Millionaire Wealth Secrets and techniques That Helped Maggie L. Walker Begin a Financial institution in 1903
Maggie Lena Walker achieved what no other woman in history has done: chartered a bank. In 1903, Walker became president of the St. Luke Penny Savings Bank in Richmond, Virginia. The savvy businesswoman was on a mission to improve the lives of African Americans and women through financial literacy and empowerment. She developed an economic plan that served as a template for advancing people who were underrepresented in crucial parts of society.
“First we need a savings bank. Let’s put our funds together; Let’s put our money on usury among us and profit from it, “Walker said during the annual convention of the Independent Order of St. Luke in 1901.” Let’s have a bank that takes the nickel and converts it into dollars. ”
Although times have changed, the basic wealth creation principles that fueled Walker’s success are still the same. Here are some tips from Walker’s Success Strategy that can help you on your path to financial freedom and prosperity.
Make a commitment to save like Walker
The more you save and invest, the more options you have.
Walker firmly believed in the power of saving. She used her platform, The St. Luke Herald newspaper, to get her message across to as many people as possible.
According to the National Park Service, the 1915 edition of the newspaper offered simple financial tips to blacks to help raise business leaders. “Save an extra dollar – and take it to a negro bank and deposit it. Save an extra dollar and you’ll have a prop to lean on as you get weak as you age, ”Walker revealed in The St. Luke Herald newsletter. “Save a dollar more – because the more you save, the more you want to save and the better you can help yourself and others.”
Make a commitment to save as much as you can, then use the power of investment to multiply your money. Investing in the stock market is a proven way to build wealth over the long term.
Become a leader
Instead of focusing on all the problems that exist, it is important to stand up and become a problem solver. Walker owned a bank, but was also the editor-in-chief of a newspaper. This newspaper was an important source of information that helped it achieve an important goal: to fill the knowledge gap.
Through her work, Walker inspired others to develop the leadership skills necessary to effect change. “We need an executive committee whose job is more than just counting money and adding numbers. We want a manager to run a factory, run a newspaper, a bank that develops something and gives some of the noble women work.
Walker’s mission to move more people from workers to employers was a smart way to fill the employment gaps blacks faced during this period. Today we see that many high net worth individuals have built their fortunes through entrepreneurship.
Be a next level student
Leaders are readers, and they never stop learning and growing every day.
If you get the chance to visit Maggie Walker’s home, you will find that the historic site is full of books. Walker was an avid reader who fed her mind on financial and philosophical books. Her bookshelf held books on accounting, credit, banking, and other topics that helped her manage money in new ways. She also read books that trained the mind and enabled her to converse with people from different backgrounds on a variety of topics.
If you are to create wealth, you must make a commitment to expanding your mind.
“Time and conditions change so quickly that if we don’t stay vigilant, ever work, watch, improve, and learn, we will be lagging behind in the race for progress,” Walker said at the 34th Annual Right Worthy Grand Council of Virginia Chapter of the order.