'In The Black': A financial how-to with African Americans in mind
— -- To be able to fund your dreams is firmly within your control. That's the empowering message of AaronW. Smith, a financial planner and author of In The Black: Live Faithfully, Prosper Financially.
It's a matter of identifying your personal values, setting goals, discipline and ramping up your financial literacy. Add a spoonful of religious faith, too. Smith, a 15-year-plus veteran in the financial services field, has carefully assembled this straightforward financial-planning guide to lend a hand. The how-to advice shouts out to anyone who is trying to get traction in his or her financial world, regardless of income or debt level.
His core audience, however, is the African-American community. Smith is forthright about his modus operandi. He kicks off the book by stating, "This work was written to address African Americans in a Christian context, but one need not be of a particular religion or race to benefit from it."
Smith envisions his financial guidance as a "spiritual journey." "You can begin by imagining that I am right beside you, but not in front. The Lord is always in the lead. To that end, each of the 20 chapters is followed by a scriptural passage, so you can begin your next chapter with the kind of energy that faith can inspire," Smith writes.
There is something intrinsically calming about his faith-based approach, but the core is Money 101. His advice ranges from helpful hints to basic definitions of financial terms to specific strategies for financing mortgages, buying insurance and investing in stocks, bonds and mutual funds.
Retirement planning is his overarching theme, and he uses African Americans from all walks of life grappling with retirement issues to illustrate the breadth of challenges faced by individuals today. To guard his clients' privacy he has changed names and biographical details.
"Some of these individuals have been impacted by the income disparity and credit discrimination that impedes financial security for many African Americans," he writes. But not all. What they do have in common is a need for a plan to help them remain financially secure after retirement.
