3 Things Men of Color Need To Control

Men of color often face unique pressures from different areas of life, and those pressures can push them to achieve success. When you’re aware of these challenges, you can make better choices that align with your goals. Here are 3 money-related things to be aware of, because they can hold you back if you’re not careful:

1. Setting financial boundaries: Have you heard of "loud budgeting"? It’s simply being open about what you can and can’t afford. There’s no shame in saying no if you don’t have the money. It doesn’t make you any less of a man. In fact, people will likely respect you for being upfront. Often, others feel the same way but are too afraid to say it. Don’t let social pressures push you into spending more than you should. Saying no gives you control and helps you focus on your own priorities.

2. Cars mean your success: Cars can be a huge drain on your money unless you’re making more than you’re spending on them. If you enjoy cars as a hobby, it’s okay to spend on them, but make sure you have a budget. When buying an expensive car, think twice. If you finance or lease it, the real cost won’t hit you until months later. Your worth and success aren’t tied to a thing on 4 wheels, so don’t go overboard with spending on something that won’t build long-term wealth.

3. Having a solid partnership: Life can be harder when you’re on your own. Building a strong relationship with your partner—one that isn’t based on material things—can make a huge difference. Make sure you’re both focused on the same financial goals. A true partnership helps grow your money and support each other’s dreams. My brother once said, "There’s me money, their money, and WE money." That’s the key: your relationship should be about teamwork, not about buying things to prove your worth. Your partner is one of your biggest investments.

These 3 focuses will get you closer to being in control of your money goals, stay up.