To achieve true success in business, one of the first skills entrepreneurs should master is financial literacy.  

James Wilkerson, a Certified Financial Planner with Wealth Wave, says business owners should make sure they know the fundamentals of money management for their business, as well as at home. “If you want to change your life, you have to change your literacy.” 

Wilkerson says one of the most glaring money problems in the Black community is the lack of education surrounding money and the hesitance amongst some to have difficult conversations with family and loved ones.   

In addition, Wilkerson says he wants to see more successful Black entrepreneurs coming back into neighborhoods and sharing advice and mentoring younger people on financial literacy. 

Aside from learning to save, Wilkerson encourages people to learn how to manage their debt and leverage “good debt” to grow their small businesses. He says something as simple as a home equity line of credit can go a long way toward purchasing new equipment or increasing staff.    

Wilkerson says just getting started can be the most difficult part of saving for retirement, but just putting a small amount of money away each month can go a long way to setting yourself up for financial success later in life.