written by @CoreyLStokes
Although it seems like it, it wasn’t all that long ago that women were encouraged to find a man that can take care of her physically, emotionally, and financially. Today men however, are fighting a battle against this old school way of thinking, when it come to financial support. I remember, prior to taking that big step, the conversation between my future wife and I, regarding money:
Future Wife: We need to have some money in the bank before we get married!
Me : I agree, but if we wait until we have enough to get married, we’ll never get married.
Future wife: Ok, fine let’s get married
Boy was I wrong! A husband is supposed to be a provider for his family! When I got married I had nothing to offer except a promise that I would do better. The truth of the matter is a promise, would not keep food on the table A promise does nothing to a wife’s need for feeling secure. I Although I had a job. I did not have the basics. I was so much in love that I risked what so many before me, and many after me risk every day. To add fuel to an already burning fire, I entered the relationship with way more debt that I could handle. Luckily, 16 years later we are still here and I have learned my lesson.
Today, women are encouraged to ensure they can fend for themselves financially, while men are expected to be able to do so. So Fellow’s, Let’s talk! There are some things that are a must when it comes to reaching manhood. Handling your money is among the top lessons that you should learn before making any big step in your life. But, if you are like me and are a late learner, hopefully these financial lessons will benefit you.
1. If you do not have debt, stop allowing people to tell you that you need debt. You don’t need a credit card! If you don’t have to borrow money to get that first car, then don’t. The less debt you have the more your income will work for you.
2. Build an Emergency fund. When you have a buffer between you and disaster, disasters are easier to handle. As your situation changes (Marriage, Children, etc…), your emergency fund should increase as well. If you have debt, you still need a buffer. Save enough money to pay your deductible and to catch some of the most common emergencies (food, rent, utilities, and transportation).
3. Your Emergency fund is not your savings. Once you have built your emergency fund, build your savings account. I like to think of my saving account as my employees. (I must credit Robert Kiyosaki for teaching me this concept. Each dollar I save is a hard worker; and the “referral program” helps me recruit more employees. These employees are then to assist in travel, investing, relocation’s, wealth building and the happenings of everyday life.
There is a conversation that needs to be had among father’s, son’s brother’s and friends. I’ve learned so many lessons late in life. Hopefully my mistakes can help you success.
Corey Stokes 