Don’t feel alone if you flinch at the size of your monthly auto loan payment. According to a new report from Experian Automotive, our monthly car loan payments have reached an all-time high. The average American paid nearly $493 a month for their new vehicle. But the news gets even worse. As car prices have climbed dramatically, we are finding ourselves borrowing more than … [Read more...]
Money Monday: How to Know What’s Putting Money in Your Pockets and What’s Taking It Out
I learned recently that one of my relatives just purchased a boat. All I could do was shake my head, knowing that this new purchase would continue to take money from his pockets long after the boat had been paid off. Docking fees, maintenance, and gas would be money drains for years to come. He had just made a mistake that millions of us make every year. Instead of … [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...]
Money Monday: National Urban League Report Reveals a Black America in Crisis.
The National Urban League’s State of Black America report is the foremost report card on Black America’s progress. And according to Urban League president and CEO Marc Morial, “Black America is in crisis — a jobs crisis, a justice crisis, and an educational crisis." Each year the State of Black America report calculates an “equality index” that compares how African-Americans … [Read more...]
Money Monday: 4 Questions that Show if Your Actions Match Your Aspirations?
We say we desire financial independence, but how serious are we really? Too many of us talk a good game, but our actions tell a different story. We proclaim that we wish to be wealthy but haven’t even created a simple budget, cracked open a single personal finance book, or even built the smallest of emergency funds. Becoming financially fit is not a mystery. It's often as … [Read more...]
Money Monday: 9 Wealth Secrets of America’s Black Millionaires
Famous African-American success coach and motivational speaker Dennis Kimbro obsessed over a burning question: What separates the haves from the have nots? Why do some people become wealthy while others struggle to live paycheck to paycheck? To answer the question, Kimbro spent seven years questioning more than 500 black millionaires, and his research produced a startling … [Read more...]
Money Monday: 3 Things to Know Before You Plunge into the Stock Market
While the crash of 2008 may have soured many on the stock market, stocks still remain one of the easiest ways to build wealth. Stocks have historically enjoyed between a 7-10% average annual return, beating most investments including, according to many experts, investments in real estate. A recent Pew Research Center report reveals that part of the great black-white wealth … [Read more...]
5 Ways to Make Keeping Your New Year Resolutions More Successful
Every year at the dawn of the new year, millions upon millions of people sit down and decide what their New Years resolutions are gonna be. New Years resolutions are tasks, in my opinion that we set ourselves up for failure while trying to achieve every year. The Top 5 Resolutions for 2015 according to USA.gov are: Lose Weight Volunteer To Help Others Quit Smoking Get A … [Read more...]
4 Plans Every Marriage Needs After Saying I Do
Planning ahead in marriage can save so much time and also helps you prioritize what is most important to you and your spouse. It's easy to live day to day and then realized that years have flown by. You might find yourself asking the question, "Where has the time gone?" or "What have we did with all these years?" If you plan your marriage, and have goals to work towards it … [Read more...]
Money & Marriage: How to Get on the Same Page Financially
Money. Moola. Cash. Cheddar. Whatever you call it, money is serious business and a hot topic for lots of couples. A 2013 study found that, disagreements about money are one of the leading causes of divorce. The study also found that it takes a couple longer to recover from a fight about finances than any other fight. So how do you safeguard your relationship against money … [Read more...]
Are African American Women More Undisciplined Spenders Than Other Groups?
This is not breaking news: African-American women are usually the primary decision-makers and chief breadwinners for our families; we must make the decisions for all family consumption from shopping for food, clothing, and shelter as well as well-being (healthcare), transportation and recreation. We, however, in many cases need more support and financial literacy to help us … [Read more...]
5 Ways To Put Yourself Financially First
Putting yourself first is probably the best thing that you can do for the longevity of your finances and your peace of mind. All of your dreams, passions, and short-term goals, no matter how big or small have a price tag. But in order to realize any of them, you have to get into the habit of making financial decisions that work to your benefit, not to your … [Read more...]
It’s Still Cheating: Are The Holidays Making You Financially Unfaithful?
No one likes to talk about it, but preparing for the holiday season can really create financial tension within a marriage. On the one hand, we know that the holiday season is that time of the year where, we, as a nation and global community reflect on what peace, goodwill, and love for our families and our fellow human being means to us. But if we were honest, we also know … [Read more...]
Money Monday: Being Blacklisted By Your Bank Due to ChexSystems
You go to open a new checking account only to be denied. What happened? You may have just been the victim of ChexSystems. While many of us are familiar with credit reporting agencies like Experian and their all important FICO credit score, fewer of us have any clue about this equally ubiquitous consumer reporting agency. ChexSystems manages a database of how consumers … [Read more...]