OPINION – Black women have a double whammy when it comes to leaving wealth for their children. Not only are women still behind the wage gap when it comes to salaries commensurate with men they also often are the sole caretakers of children and thus have fewer resources to begin with. Sadly, African American Women earn 67 cents compared to White women’s earnings of 77 cents.

As you embark on a financial journey here are few things you will need:

1. Educate yourself financially.
The more you know about how money works the better prepared you are. Learn about investments, know how and when to invest in your retirement. Accumulating a wealth of assets that grow in value is very important to wealth building.

2.Chart your course.
Make retirement goals while charting your course will get you there. Make sure you have the resources and the means to get you to your future goals. If you have the means, employ a financial adviser who can help you set a financial course.

3.Involve your children in financial decisions.
Leaving a financial legacy for children is very important, however, educating them about finances will ensure the legacy continues. Most people learn about finances when they encounter their first job as an adult responsible for all the rent/mortgage, utilities, and other everyday living expenses. However, financial education should be taught as young as pre-school. Financial education is forever, something that will stay with you forever.

4. Get help with financial planning and estate planning.
In my book “Big Girls Don’t Cry-Taking the Emotions out of Finances,” one of the steps to Finances Security is to “Know Your Weakness.” Financial journeys are difficult, having someone to help is very important. You need a banker, financial adviser, accountant, estate planner, whoever, get them to walk with you during this time.

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By Anita R Johnson

Financial Psychologist
Founder, Money Wisdom for Women