All young Black professionals aren’t broke. In fact there are many young professionals who are excelling in their careers, starting businesses, generating revenue, and enjoying life all at the same time. Yes, we exist and (not just on social media) and we’ve been blessed to provide for ourselves and others.

However, just because we make some money, doesn’t mean we don’t fall into everyday traps of the financial devil. Depending on our upbringing, we can spend a lot more than we make. The goal with money should be to get it and keep it, not get it and spend it. Therefore, we must arm ourselves with strategies to live our best lives.

So, here’s 3 common money mistakes and traps young rich professionals make that you should avoid. 

Making Lifestyle Changes On Temporary Income

Income tax checks are temporary income. Don’t be that guy who purchases a new car with a refund check and can’t afford the payments.

Whenever you receive any form of temporary income (refund checks, part-time or uncertain contract payments), be intentional about not making significant lifestyle changes with it. A permanent lifestyle can’t be support by inconsistent income. Instead, I recommend using temporary income as fuel. Fuel your investments, retirement accounts, and education. Use temporary income to save for a home or pay down debt. Additionally, you can repurpose those funds to responsibly invest in self-care.

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Trying To Keep Up With Influencers

Everybody wants to be Instagram Star. But always remember: wealthy people are focused on making money, not counting another person’s pockets.

When you have disposable income, it’s easy to click “buy now” or shop until you drop. But it’s a dangerous thing when shopping becomes a habit, or your best friend when you’re bored. Being seduced by latest trends is the fastest way to lose all your coins. I know you can probably afford it, but you must remain diligent with meeting financial goals. Yes, that means you may need to defer a purchase for a later time. Just because an influencer got it doesn’t mean you have to.

My Pastor once said, “what’s done in private will always show up in public.” If you want to continue to look good in public, then you better start practicing financial stewardship in private.

Failing to Ramp Up Your Savings

Another recession is coming. Most economists, CFOs, and industry leaders agree that it is coming in 2020 or 2021. It’s best to be prepared for when it arrives.

If you lived through the Great Recession you I don’t need to explain. You know what to do. Focus on building up your savings and understand how liquid your assets are. Don’t be that guy who spends all their money on fleeting objects and unappreciable assets. 

Jay Z said it best, "What’s better than one billionaire? Two." 

As a community we can’t get there without repurposing temporary income, limiting social media distractions, and ramping up our savings.