Tag Archives: wealth

Financial Fall: Labor Day Weekend Sales; From Clearance to Clear-Out.

 

Fall CleaningLabor Day weekend landed on the first weekend on my Financial Fast. As I tried to find alternative ways to have a good time and not spend a dime, the email and text alerts about all the fantastic deals and sales in stores were sooooo convincing. I thought about all the things I could possibly purchase if I was spending money, along with just ditching this whole fast thing and cop the latest Nike Roshe Runs.

While I prepared for the weekend and brainstormed of all the things I could do, I ran across a post about the benefits fall cleaning has on your health and your pockets. At that point, I was sold. Staying home and getting my life together was definitely in my budget! A non-cost, high productive activity.

This was no easy task. I’m sure we all dread stepping into our closet and noticing all of the clutter and mess that the racks hold. We dread the millions of shoe boxes that are thrown everywhere. But I held strong and committed.

Cleaning and organizing your closet is not only a great way to save money, but it also de-clutters your actual life! It gets rid of the things that you do not need and allows you to see what you absolutely need in order to have a functioning wardrobe.

Fall Cleaning (2)

My biggest challenge during this clear-out was forcing myself to give things away. I continued to use statements like, “I could wear this on a rainy day.” or ” this would fit me eventually.”, when the reality of it was I never planned to wear that and it would sit and take up space in my closet. This is important in de-cluttering. WE MUST LET GO! Letting go will not only provide us with more space, but it will also leave us to things we only need. And just like this financial fast, we are beginning to step foot in a process of only keeping things that we need. No worries yall, it is ok to let go of those favorite jeans that cant fit you anymore. I promise.

My labor day clear-out not only left me with a solid list of essentials that I will need for the Fall season (tights, cardigans, sweaters, dresses, etc.) but it also is the starting works of creating a habit of making a way with my own things, knowing exactly what I need in a store, making a list of the essentials, and planning and budgeting properly how much these items were, instead of walking in a store without a clue and picking up pieces that i did not really need.

So not only am I starting the Fall season with an organized closet and a clear mind, but I removed the pressure of shopping during one of the  most daunting sale time in the summer, Labor Day Weekend.

Fall Cleaning (3)

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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

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.