This book is about your personal finance. it could teach you about budgeting, insurance, balance, time, and the importance of having a financial coach.
When considering the concept of Generational Wealth, commonly associated with families like Rockefeller’s, Kennedy's, Vanderbilt's, and Hilton's, it becomes evident that none of these prominent examples are black families. Throughout American history, black families have struggled and fought for freedom, civil rights, and recognition of their humanity. Unfortunately, due to the ongoing battle for equality, the essential teachings of financial independence have been overlooked and neglected within today's generation of black communities. Although figures like Madame CJ Walker have achieved wealth in their time, their families have not been able to sustain that legacy. The idea of generational wealth thus feels distant for our demographic, as negative perceptions inherited from previous generations have hindered progress. Current generations are only discovering financial literacy and growth later in life through trial and error but imagine the potential if this knowledge were instilled at a younger age. This book has the power to effectuate such a change by providing comprehensive knowledge and tools that go beyond the surface-level financial literacy taught in schools. It aims to guide younger generations towards pursuing financial growth through various avenues, ensuring that both growth and knowledge are passed down more effectively. With emphasis on the significance of leaving a legacy, Frank Bonhomme’s work goes beyond the mere transmission of a family name. This is particularly crucial for black communities, where the encouragement and development of financial literacy, independence, growth, and knowledge have not been prioritized as they should be. The empowerment offered by this book will be invaluable to current and future generations, establishing a golden legacy that will endure for years to come.
Welcome to The Financial Guideline to Prosperity, Financial Security, and Wellness, a book that has been meticulously crafted with the sole aim of helping you, the reader, succeed in your financial endeavors. Before we delve into any of our research-backed financial advice, allow me to share my qualifications in the realm of finance. Since embarking on my journey as a real estate agent at the age of 25, I have accumulated over two decades of experience in the industry, alongside which I have gained valuable insights into the mortgage sector through work as a junior loan officer. Having subsequently ventured to the depths of insurance, finance, and tax industry—establishing my own successful accounting practice in the latter—I have been empowered with a rare appreciation for the interconnectedness that unites all facets of the financial world. It is this secret that I hope to share with you through this book, in which I will connect various financial topics and elaborate on key principles that are crucial for financial literacy.
As well as being a business guide, this is a book about reflection; a book about mistakes made, successes secured, and lessons learned. It makes sense, then, that we begin these reflections by going back to my earliest days. In hindsight, even then I can recognize the passion for business that whirred inside of me. Growing up in a family of entrepreneurs, my father being a prominent figure in the Haitian business landscape, my exposure to the dynamic world of commerce began early in my life. His ownership of multiple properties and businesses exemplified the entrepreneurial spirit that ran through our family, a spirit that has been drilled into me and one that I hope to pass onto you, dear reader, through this book. Indeed, my mother actively managed some of the convenience stores owned by my father, and I vividly remember her taking trips from Haiti to Florida, where she would meticulously select merchandise to bring back and sell in her boutique. However, our relocation to the United States in 1986, a move prompted by political unrest and turmoil, forced my resilient parents to start anew. Despite facing language barriers and an almost-total unfamiliarity with the American workforce, they courageously embraced the challenge and began their journey in a foreign land. After all, a true business spirit transcends borders.
So, my business journey began aged 15, when I embarked on a paper route, fueled by my admiration for Wally, the suburban boy in the TV series Leave It to Beaver, who effortlessly delivered newspapers on his bicycle. Although the financial rewards were not substantial, the sense of accomplishment was immeasurable. Motivated by this, my teenage years saw me explore a plethora of entrepreneurial ventures and side hustles; I honed my skills in building and repairing computers, expertly installed radio systems in automobiles, and even pursued my passion as a Christian disk jockey. As I matured, so did my entrepreneurial ventures. In my twenties, I immersed myself in the world of self-employment, and proudly ran my own successful business.
Getting started officially in business involves several crucial steps, such as registering your business with the appropriate state and federal authorities, obtaining a tax identification number, and fulfilling all the necessary legal obligations set out by your local municipality. In the subsequent chapters, we will delve into the startup process in greater detail. Here, however, it might be worthwhile to condense my own business journey into a few short sentences. My operations began with extensive market research, conducted to assess the overall demand for my services. After all, no demands mean no sales! Efficiency played a pivotal role during the early stages of my business, and I rented a desk in the real estate office in which I worked as an agent. This arrangement allowed me to work on my business while waiting for potential buyers and renters. Thankfully, my realtor understood the situation since I was not earning hourly wages as one of their salespeople. This set-up came with another benefit, too: the ability to multitask. As my business gradually began to flourish, I relocated to a more prominent space. Still, it is vital to point out that such progression did not arise by luck or chance (or indeed with any great speed). It required tremendous effort, hard work, and a fair share of trial and error. I relentlessly promoted my business by distributing flyers day and night, seizing every opportunity to raise awareness (remember, demand is essential). Attending numerous networking events allowed me to forge valuable connections and cultivate relationships that have stood the test of time. Yet there were instances where it became necessary to part ways with certain clients. Yes, you heard it right – some individuals were simply not worth the hassle. In fact, I have dedicated a sub-chapter specifically to customer relationships, delving into the nuances of maintaining positive interactions with clients.
Throughout this book, I will candidly share the mistakes and successes that came to define this decades-long journey, hoping that you can learn from them and avoid the pitfalls I myself encountered. Perhaps above all, my objective over the following 154 pages is to illuminate the true essence of being a businessperson. In recent times, terms like "Boss Chick" and "Boss Man" have been popularized through music and social media platforms, embodying an apparently overwhelming desire for individuals to become their own bosses without fully comprehending the true demands and responsibilities that come with such a position. While I personally wish that everyone could experience the joys of entrepreneurship at least once in their lifetimes, I understand that not everyone understands the essential qualities required to be a successful boss. Many fail to realize that being a boss necessitates far greater dedication and effort than being an employee. As a business owner, for instance, I distinctly recall moments when I lacked motivation and was left trying to push myself to continue working. During my time as an employee, by contrast, I would simply take sick leave if I felt unwell or dejected. Moreover, every financial challenge that your business faces is one that impacts you personally, both from a monetary and mental perspective. Obtaining loans can prove arduous, particularly for minority or new businesses and especially during the initial stages where capital is crucial. During the infancy of a business, one must invest countless hours in building a solid client base and establishing foolproof systems that minimize errors. It is hard work, but the purpose of this book is not to deter your entrepreneurial attempts. Far from it, I want to show that, despite the heightened demands of running your own business, the rewards can be profoundly gratifying if approached with the right mindset, preparation and motivation.
Together, we will delve into the question of what really defines being a boss, and we will explore the industry-specific terminology associated with entrepreneurship. After examining the roles and responsibilities that accompany business ownership, we will evaluate whether you possess the necessary patience and customer service skills, or if hiring individuals with a business mindset would be a more suitable route to your success. We will discuss the importance of offering something unique to the market and understanding whether there is a genuine demand for your services. Equally as importantly, we will acknowledge that not everyone is cut out to actively run a business; passive investment can also provide opportunities for ownership. With our outline complete, let us begin.
