Transforming Your Financial Future.
Essential Lessons from EVOLVE: Women & Wealth.
"Building wealth is not just about making money, it's about creating a foundation of assets, developing a resilient mindset and strategically positioning yourself for long-term success. The future belongs to those who embrace the power of innovation, invest in their communities and remain focused on their legacy." – Dr. Carlton Brown
During our EVOLVE: Women & Wealth webinar, Dr. Carlton Brown shared invaluable wisdom on building wealth, overcoming barriers and creating a legacy of success. Here are the top takeaways that will help you build financial resilience and navigate the challenges faced by Black women entrepreneurs:
Overcoming the Barrier of Assets. Only 26% of the community own property, which is a significant economic challenge. Building assets through homeownership, investments, and businesses is key to unlocking long-term financial security.
Black Businesses & Financial Gaps. While Black businesses have the highest startup rates, they earn an average of £26,000 per year, compared to £45,000 for their white counterparts. Yet, Black businesses are 8-10% more innovative, proving they have the potential to close the gap.
Access to Finance. Access to finance remains a major barrier, with 75% of Black women reporting a lack of faith in securing loans. Dr. Brown shared troubling data showing that only 0.024% of Black women have access to venture capital funding. This highlights the need to create alternative financial models and build trust within the community.
Start Building Assets Early. Dr. Brown emphasises the importance of home ownership, investing in shares, and saving for your pension. These steps are crucial for building a strong financial foundation and creating wealth over time.
Save and Invest. Start by saving 10% of your income or profits each month. Use these funds to invest in your business, property, or other opportunities that align with your long-term financial goals.
Set SMART Goals. Set clear, meaningful, and realistic goals that align with your personal and professional aspirations. Being intentional about where you’re heading is key to staying focused and building wealth.
Growth Mindset. Stay focused on your goals and always seek to grow. A growth mindset will enable you to stay resilient in the face of challenges, adapt to changes and build sustainable success.
Build Networks as Social Capital. Being in the right room and around the table is crucial. Networking with influential people gives you access to resources and opportunities that can drive your business and career forward.
Be Purposeful and Intentional. Be deliberate in your actions and decisions. Purpose-driven work will guide you to make the right choices that align with your long-term vision.
Do Your Research. Successful entrepreneurs are informed and make decisions based on thorough research. Always be sure to research market trends, financing options and growth opportunities before committing to new ventures.
Plan for Contingencies. Have risk strategies in place and plan for contingencies. Prepare your business for potential challenges and have a financial cushion to handle unexpected events.
Build Cashflow Plans. Strong cashflow is the backbone of any successful business. Plan for reserves and focus on capital accumulation to ensure your business remains profitable and scalable.
Dr. Brown's journey from starting out in a modest industry to building and scaling multiple businesses is a testament to the power of resilience, strategic planning, and growth.
Let’s take these lessons to heart and continue to evolve our financial futures and businesses.
We’d love to hear your thoughts on these insights! How will you incorporate these strategies into your business or financial plan?
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