You want the best for your children. So what can you do to ensure they become adults who are happy and prosperous, rather than ones who are stressed out, living paycheck to paycheck? Teaching them about saving, debt, and compound interest is a good start; but instilling them with the right attitudes and mindsets is even more important. That’s because psychological failings … [Read more...]
The Next Recession is Overdue. Here Are 4 Ways You Can Prepare for It
In the words of the popular Game of Thrones television series, “Winter is Coming.” But with the threat of a recession in the future, are you financially prepared? That’s one of the questions raised by a new GoBankingRates survey which found that not only are many of us still reeling from the last recession which occurred nearly a decade ago, but we're also ill-prepared for … [Read more...]
Money Monday: 5 Ways to Keep Christmas from Sending You to the Poor House
The season to celebrate the Prince of Peace is anything but peaceful for many of us. Hijacked by our culture of consumerism, we’ll spend far too much of our time shopping for others with money we do not have. According to a recent survey conducted by Experian Consumer Services, shoppers anticipate spending nearly $800 this year for gifts alone, with forty-nine percent of … [Read more...]
Money Monday: Save Money and Slash Debt with this Budget Friendly Plan
“Money is a great servant, but a bad master” To achieve financial success, you must become intentional about your money. You can’t be a passive bystander. As we discussed last week, the first step to taking control of your money is tracking and understanding exactly where your dollars are going. Once you actually understand where your money is currently flowing, you can … [Read more...]
Money Monday: The Price You Must Pay to Get Your Financial House in Order
Spend less than you earn. Save, invest, or pay off debt with what's left over. This may be the most crucial concept in the universe of personal finance. It’s deceptively simple, but oh so difficult to master. Part of the reason is that it’s extremely difficult to control spending. Let’s face it, most of have absolutely no clue as to where our money goes. We can’t recall … [Read more...]
Money Monday: What Drove a Millionaire NFL Player To Live On Just $60,000 a Year?
To most, the idea of a professional athlete choosing to live on a $60,000 a year budget might seem a little strange, but, for NFL wide receiver Ryan Broyles such a choice is the first step to financial freedom. In 2012 Broyles was drafted by the Detroit Lions, signing a contract worth $3.6 million with nearly $1.4 million of that amount guaranteed. Sure, he could have spent … [Read more...]
A Grown Woman’s Guide To Making and Keeping A Budget That Works
I am really going to be honest with you and it may sound shameful….but I don’t keep a budget (bad personal finance coach, bad personal finance coach), well, at least not in the conventional sense with spreadsheets and graphs. But, you better believe, a sister named Kara I. Stevens makes her monthly savings goal every month. Every. Single. Month. Let me tell you … [Read more...]
Why Every Black Family in America Should Consider Removing Debt from Their Balance Sheet
By Aja McClanahan Recent events in Ferguson and Baltimore have been bitter reminders for Black America: there’s still more work to do for justice and equality for people of all races in our country. Black people are clearly angry, frustrated and demoralized by the quality of life gap that still persists between Black and White America. Without being all political and … [Read more...]
How to Calculate if Your Beauty Price Tag is too High in 4 Simple Steps
Last night, the lady in the chair next to me was getting her hair washed. As the shampoo lady worked her magic on the woman's scalp, she said that hairdressers will never go broke; she said that no matter what is happening in her life—stress, leaky roof, or refrigerator repairs—her hair will get did. This declaration made me laugh and got me thinking about my non-negotiables … [Read more...]
Get Fit on a Budget: 5 Ways to Keep Your Waistline + Your Wallet Happy!
Getting into shape and leading an active lifestyle is usually one of the top five goals people set at the start of every new year. There is no shortage of ab challenges, squat challenges, and who knows what else challenges are popping up on my social media timelines right now. At every turn there's someone declaring how this will be the year they get in the gym and drop the … [Read more...]
Don’t Hide Money! Read the Other 3 Ways to Avoid Having Money Ruin Your Marriage
Money is one of the all-time reasons couples get divorced. Either someone is not making enough, spending too much or not paying bills. There are probably several reasons couples fight and/or divorce over money. I thought I would share some tips that will hopefully help someone come to an understanding about money. Decide on how many bank accounts you are going to have. You … [Read more...]
Why Frugal Couples May Be Having Better Sex Than You
Nobody likes to hear the truth about the role that great money management plays in creating a happy and sexy marriage. But it does. If you take two couples with the same amount of income yet polar opposite approaches to money management, one couple being wealth conscious and the other being consumption conscious, you will see that they have different levels of peace, … [Read more...]
Money Monday: 5 Ways to Improve Your Finances By Trimming The Fat
Sometimes, it seems as if there is never enough money. But, if we look closer, we might realize that we have more than we think. The problem is that we fritter away a good portion of what we take home. In fact, experts predict most Americans simply squander 10% to 15% of their salary. This is ironic since experts also tell us that saving 10% to 15% of our income is enough to … [Read more...]
Money Monday: Four Simple Money Formulas To Help You Prosper
Dealing with money can be daunting a task. How do you know if you can afford a home? How do you go about setting a reasonable budget? And how much is too much to spend on a car anyway? While everyone's financial situation is different, there are a few money formulas that can help guide you along the way. Use the 20/4/10 formula to keep your wealth from driving … [Read more...]
Grown Women Don’t Do Debt: 5 Baby Steps To Eliminate Debt
There is a reason why “debt” is a "four-letter” word. Debt is a curse and keeps you from living your life free of fear, worry, and frustration. The irony is that we run away from our financial problems because we want to avoid pain. Running away, however, only worsens the state of our finances, thus creating even more pain and financial issues. Bottom line: we must confront … [Read more...]