Recent headlines have captured our attention as the Pew Research Center released a repot that indicated indicated the widening gap between white and black wealth. According to the recent study, white households have 20 times the wealth of Black households. What is interesting about statistical data is that these reports reflect the "median income" of families. That means half of the households are above, and half are below the median number. So, some of us are doing well, and others quite poorly.

As I look around at my peers -- I just qualified for Medicare -- I notice what appears to be more than a few Black retirees who are doing well. They are not rich, but they also aren't homeless, and not facing foreclosure from the recent housing crisis. What explains their relative comfort?

I believe the answer lies in their practice of principles of financial management that provided a foundation for creating the wealth that sustains them in their retirement. I have been a reader of Black Enterprise magazine since its creation in 1970. This publication has evolved in its focus on Black business leaders, and also offers a perspective for the 21st century that helps all readers to build "wealth for life." Below is a set of principles that are worth repeating. These principles can be followed by anyone, and if followed will create a foundation for wealth, and help close the Black wealth gap.

The 10 Wealth For Life Principles

1. I will live within my means.
2. I will maximize my income potential through education and training.
3. I will effectively manage my budget, credit, debt, and tax obligations.
4. I will save at least 10% of my income.
5. I will use homeownership as a foundation for building wealth.
6. I will devise an investment plan for my retirement needs and children's education.
7. I will ensure that my entire family adheres to sensible money management principles.
8. I will support the creation and growth of minority-owned businesses.
9. I will guarantee my wealth is passed on to future generations through proper insurance and estate planning.
10. I will strengthen my community through philanthropy.

In a recent article, How to Close the Wealth Gap - Step 1, Alfred Edmond, senior vice president/editor-at-large of BLACK ENTERPRISE, offers this perspective: "It may take generations to do it. But it starts with making better decisions with the money we have."

I have found that principle-based decisions always lead to success in the long term.