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In my experience working with couples and individuals, I realized that, as we love differently, we also communicate about money differently. Savers and Spenders argue about money because they speak different financial languages. Therefore, if we can learn our dominant Financial Language, we can also understand other people’s Financial Language so we won’t argue about money. Money is a tool that shouldn’t have the power to destroy what God has put together.
Also, in these tumultuous economic times, we must understand our dominant financial language to get through cash flow crises.
Here are the 4 Financial Languages and what you can do to protect your financial foundation during uncertain times.
SAVING
The Saver’s pleasure principle is seeing their bank account grow because they need safety, security, and control.
As everything increases in price, they need to shop around to find the best deal that fits their budget. They like that B word, “budget,” because they can control where their money goes.
With the Federal Reserve raising the Prime Rate, the banks increase their deposit rates. So now is a good time for savers to deposit more money in interest-bearing accounts like CDs and Money Market accounts.
The Spender’s pleasure principle is the transaction, and retail therapy is REAL.
As everything (food, gas, etc.) is increasing in cost and with Fed Rate Hikes, credit also costs more.
When the desire to buy something fires up, now is the time to focus on how much they can afford so it doesn’t affect their spending power. Since loan interest rates are higher, what matters now is to “Act Your Wage” to minimize or avoid overspending.
The Investor’s pleasure principle is the Return On Investment (ROI), whether money, time, or people.
Right now, the market is unpredictable and volatile. Instead of looking for immediate ROI gratification, think long-term as investors. Consider the market being on sale.
That’s where “buy low, sell high” comes into play. Depending on your age or financial capacity, now may be a good time to buy more as an investor to get a long-term ROI.
NOTE: Consult a trusted investment adviser before making any drastic investment moves.
The Giver’s pleasure principle is helping others. Whether by giving money, time, or resources, they want to know, “how can I help?”
In this economic environment, they are more sensitive to helping others but need to realize that they must put their “financial oxygen mask” on first. They need to know when to save, spend and invest for themselves to protect their financial stability.
It’s beautiful to be a giver, but they should ensure they financially take care of themselves to give to others.
To learn more about your dominant Financial Languages and how to become Fiscally Bilingual, get your copy of 4 Financial Languages.
By Derek Major
Personal finance expert and author Tarra Jackson joined BLACK ENTERPRISE’s Senior Vice President and Executive Editor-At-Large Alfred Edmond Jr. on the Your Money, Your Life podcast to discuss “dualpreneurship.”
Jackson, the founder of Madam Money, has an extensive background in finance, having served as a bank officer and vice president of lending.
During the podcast presented by Prudential Insurance, Jackson, who is fresh off a speaking appearance at the third annual Sidegigcon Conference, a hybrid event held in Atlanta last month, discussed dualpreneurship, the idea of being an entrepreneur and running your own business while at the same time having a full-time job.
Jackson, who has written several books on the topic, including Financial Fornication: Avoid Financial & Credit Dis-Ease, talked about her struggles with money.
“I went through foreclosure when I was an executive of a financial institution, and there was a logical reason why I did what I did, but a lot of people need to know they’re not alone,” Jackson told Black Enterprise. “But people are very sketchy about talking about money and credit; they’d rather talk about personal relationships than money mistakes.”
Jackson and Edmond also talked about how important it is in today’s economy to be a dualpreneur and have multiple income streams, but not getting ahead of yourself and keeping your full-time job.
“Everyone talks about having multiple streams of income, but no one wants to accept the fact that your job is part of those multiple streams of income, and your job is to figure out other ways to monetize your talents to add to your streams of income,” Jackson said. “I wanted to dispel this myth that I had to suffer; I don’t get any reward for suffering financially to be a full-time entrepreneur when I’m not ready.”
Jackson also provided serval tips for those who are or want to be successful dualpreneurs and grow their businesses until it’s the right time to leave their full-time job. One of Jackson’s first tips is to leverage the employee benefits at your full-time job.
“A lot of people want to take paid time off for when they’re sick or when they go on vacation,” Jackson told BLACK ENTERPRISE. “Take that time off that you earned to focus on your business. A lot of people are working on their business after work or on weekends. Sometimes, you need to take time off to really focus on your business.”
… click here to continue reading at Black Enterprise …
SYNDICATED | By Lynnette Khalfani-Cox | January 15, 2020
In memory of one of America’s most pre-eminent heroes, here are five financial lessons we can all learn from Dr. Martin Luther King, Jr.’s life and legacy.
How many times have you complained about your workplace, your low pay or something unfair that happened to you economically? Maybe a company denied you a job, some insurer rejected your insurance claim or a bank turned you down for a much-needed loan, and you’re convinced your misfortune was racially motivated.
Maybe you’re right, maybe you’re wrong. Either way, how do you plan to fix your circumstances and move forward positively?
Or perhaps you’re simply longing for better pay and more career success, but you’re stuck in a cubicle waiting to be recognized for your hard work while others are promoted left and right all around you.
Well, Dr. King didn’t just moan about social and economic injustice. He worked hard to change such wrongdoing. He protested. He lobbied. He went to jail. He sacrificed.
In his “Letter from a Birmingham Jail” in April 1963, King wrote:
“Freedom is never voluntarily given by the oppressor; it must be demanded by the oppressed.”
What are you willing to do to create the economic realities you desire?
One of my favorite sayings from Martin Luther King, Jr. is this:
“There is nothing in all the world greater than freedom. It is worth paying for; it is worth losing a job for; it is worth going to jail for. I would rather be a free pauper than a rich slave. I would rather die in abject poverty with my convictions than live in inordinate riches with the lack of self-respect.”
Those are powerful words. And I like to think that King meant “freedom” in every sense of the word—including financial freedom.
In my opinion, though—and I really hate to say this—too many African-Americans who want financial freedom aren’t willing to seriously fight for it, nor take enough risks to get it.
We’ll fight for all sorts of things–just turn on The Real Housewives of Atlanta to see crazy fights over a bunch of nothing. But how come more of us aren’t out there fighting to teach our kids to be financially literate; fighting to help more Black men graduate from college, or fighting against poverty—even though we live in the richest country on the planet?
Winning these battles will promote generational and national economic security.
One of Martin Luther King Jr.’s most memorable quotes was when he said,
“Faith is taking the first step even when you can’t see the whole staircase.”
Having faith and taking risks are necessary components to building wealth and managing one’s finances. So what are some ways to take prudent risks and achieve financial freedom?
You could start by doing something as simple as tuning out all the noise, the commercialism and (…continue reading at Ebony.com)
It might be time for an attitude adjustment. In fact, with the pressure to overspend and take on debt to meet the demand and expectations of the holidays, an attitude adjustment may be just what you need for both your emotional and financial health.
It’s not surprising that, during the “season of giving,” many of us feel stressed by the depressing realization that we just can’t afford to live up to what we feel is being demanded of us, by ourselves as well as others—not to mention by retailers. The holiday shopping season may only remind us of what we can’t afford and what we don’t have.
Without an attitude adjustment, this can rob us of all the joy we are entitled to—not only during holidays, but every day. Worse than that, many of us try to fill the “joy-void” by buying stuff we can’t afford to feel better and in the holiday spirit, only to experience the guilt and remorse of a financial hangover when the bills come due.
Among the biggest barriers to making good money decisions, is the habit of worrying that we don’t have enough and obsessing over how to get more. Changing this requires you to adjust your attitude, and create a mindset of disciplined abundance, not desperate deprivation. Here’s how:
If financial planning feels like punishment, you won’t stick to it. So budget for your bills, savings, and paying down debt, but also include something for you to enjoy, monthly. As long as it’s within your budget, it’s okay.
Stop thinking in terms of what you don’t have—the flyest car, the biggest house, the latest clothes—and be thankful for having a roof over your head, food to eat, good health, family, friends, and faith.
Try debtorsanonymous.org to find meetings where you can discuss your financial challenges with others and gain new perspectives on your relationship with money. You can also try to form a support team yourself.
You may not have as much as you want to be able to give or feel you deserve to have, but there are plenty of others who have far less. Operating from a position of gratitude and abundance is the first step to achieving a wealth-building mindset.
Originally posted December 2020
Originally appeared on BlackEnteprise.com December 2019
Contributor: Alfred Edmond Jr
Photo: iStock.com/Dean Mitchell
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