As a social worker, Philadelphia native Chad Dion Lassiter is used to encouraging people to take risks. He often pushes people to explore new ways to overcome obstacles in both their personal and professional lives. Lassiter's view of risk-taking, however, doesn't extend to how he handles money. He and his wife, Wanda, are careful and thrifty in their spending habits. Chad, 37, works as a senior researcher at The Children's Hospital of Philadelphia and is also an adjunct professor at the University of Pennsylvania School of Social Policy and Practice and guest lecturer at West Chester University in West Chester, Pennsylvania. He's also co-founder and president of Black Men at Penn School of Social Work Inc. Wanda, 45, is a high school nurse and the executive director and founder of a Philadelphia-based nonprofit organization called FAMILY (Fostering, Adopting, and Mentoring to Improve the Lives of Youth). Early in the couple's 10-year marriage, Wanda and Chad established a frugal lifestyle and agreed to keep a watchful eye on their monthly budget. The only problem: With no children, few major financial obligations, and an annual household income of about $225,000, they were often confronted with temptations to splurge on the frivolous and unnecessary. But they work together diligently to carefully monitor what comes in and goes out each month from their joint checking account. As one of eight children, Wanda says her modest upbringing set the foundation for her careful spending habits today. "My mother didn't work and my father worked several jobs in order to take care of us all,†she says. "We always were told to eat everything on our plate and never waste anything.†Wanda adds, "I still clip coupons, shop for sales, and buy things in bulk.†Chad also came from modest means–a single-parent household–where money was tight and family members frequently instilled the value of a dollar. "My mother raised my older brother, Kyle, and I to always be prepared for a rainy day,†he says. "She had separate savings accounts for each of us for as long as I can remember.†Chad says his tendency to occasionally splurge during the first few years of their marriage was often tempered by Wanda's rational handling of the family budget. "She was much better with budgeting and managing money,†he says of Wanda. "She would say to me, ‘Do you really need that DVD, CD, or three of those watches?' And she was usually right.†Now, they support one another when one of them is struck with the urge to overspend. "We try not to make compulsive purchases,†he says. The Lassiters also make it a point to shop off-season for items such as clothing. They do all of their banking online, Chad says, because "this allows us to get a clearer picture of what we have and what our spending patterns are each month. If we can't afford an item, then it isn't purchased.†Chad and Wanda's frugal lifestyle is paying off. The couple has about $17,000 in a savings account and they each maintain their own employer-sponsored retirement account; Wanda has a 401(k) and Chad has both a 403(b) and a 401(k). They paid off all their credit card debt in 2000, and have one car payment. The Lassiters are relentless wealth-builders. In 2001, the couple purchased a foreclosed property in the East Oak Lane section of Philadelphia for about $88,500. The 4,000-square-foot, seven-bedroom house is now worth more than $350,000. The couple also own two rental properties in Philadelphia. "Rental income we receive goes toward paying the mortgage and other expenses related to the property,†Chad says. As for the future, Wanda says she would like to expand her nonprofit organization and help disadvantaged youth realize their personal and professional goals. She says sharing some of her family's personal and professional success with others is essential. "There is a tremendous need for young people to have role models to admire and aspire to become,†she says. "We want to share some of what we have attained professionally through our work in the community, the church, and with others.†LASSITER'S ADVICE Use cash, never credit. "We paid off all of our credit cards back in 2000,†Wanda says. "If we don't have the funds readily available in the checking account, then the item isn't purchased until we can pay for it in full immediately.†Resist frivolous spending. Is it really necessary to order lunch every day? Consider brown bagging it to work a few times a week instead and only go out for lunch or other occasions with co-workers once or twice a week. Invest in real estate. Despite the tumultuous economy, the Lassiters still believe real estate is a wise investment. The couple own two rental properties and purchased their primary home in 2001 for about $88,000. Less than 10 years later, the home has nearly quadrupled in value. Profit from your talents. Use your talents and skills to pursue other moneymaking endeavors. For example, in addition to their jobs, the couple operate two nonprofits, conduct workshops, and run a motivational speaking clinic from their home–thus utilizing their talents to generate additional income. Plan for a rainy day. Hope for the best, but be prepared for the worst. The Lassiters look for savings and discounts on virtually everything they buy. The money they save is deposited immediately into an interest-bearing account. "We want to make sure that in the event one of us took ill for any reason, we still would be able to thrive,†Chad says. This article originally appeared in the January 2010 issue of Black Enterprise magazine.