Welcome to "The Development of the INner World - Dr. Kimya Nuru Dennis" on the Our Black Empowerment channel!
In this insightful discussion, Dr. Kimya Nuru Dennis explores comprehensive strategies for Black Economic Development and accessing essential financial resources, emphasizing that these processes are continuous and foundational.
Strategic Financial Planning & Resources
Discover actionable steps to strengthen your financial position:
• Find Resources: We encourage finding in-person and virtual classes, programs, and events related to economic development and financial resources. Many of these resources are paid for through taxes and may be grant-funded. Look at websites for libraries and schools, and join city and state email listserves to receive information about local, national, and global organizations hosting beneficial events.
• Professional Guidance: Always seek out legally approved financial planners and legally approved tax preparers. A legitimate financial planner provides basic planning advice, admits when they need to research something further and get back to you, and will contact their colleagues.
• One-on-One Specialization: Schedule one-on-one meetings with someone who specializes in Workforce Development, economic development, and financial resources. This personalized approach is crucial because "there's no one size fits all" advice; they can give overall advice, but not everything pertains to you.
Investments and Wealth Building
Learn how to approach wealth accumulation thoughtfully and strategically:
• Simple Investments: When starting investments, a good financial advisor will be strategic, paying attention to details and economic ups and downs locally, nationally, and globally, because global trade impacts national and local trade. They will take investments bit by bit, rather than advising you to risk everything all at once.
• Ethical Investing: Be aware of the source of profit. You should seek investments that are not based on things that are exploitative and harmful to people, such as profits derived from diamonds and gold. Therefore, you do not want wealth that is based on that kind of profit.
• Caution Against Trends: Be careful not to jump into investments that are just trendy all the time on the internet, and be wary of social media claims promising instant wealth through things like Bitcoin, often advertised by people saying their friend now lives in a mansion.
• Defining Wealth: Wealth building involves increasing your savings, investments, and retirement funds. Savings should be able to carry you for a while if a health emergency occurs, you lose a job, or something happens where you live. Remember, building wealth does not necessarily mean you have to want to be a millionaire, or that you must invest in having a mansion, taking up land for no reason in huge houses, or spending money on expensive cars.
Foundational and Cultural Components
This conversation places economic progress within a historical and cultural context:
• Historical Context: Black economic development has been addressed for centuries, even before figures like Booker T. Washington, Maggie Lena Walker, W.E.B. Du Bois, Marcus Garvey, Harold Cruse, Thomas Sowell, and Huey P. Newton.
• The Core Foundation: As Harold Cruse explained, Black artists who are intellectuals and scholars are the foundation and the core of Black political development and Black Economic Development. Black politicians and civil rights leaders have a role to play, but they are not the core of our people's progress. Black Culture, therefore, is the foundation for Black progress.
• Focus on Resources: We must ask ourselves what cultural components and available resources we have, such as Black educators, black writers, black organizations, black leaders and decision makers, and black visual art. We must highlight our resources instead of only highlighting the problems.
Cash Flow and Life Planning
We also cover essential elements of comprehensive life planning:
• Cash Flow and Health: Plan for cash flow, including emergency funds, medical and health resources, and retirement funds. Do your best to access resources you do not have to pay for, such as mental health support groups that can include people without health insurance.
• Life Processes: Consider long-term processes like retirement income, pension, Social Security benefits, Social Security disability insurance, living wills, and life insurance. These are processes that need consideration and do not happen quickly.
This video encourages the development of the inner world by shifting focus to the tremendous resources and intellectual foundations already present within the Black community.
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