In this Black Wealth Confession, a man writes that he and his wife have aspirations to expand their black owned business into a full-time income.

Here’s what he writes:

“Dear Dr. Boyce, I am 31 and married with 4 kids. My wife homeschools are youngest two, and the oldest two are in school. We make $50k in total per year. We have paid off $60 of debt in 10 years of marriage and have $5k left in total debt. We have $20k saved for a house that we would use to expand our business (recording studio, home office). We would like to expand the business, which generates about $1.5k per month, to a full-time income. How should we proceed?”

If you’d like me to answer your financial questions, please feel free to join us for private Q&A sessions for students only at AskDrBoyce.com.

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