Tag Archives: personal finances

Financial Planning; Short Term Plans, Long Term Actions.

Financial Post 2

Financial illiteracy has plagued and largely impacted the African-American community for many generations. Most of us are lacking when it comes to the understanding of how money works and how to efficiently manage and build wealth. Our impoverished communities continue to rest in this state because there is no transfer of wealth. Wealth continues to be held and dominated outside of our communities because of our low receptivity to financial literacy. Though the tides are beginning to turn on this matter as awareness grows, we as a people still have quite a ways to go. How do we regain prosperity? How do we bring it back to our communities and families? How do we protect it and keep it? How do we go from “new money” to “old money?”

Every great accomplishment begins with careful and strategic planning. While planning may be the answer, it may NOT be the solution. Integrated financial planning as the answer only becomes the solution when it is followed through. You need a plan, it begins with a plan! Wealth building is an ongoing process of structured forced, systematic, efficient and consistent saving habits.

While having a generous income does help, it is not entirely about how much money you make or the lack there of. It is about having the discipline to start today with a meaningful amount that you can commit to monthly or annually regardless of your economic status. Truth is there will always be a reason or rather an excuse NOT to save or invest. You have to conquer that need of immediate gratification by giving up the things you want now, to invest in what you will need in the future. Don’t put it off any longer because there is a huge cost in waiting. Time is our most valuable asset as well as our biggest liability. Due to compound interest of returns over time, essentially the more time you have or the sooner you begin to save, the less it will cost you to achieve your financial goals.

Find a trusted and competent advisor to help you with your financial planning. Google makes it very easy to self-educate, so I am sure that most of us are well capable of doing our own planning. One of the biggest reasons that I recommend you leave it to a professional is that we all have emotional attachments to our money, believe it or not. When it comes to money most of our decisions are made based on emotions and feelings, rather than logic. I have found it to be very helpful to have a fellow colleague as my advisor even though I am in the profession as well. It gives you someone to hold you accountable and to help take out the emotions to make sound financial decisions.

This is my last bit of advice and what I believe will catapult your finances to new unseen levels; pay God first. First and foremost, even before you save or spend, pay God what is due to him. As a devout Christian, I believe that being a faithful tithe payer is imperative to our financial success. With EVERY increase the bible says to give10% to the house of the Lord. In fact it is one of the few areas in our lives that God says “TEST ME!” (Malachi 3:10).

Financial Post

Questions & Inquiries

Laud K. Anderson

Website: Laudanderson.nm.com

Email: Laud.anderson@nm.com

Phone: 732-310-6697

Pray, Plan, Persist

#FinancialFall Introduction: The first step is admitting, right?

Financial Freedom

Sooooooooo, I have a problem. I shop uncontrollably, I dine out at places all over the city, I party excessively, and I carelessly spend money on any and everything. Phew, that was easy. But I am not completely off the hook just yet.

I have decided to devote the entire Fall season to getting my act right, financially. This fast is in place to manage my money better and continue to grow my personal finances. Whether that be paying off long-term debts, considering investments that I would have never thought about, learning how to say no to that cute dress on sale, and saving MORE money than ever. I am going to stay committed, for 28 days, and see how much of an impact I can make.

I’ve received tons of feedback about the fast, and I wanted to extend the invitation to everyone who is interested! Fasting and blogging along the way will be a cool way of holding myself accountable for keeping up the promise to myself. For folks who want to fast, I’ve laid a few things out.

For starters, here are the rules:

  1. Absolutely, no excessive spending: You should only be spending on your basic needs (food, water, bills, rent,etc.)  There are exceptions to everything of course. But you should be able to decipher which expense is absolutely necessary or if its truly a want.
  2.  Keeping a financial journal: yup, that’s right. Some good ol’ pen and paper. This will help you write down financial goals, tracking spending expenses, and writing through your thoughts and reflections along this journey. Its ok if you want to curse your journal out one day because you weren’t able to turn up with your friends that night. That what its there for.
  3. Discipline and Sacrifice: Even if you’ve never had it before. Taking this fast one step at a time will open you up to the characteristics that you never even seen. This is going to be extremely rough, but looking at your flourishing bank account afterwards will make you feel A LOT better.

So, for those who plan to fast with me, I have a few goodies for you. I have been researching  different sites and resources to not only stop spending, but to learn about money and the rewards one can have for being conscious about personal finances. Here are some of my favs:

  • mydfree.org
  • thefinancebar.com
  • thebudgetnista.com
  • michellesingletary.com

From these sites, I will be pulling a few things and discussing them here. I will share important stuff like budgeting tips, saving, debt dashing, and just getting you in the habit of letting go. I will also have a few guest post of folks in the financial field who know their stuff, along with some friends that are fasting with me.

Are you ready? Let’s begin!

P.s: Please, please, please feel free to comment, like and share your thoughts with me. I wanna know what you’re thinking!!!

Isaiah 58:9-10: “If you do away with the yoke of oppression, with the pointing finger and malicious talk, and if you spend yourselves in behalf of the hungry and satisfy the needs of the oppressed, then your light will rise in the darkness, and your night will become like the noonday.”

Understanding Your Finances.

personal-finance

I was reading a blog post the other day about a woman who shared her debt-free testimony. She talked about how she took on two jobs to pay off her student loans and credit card debt. Through her experiences, she also managed to save enough money to begin investing and afford a mortgage on a new house. Epic, right? I then looked at the comments and saw this interesting post:

“I don’t consider this article to be pretty accurate because we do not know her wages or her financial situation to determine that she made enough money to do all of this.”

Um, what?!?!?!?

Understanding your personal finances are extremely important in your beginning steps of educating yourself on accumulating wealth. We all tend to have this idea that it is not possible to become wealthier because we aren’t in the same position as one who began their journeys as well. THAT IS NOT ALL THE WAY TRUE.

One habit that needs to be broken is checking the other person’s pocket for their status. We MUST work on our own.

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We need to begin to look at our financial status for what it is and where we essentially want it to go. It is the FIRST and ONLY way. Decoding what we have and what we can do is the first problem, so getting these questions answered should be your preliminary step:

1. How much money do I currently make?

2. How much debt do I have?

3. How much money do I have saved?

4. How much money do I spend?

I encourage you to write down on a piece of paper the answers to these questions. Having a clear understanding of your personal numbers should make the wheels begin to turn in your head. Knowing where you stand and what you need to do is the essential part in gaining more.

So to begin, our initial process of learning our current financial status actually begins with these questions at hand. Let us use these numbers for our next sessions about how we can increase our earnings, and decrease our spending and other bad habits.

 

p.s: feel free to share any of your numbers and your realizations through this process! We can all learn from each other if we are open with each other.