Each year millions of people create goals related to becoming debt free. Being debt free and leaning into financial freedom is not for the faint of heart. Becoming obsessed with living without debt and understanding how money works will have impacts that you may not have thought of. We breakdown a few things people usually do not tell you when you decide to stop spending and start canceling debt in our latest video.
Still don't have a budget to help you plan your financial freedom? Click here for a simple monthly budget to keep track of your expenses and success.
American culture has taught us to care more about a credit or FICO score than being debt free. Credit is a tricky topic, but ultimately credit is not the way to financial freedom. Check out our latest video on the #JourneyToFinancialFreedom. Also check out a host of great resources by Dave Ramsey and his team who personally inspired our journey.
When trying to get #debtfree, people look for ways to do it fast and build wealth at the same time. Sometimes we need to slow down and consider how trying to go too fast or build wealth while trying to get out of debt can be counterproductive. Checkout our video on two things to reconsider when trying to debt free.
While creating a budget was the first tip we shared, there are many things that when used together get you closer to financial freedom. Tips shared in our second video give you a little more insight on what to do with the new budget you have created as well as tips to stay on track.
New video alert!!! Check out our story and the first tip to help you get closer financial freedom.
In recent years there have been multiple reports stating less than 40% of Americans have enough savings to pay for a $500 or $1,000 emergency. Reports also state that less than 60% of people have $1,000 in their checking and savings accounts combined. Due to systemic racism, Black people tend to be more negatively impacted than other Americans when it comes to economic issues. The impacts of COVID-19 on the economy, make the mentioned statistics even scarier.
While we understand that there are plenty of people in our Black community that are financially secure, at Essentially Noir we have a passion for helping ALL Black people beat the statistics. We feel like financial fitness, leveraging more of our four trillion dollars in spending power within our communities, and minding our health is extremely important for our ultimate freedom.
Over the next few weeks, we are going to share tips we are actively using to become debt free for good! Please continue to follow us and like and share as we do our part to provide information that can help even a few people get to where they want to be from a financial perspective.
Essentially Noir Team
Essentially Noir is obsessed with helping the Black Community gain financial freedom, rely more on self-sustainment, and use OUR collective approximately $4 trillion in spending power more with Black owned and operated businesses. We want to be a one-stop-shop for information that helps excel OUR communities and for fun and unique apparel and accessories that represent our core customers .