The $5 Challenge

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DollarzNSense

This black history month We would like our readers and newcomers to try the five dollar challenge, millennials, Gen-Y thru Z and minorities included. Before we get into the challenge, I would like to give thanks to the people who inspired me to push on regardless of nay Sayers, and doubters. Whatever you think, our objective is to help people in need and to advance their wealth building potential. So, Thanks goes to Ms. Tianna Von Johnson and Dr. George Fraser for their encouragement. This month the five-dollar challenge is what we think is a potential catalyst to building small scale fund growth on a personal level. 

For Black History month, The five-dollar challenge is basically a good basis for starting a stock portfolio by saving money and then investing the settled results in a self-directed stock portfolio and by staying on track doing this in about 5 to 10 year from now, you will see the appreciated monetary growth you have made. Our App of choice is either Robinhood or Stach. You can find it on the Android App store or you iOS App Store. Download it and set up a account for yourself or family member.

Start by getting a folder, envelope or your favorite Cookie Jar.  Each time you break a $10, $20, $50 or $100 take the $5 bills out of the change. Save, stach or fold away the $5 dollar bill or bills and keep this momentum going by every time you make change for the entire month of February. Now at the end of the month count how much money you have saved by sticking to the effort. You must remember to be diligent and committed in order to see how fruitful your actions have made you at the end of the month. I did it and my diligence at the end of January gained me over $275.00 while others in my family ended up with $530.00.

Now my earning will go into my bank account and then I will apply that money to a set of stock choices I have in my Robinhood account. This same strategy can be used by any novice trying to become a stock investor while building your own personal wealth plan. You don’t even have to limit yourself to the $5 dollar range you can make it a $10.00 or $20.00 challenge and the exact same thing with more earned income. So, go ahead take the challenge and make it a memorable Black History event for you or a family member. Now you can gain more leverage in the market for yourself if you continue this habit each month for a year. Enjoy and build wealth gracefully.

J Chavis / President DollarzNSense