan                                       --
  Other debts                                       --
                               TOTAL LIABILITIES   $--

CURRENT NET WORTH                                  $--
(assets minus liabilities)

SOURCE: B.E. WEALTH BUILDING KIT

COPYRIGHT 2002 Earl G. Graves Publishing Co., Inc.
COPYRIGHT 2002 Gale Group