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FLOW: Re-evaluating personal finances post Covid-19 pandemic.

Culled from: The Wall Street Journal and accessed on April 17, 2021.

“With 2020 in the rearview mirror, and the end of the pandemic (fingers crossed) in sight, there’s a lot of economic damage to be assessed. But there are also a lot of personal-finance lessons we can learn—lessons that will put us in good stead, whatever the economic future holds.

Lessons about the importance of emergency funds and having different income streams. Lessons about how this time really isn’t different (no matter how much it feels different). Lessons about how personal finance is truly personal. And much more.

These are some of the lessons we heard about when we asked financial advisors and others to reflect on the past year. It was a year, no doubt, that many people would prefer to forget. But before we try to wipe those memories clean, here are some of the things that investors, savers and spenders would do well to remember.”

SUBSCRIBE TO THE WSJ AND READ MORE HERE: https://on.wsj.com/2PNSPP2

Prime Minister of Canada Announces Support for Black Entrepreneurs and Business Owners

Every day, Black business owners and entrepreneurs make invaluable contributions to communities across the country, and their success is essential to Canada’s economic recovery and future prosperity.

The COVID-19 pandemic has highlighted and exacerbated existing systemic barriers faced by Black entrepreneurs and small and medium-sized business owners in Canada. While we have made progress in advancing equitable access to support and opportunities, much more needs to be done to better help Black business owners and entrepreneurs, and address anti-Black racism.

The Prime Minister, Justin Trudeau, today announced investments of up to nearly $221 million in partnership with Canadian financial institutions – including up to nearly $93 million from the Government of Canada over the next four years – to launch Canada’s first-ever Black Entrepreneurship Program. This program will help thousands of Black business owners and entrepreneurs across the country recover from this crisis and grow their businesses.

The program will include:

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F.L.O.W: Financial Literacy for Women, -an initiative of Whole WoMan Network

 

“Money has some rules attached to it. And if you follow the rules, you’re going to have more stability in your life than if you don’t follow the rules.

Doesn’t matter if you’re a man or a woman.

The rules are the same: You need to have a plan for how you use your money, you need to have a healthy credit identity, you need to have emergency money and some insurance.

I think it’s really important that we come to realize that life is about balance, or even more so, how to integrate all aspects into a fulfilling and enriching experience. It is not zero-sum; life is not all or nothing.

It’s not spending every waking moment thinking about money or spending no time thinking about money, Managing money isn’t really that hard.

It requires some discipline and there is some detail involved, but in reality it doesn’t take that much time and the payback is huge.” ~Gail Vaz-Oxlade

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