Tag Archives: Debt

Financial Literacy Month: A Golden Opportunity for Families & Communities

”Who prohibited the nice things G-d has created for His creatures,
and the good provisions? Say, Such provisions are to be enjoyed in this life by those who believe. Moreover, the good provisions will be exclusively theirs on the Day of Resurrection. We thus explain the revelations for people who know.”
–Al Quran 7:32

“O my Lord, I seek refuge from being overpowered by debt… protect and deliver me from poverty and let me enjoy my hearing, my sight and my strength in Your way.“
–Muhammed The Prophet (S)

G-d intends for us all to have life and have it better and better all the time…”
–Imam W. Deen Mohammed (ra)

President Obama has proclaimed April as National Financial Literacy Month and is calling on all Americans to recommit to teaching ourselves and our children the basics of financial education.

This month presents an excellent opportunity for both families and community organizations to do a self assessment and critically examine how resources are being generated and managed. Financial literacy is a leg up to economic prosperity and protection against fraud and predatory banking practices.

All institutions including the family have been squeezed financially not only because of the financial debacle that brought on the worst recession since the Great Depression, but also because of income inequality and other social economic ills affecting communities, especially minority communities. Of particular concern is the targeting of ethnic minorities by unscrupulous corporations. One of the best ways to protect yourself and your family is through education and superior personal financial conduct like Maintaining excellent credit.

Nonprofits in particular must be sensitive to the general financial circumstances of those they expect to support their institutions. Help your supporters help you.

Now’s a good time for our organizations to help themselves by helping increase the net worth of their individual supporters. Encourage personal financial education through workshops, seminars, contests and on-site counseling services to enhance your community’s financial preparedness.

Some of my recommended titles for this month are:

Debt Free for Life
80 Proven Ways to Become a Millionaire, All you need is two or three!
Smart Women Finish Rich
Emotional Currency: A Woman’s Guide to Building a Healthy Relationship with Money
The Kids Guide to Money Cent$
Lemonade in Winter
Money & The Law of Attraction
The 4-hr Workweek
Your money or your life
Retirement Revolution: The New Reality (DVD)
Save Your Retirement: What to Do If You Haven’t Saved Enough
The Wealth Choice: Success Secrets of Black Millionaires

The 7 most important takeaways for financial literacy this month?

— Identify bad and good habits
— Start making changes today
— Practice delayed gratification…we don’t always have to have “it” now.
— Be a savvy consumer and investor…educate yourself and your family.
— Invest now in your future by realizing that not all of your money earned today is to be spent today…some of it’s for tomorrow when you will have less or zero earned income.
— Make a commitment to live debt free.
— And finally, pass on the knowledge, good habits, and perhaps some measure of family wealth to the next generation and help end any cycle of generational poverty.

Left open for further thought and research…Peace until next time.

Sincerely & respectfully,

Mukhtar
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