7 ways how blacks can learn to manage and improve their financial skills from indians.
1. Family Business
*according to Credit Suisse Family 1000, a recent study have shown that India ranks third in terms of the number of family-owned businesses.
* family businesses decrease costs and expenditures. The family participation as managers and or owners of a business can strengthen the company because family members are often loyal and dedicated to the family business.
* Indians uplift and rely on each other. Family is very important in India, and families tend to be very close knit,the family is more important than the individual and the individual is nothing unless he or she is part of family.
2. Education
* education is very fundamental to Indians, which means they invest more on education
* they understand that an educated person has more chances of landing up a good high paying job. The more educated you are, the better career options.
3. Investments
* rich Indians are big on investments, they invest in Equity markets, digital assets physical assets (jewelry) and fixed deposits mutual funds.
Investments are risky but living without investing is more risky, remember not taking risk is the biggest risk.
4. Discipline
* enforcing discipline plays a big role to their kids, disciplined people look after themselves very well and carry out the complete necessary grooming required to live a fit and healthy life, it is discipline alone that can yield self - control over money. Discipline can help when you facing financial issues, it can also helps with the way you react with money and the decision you make about money, practicing financial discipline have a much higher likelihood of ending up rich because of their consistent use of good habits.
5. Legacy planning
* they focus on leaving a legacy, which means creating business that has been passed between generations
* passing on wisdom, leaving their financial legacy for their family
6. Bank accounts
* Indians keep more cash reserves at home, according to Quartz India, nearly half of Indian accounts are rarely used, which means less bank fees.
7. Religion
* according to Elizabeth Webb Beyer Temple Beth or Rabbi, Religion may affect an individual's life choices, including education, marriage, career, how many children to have and also impact if and how money is saved or spent.
Faith can become just another means to make money, if you read the book by Napoleon Hill, Think and Grow Rich, Hill has mentioned faith as one of the method for achieving success
This article is not about which race is better, but what we can learn from each other (black wealth matters)
"I can enlighten a child who's afraid of the dark not an adult who's afraid of the light,whether you believe you can be rich or you can't, you definitely right,the future is yours"
