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When it comes to personal finance, many of us adhere to a set of seemingly rigid rules. Avoid credit card debt, stick to a strict budget, and above all, don’t discuss money matters with your friends. However, Dasha Kennedy, founder of The Broke Black Girl, challenges these norms. In an Instagram post, she revealed a willingness to break these traditional money rules, demonstrating that her unconventional choices led to financial growth and stability.
Kennedy’s journey serves as a reminder that financial guidelines are not absolutes, but rather, suggestions that can be adapted to one’s unique circumstances. Here, we explore five financial rules she broke, revealing how non-traditional approaches helped her gain prosperity.
1. Never Carry a Credit Card Balance
Faced with essential choices between paying off her credit card balance or ensuring her family’s basic needs were met, Kennedy prioritized survival. For her, carrying a balance was not a sign of irresponsibility, but a necessary step to navigate challenging times. If you ever find yourself needing to carry a balance, aim to do so temporarily and pay more than the minimum whenever possible.
2. Never Finance a Car
Kennedy financed her vehicle, recognizing the importance of reliable transportation for work and family duties. While financing can often be seen as unwise, she emphasizes the importance of only taking on debt you’re equipped to manage monthly. Investigating financing options and settling for a car that fits your budget is critical in avoiding unnecessary financial strain.
3. Always Buy, Never Rent
Throughout significant transitions in her life, Kennedy opted for renting instead of purchasing a home, enjoying the flexibility that renting afforded. Renting should not be viewed as a failure, but rather as a strategic decision during periods of adjustment. Homeownership can be a beneficial goal, but it is not the sole path to achieving financial stability.
4. Stick to a Budget Rigidly
For Kennedy, budgets are more like maps than strict rules. When unexpected life events occurred, she adjusted her budget accordingly rather than feeling guilty for deviations. Flexibility within budgeting can prevent frustrations, allowing individuals to adapt and stay on course without derailing their financial progress.
5. Don’t Discuss Money with Friends
Kennedy advocates for open conversations about money, noting that such discussions can uncover valuable insights and financial strategies. Keeping money matters a secret can hinder personal and communal growth in financial literacy. By fostering a supportive environment where money can be discussed freely, individuals can share valuable advice and learn from one another’s experiences.
Overall, Kennedy’s financial philosophy illustrates that traditional rules can be bent or broken for the sake of survival and well-being. Embracing a flexible approach to personal finance can lead to unexpected opportunities for wealth building and prosperity.
