• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer
BlackDoctor.org
Where Wellness & Culture Connect

Where Wellness & Culture Connect

  • Health Conditions
  • Wellness
  • Lifestyle
  • Longevity
  • Resource Centers
    • Cancer Resource Center
    • Covid Resource Center
  • Find A Doctor
  • BDO TV
Home / Lifestyle / Healthy Finance / Q&A: 3 Things to Know About Your Finances

Q&A: 3 Things to Know About Your Finances

Gus Tucker relates financial education, tips for saving, and various types of interest.

How much of my income should I live on?

Gus Tucker: We should be living on between 40 and 50% of what we bring home – that’s all your living expenses. The reason we can’t save sometimes is we’ve got too much going into living expenses and debt and not enough going into savings. So this process is gonna force you to take a hard look at where your money’s going and look, a simple hundred dollars saved a month for 20 years is about almost $70,000 at 8%, which is what 8.8%, which is what the stock market has done for the past hundred years.

 

Will Social Security be enough for me to live on when I retire?

Gus Tucker: The average social security payment is under two grand and the highest payments, a little over three grand social social security was never meant to be the lion’s share of the greatest amount of your retirement number. It was designed to cover about 40% of what you might need. The rest of it was to be covered by your personal savings.

 

What is compound interest?

Gus Tucker: The power of compound interest. So you could read this slide. It’s talking about the growth potential of money over time by compounding, which is interest paid on your deposits and all the interest paid. There are two kinds of interest. There’s simple interest and compound interest. 

You May Also Like
5 Top Sunscreens for Black Skin

Simple versus compound interest. What simple interest in that farmer example, he borrowed 50 bucks, right? 7% is 3.50. So let’s say he brought that money over a number of years every year he would have to add 3.50 onto the balance. Compound interest is I’m gonna add 7% of a balance every year. 

 

Listen in as Gus shares more financial tips on how money works. Click the link for more information. 

https://www.facebook.com/BlackDoctor.org/videos/612396249816528

January 5, 2022 by Blackdoctor

Read Next Article

The Latest In Healthy Finance

financial strategy

3 Reasons Why You Should Rethink Your Financial Strategy Post-Pandemic

The pandemic hit everyone hard mentally, physically, emotionally, and most definitely financially. Many individuals may never fully recover financially from the impact of the global shutdowns. financial strategy But, you can see greener pastures if you rethink your financial strategy read more about 3 Reasons Why You Should Rethink Your Financial Strategy Post-Pandemic

3 Life-Changing Financial Literacy Tips for You (Q&A)

Cassandra Cummings is the founder of The Stocks & Stilettos Society, an online community of more than 75,000 women investors. In the past few years, she has inspired over 75,000 women worldwide to invest more than $20MM in assets through read more about 3 Life-Changing Financial Literacy Tips for You (Q&A)
health savings account

The Secret To Building Wealth With A Health Savings Account 

Health care costs are rapidly increasing and could put a dent in your wealth-planning goals during retirement. What if you could prepare for future health care costs while building wealth at the same time? The health savings account makes this read more about The Secret To Building Wealth With A Health Savings Account 
finance tips

3 Personal Finance Tips To Help You Shed That Debt

Health is wealth and with these tools, you will be able to set yourself up for a prosperous and successful year full of financial wins! 1. Budgets Are Not The Enemy When most people hear the word budget, they get read more about 3 Personal Finance Tips To Help You Shed That Debt
financial health

5 Ways To Get Financially Fit

January 2022 came and you made your resolutions about your financial health. Get your spending in order, pay off your credit card debt and focus on making smart investments. Well it’s almost April and your checking account is still in read more about 5 Ways To Get Financially Fit
Tax season starts now.

8 Things You Need To Know For A Stress-Free Tax Season

Tax season is almost here! Who’s ready for a big refund check? This girl! However, let me be honest… As a new business owner and full-time freelancer, I’m a bit nervous about filing this year. I had a lot of read more about 8 Things You Need To Know For A Stress-Free Tax Season

Primary Sidebar

Subscribe to our newsletter

Poll

Popular Posts

  • Football Legend & Coach Deion Sanders Has Toes AmputatedFootball Legend & Coach Deion Sanders Has Toes Amputated
  • Like Father, Like Son: ‘Miami Vice’ Star’s Son Handsome Like his DaddyLike Father, Like Son: 'Miami Vice' Star's Son Handsome Like his Daddy
  • LL Cool J & Wife Simone Smith Celebrate 25 Years Married: “We Celebrate Life”LL Cool J & Wife Simone Smith Celebrate 25 Years Married: "We Celebrate Life"
  • Marjorie Harvey: Fit, Fine & 57!Marjorie Harvey: Fit, Fine & 57!
  • 7 Ways To Prevent Yellow Eyes7 Ways To Prevent Yellow Eyes

Podcast

Footer

Where Wellness & Culture Connect

BDO is the world’s largest and most comprehensive online health resource specifically targeted to African Americans. BDO understands that the uniqueness of Black culture - our heritage and our traditions - plays a role in our health. BDO gives you access to innovative new approaches to the health information you need in everyday language so you can break through the disparities, gain control and live your life to its fullest.

Connect With Us

  • Facebook
  • Instagram
  • LinkedIn
  • Twitter
  • YouTube

Learn More About

  • Hepatitis C
  • Diabetes
  • Sickle Cell
  • Mental Health
  • About Us
  • Privacy Policy
  • Advertise With Us
  • BlackDoctor.org Advertising and Sponsorship Policy
  • Daily Vitamina
  • TBH

Copyright © 2022, BlackDoctor, Inc. All rights reserved.