One of the biggest challenges facing black RELATIONSHIPS today are finances. Many people mistakenly feel that money does NOT matter. In fact, money matters the MOST! Why? Most people do not have a clue about their own financial destiny.
You know you want to own a home and save some money toward retirement but have you PLANNED what it is you are saving each month and how that money will assist you in the future. Do you have a PLAN to empower yourself financially by NOT depending on your JOB to pay your salary and that's your only source of income. Times have CHANGED. Jobs come and go(and so do SPOUSES). To protect yourself financially you need to be proactive and not depend on anyone else to solve your financial issues.
You can improve your finances RIGHT NOW if they are not in order. There are low costs alternatives to improve your credit score and increase your buying power. Power not to be wasted on designer shoes, clothes, and automobiles, but to be invested in REAL estate. An interesting term to be sure. REAL because it is the foundation of all REAL wealth in this country. Estate, because that is what you can leave your children and family if you handle your business correctly - RIGHT NOW. Money matters because in a relationship YOU should have your OWN MONEY! That is right- I said it! You should not count what someone ELSE brings to the table when all your money is tied up in petty and senseless bills. Talking about petty and senseless- let us discuss CARS! What would possess a person to lease an automobile? Other than as a BUSINESS expense (which also means TAX WRITE OFF) someone PLEASE Tell me WHY? I have heard of folks paying $500.00-$900.00 monthly on car payments. WHY? My car is paid for and I am proud of it. Yes, it is ten years old - BUT I don't work because I DON'T have to support my vehicle. If you are serious about getting more money in this lifetime, you will need to STOP SPENDING money RIGHT NOW on things that DEPRECIATE in VALUE such as CARS! Nuff said!
We all need just ONE major credit card and an American Express card. The other credit cards need to be in the trash. The reality is- if you CANNOT pay for something you purchased within 30 days, you CANNOT afford it! Brutal I know but I have been there and done that. When you have to spend real $$$ on what you purchase, it truly does slow your roll.
Contact me if you need to be pointed in the right direction. I will be happy to assist!
In a personal relationship many of your disagreements WILL stem from money issues. Not just who makes what, but how it is spent and how it is saved. It seems like such a small thing but when you are commingling finance and love you need to establish boundaries up front. PLEASE DO NOT IGNORE THIS ADVICE! You should decide in advance if you want to keep your finances separate and have a joint household account.
The household account should be open to both parties (online access is great for this) and not used for personal spending in any way. The check card will let you market, pay bills etc. A joint savings account would also make saving for special purposes much easier. No matter how much you trust each other, the savings accounts should REQUIRE both parties to sign off on withdrawals. Just to keep everything clean and above board. The traditional (old fashioned) way is to have just one account for checking and one for saving. Even though our parents did this, most mothers (and fathers) always had personal money SOMEWHERE that was just theirs. So why not be upfront about your own personal money issues so they do not come back to haunt you down the road.
Michelle Smith-Billups owns serveral websites. Her main site, HurryDates-in-Black.com is dedicated to finding and building better relationships. Her focus has turned to money as a way to improve on what YOU have before you find a mate. This is NOT to be used to measure a potential mate, but as a means to open, honest and effective communication about finances before your relationship begins.
http://www.HurryDates-in-Black.com/money
matters.html
http://ClassyBlackSingles.com/?CID=art1
http://YourHealth.mymagicwand.com
Traditional checks probably won't disappear anytime soon, but processing checks... Read More
Are you interested in saving money off your grocery bills?... Read More
If you want money you need to learn how to... Read More
Creating a budget can be a very difficult task. Although... Read More
Confused about whether you can contribute to a Roth IRA?... Read More
Ben Stein has a book called How to Ruin Your... Read More
Many people graduate from college owing thousands of dollars in... Read More
With interest rates being at an all-time low, I can... Read More
Whatever your reason for having a tight budget, the truth... Read More
Sorting out your personal finances can be a tricky and... Read More
Between 15 - 20% of people in our country (UK)... Read More
It's the little things in life that make it interesting.... Read More
Saving for a Down Payment is hard work, so it's... Read More
Do you struggle from week to week trying to make... Read More
Australians, in general, constitute some of the worst savers in... Read More
During the last twenty years, banks have offered a number... Read More
As a parent you are bound to face a few... Read More
This investment retirement account (IRA) is useful to you as... Read More
Many people spend their little income haphazardly without any planning... Read More
So, you've made the decision to apply for a credit... Read More
Does it feel like you have to be Sherlock Holmes... Read More
Predatory lending exists in the mortgage industry. It's typically when... Read More
If you're like most people, your personal financial records are... Read More
Single Mother's in need of Financial GuidanceBudgeting is key to... Read More
Despite how easy it is to balance a checkbook, very... Read More
One of the biggest challenges facing black RELATIONSHIPS today are... Read More
The judge had to ask the question, and we had... Read More
I think most of us have at some point in... Read More
Well, dang! From what I've heard and read, it looks... Read More
Holy Shenanigans! More STUFF?Loosing one's business due to lack of... Read More
Have you seen the recent article on a new "green"... Read More
My personal opinion is that in today's new economy, it... Read More
The first step to financial success lies in knowing your... Read More
We all know that money doesn't grow on trees, but... Read More
1) HOW TO LOOK FOR A JOBA) The Chronological Curriculum:1.... Read More
Have you ever stopped to think about how your "mood"... Read More
With prices increasing all the time, saving money can be... Read More
Your boss has just informed you that your department is... Read More
Millions of people give a lot of thought to financial... Read More
Just about everyone has a checking account. Checks present easy... Read More
1. If you have your haircut every 3 weeks, try... Read More
If you have a 401(k) account, it can be very... Read More
Financial freedom cannot be achieved without budgeting. Budgeting involves tracking... Read More
Vacations Made Easy: Buying a Florida Investment PropertyA relaxing beach... Read More
Each of us knows how to spend money, but do... Read More
This investment retirement account (IRA) is useful to you as... Read More
Gas prices have soared to unimaginable heights of late. Since... Read More
ID theft is a major consumer concern, though there is... Read More
I've been going through and interesting growth period lately that... Read More
I have been a loyal user of Quicken(R) for more... Read More
If you're like most people, your personal financial records are... Read More
If You Have an Existing Account and 5 Minutes, You... Read More
Ben Stein has a book called How to Ruin Your... Read More
Many people graduate from college owing thousands of dollars in... Read More
If you were to ask 100 women "What would you... Read More
I have to admit, I do it too. I complain.... Read More
Did you know that 43% of all married couples argue... Read More
On the other hand, there are those people who are... Read More
At a time when the entire world's attention is focused... Read More
So, you've made the decision to apply for a credit... Read More
I think most of us have at some point in... Read More
Well, dang! From what I've heard and read, it looks... Read More
Many don't realize that our basic utility bills provide the... Read More
If you, like most people, have not seriously considered what... Read More
Would you be interested in freeing up 10% to 15%... Read More
Predatory lending exists in the mortgage industry. It's typically when... Read More
Personal Finance |