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Tarra Jackson

Jan 16
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5 Financial Lessons Taught By Dr. Martin Luther King, Jr.

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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.

Lesson No. 1: Don’t wait for economic change—create it.

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?

Lesson  No. 2: Financial freedom is worth fighting for.

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.

Lesson No. 3: Sometimes you need to step out on faith and take a risk.

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)

Dec 07
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3 Ways to Rethink Your Finances for the Holidays

By Money Management No Comments

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:

1. Learn to Enjoy What You Have, Where You Are

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.

2. Be Grateful

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.

3. Join a Support Team to Deal With Your Money Issues

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

Nov 27
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Simple Ways to Earn More Money for the Holidays

By Money Management, Podcast, Shopping No Comments

Click the pic to listen to this episode

It’s that time again – the Holidays! Can’t you feel the shopping frenzy in the air? Even though stores are bypassing Thanksgiving and promoting Christmas, not everyone is quite ready to Fa-La-La-La-La, financially!

So, if you need some extra cash for shopping, Robert Farrington of The College Investor shares some simple ways to earn more money for the holidays.

In this episode, Robert Farrington explains

  • ways to earn more money for the holidays
  • if we should Invest or Pay Off Debt for a financially free new year

ABOUT ROBERT FARRINGTON

Robert Farrington is a Millennial Money Expert and Founder of TheCollegeInvestor.com. He is on a mission to help millennials get out of student loan debt and start building wealth for their future. He also helps parents make smart choices about college financing options and navigating the complex world of paying for school.

Through his work at TheCollegeInvestor.com, Robert Farrington has emerged as one of the nation’s leading student loan debt experts.​ Farrington launched TheCollegeInvestor.com from his home in 2009​, while finishing his MBA at the UC San Diego Rady School of Management. Being passionate about investing and personal finance, he wanted to connect with others who shared his passion. Not finding what he was looking for on campus, he created TheCollegeInvestor.com as a resource for young adults about money, covering topics from paying for college and escaping student loan debt, to investing their first dollars after graduation.

Since then, Robert Farrington has shared his successful student loan and wealth building expertise with thousands of ​young adults, both online, in person, and as a contributor to major publications such as Forbes and Huffington Post.

THANK YOU FOR LISTENING TO THE “FINANCIAL FORNICATING WITH MADAM MONEY” PODCAST!

We appreciate you listening to the Financial Fornicating with Madam Money Podcast. Please share your comments or questions about this episode below or at info@madammoney.com. Also, please share this episode using the social media buttons.

You can also listen to the Financial Fornicating with Madam Money Podcast on Spotify, iTunes, Google Play Music or your favorite podcast app! Please share your honest feedback as Ratings and Reviews are very helpful and greatly appreciated!

Originally published Nov 5, 2019.

Oct 22
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Life Insurance: I Need it, but … I Have Concerns!

By Estate Planning, Insurance, Money Management No Comments

Sharing financial tips on how to save and spend money the right way is my passion. With the Covid19 Pandemic, we should also address how to protect our financial legacy through life insurance. Most people don’t like talking about this topic, but we’re grown! So, let’s talk about it.

Here are seven concerns most people have about life insurance.

Concern #1: It’s Too Expensive. 

Many people are dealing with limited funds, and there are so many different types of coverages. However, a budget-friendly option for coverage is term life insurance. You can get a significant amount of coverage for a specific timeframe, like 10, 20, or 30 years. Monthly premiums for term life insurance can be less than the average consumer’s monthly dining out check or bar tab. Don’t judge.

Concern #2: I Have a Pre-Existing Condition. I’m not going to qualify. 

Facts: You don’t just buy life insurance; you must qualify for life insurance.

Many life insurance agencies may disqualify due to pre-existing conditions, but that should not stop you from applying for coverage.

Confession: I have Type 2 Diabetes and Hypertension. One of my concerns was being able to find additional coverage because of these health issues. I found a life insurance option that considers those with health concerns.

Concern #3: I have that coverage at work. 

The Covid19 Pandemic has shown that if we solely rely on life insurance at work, we can lose it because of business closure or employee benefits reduction. Instead of allowing your employer to control whether or not you have coverage, having life insurance outside of your employer means you control your coverage.

Having coverage at work should be a complemental coverage to what you already have in place.

Concern #4: I Don’t Know Enough to Make a Decision.

Most consumers don’t know the ins and outs of life insurance. As a former Licensed Life Insurance Agent, I am always looking for resources and options to educate people about personal finance, legacy protection, and wealth building. One of those resources is an organization “backed by leading investors, including investment funds of Jay-Z, Will Smith, Kevin Durant, Robert Downey, Jr., and others,” called ETHOS.

Ethos makes life insurance more accessible and affordable for the average consumer. Their website also provides a significant amount of information to help consumers make the right financial decision for them and their families.

Concern #5: I Don’t Want to Deal with a Salesperson.

Some consumers want to get coverage but don’t know an agent that they trust. Ethos is “designed so that you can apply for life insurance the way you want.” Their online application makes it easy to apply. Speaking with a licensed representative is also available by phone or chat. Ethos also has a premium estimate tool so you can see how much the premiums may cost and how it can fit in your budget or spending plan.

Concern #6: It’s Only a Death Benefit. How Will I Benefit from That?

Sometimes, we get so caught up in talking about the death benefit for the beneficiaries that we forget to address the Life Benefit of Life Insurance. An Accelerated Death Benefit Rider (additional benefit added to policy) “provides the insured with the ability to access a portion of the policy proceeds while still living in the event the insured has been diagnosed with a terminal illness.” 

Concern #7: I’m Too Young or Too Old to Get Life Insurance.

The reality is, “Everyone dies, and dying is NOT free!” – Courtney Richardson.

Whether a healthy 20-year-old or up to a 65-year-old with health concerns, it is crucial to have life insurance to pay for final expenses and to protect the family’s financial stability.

Regardless of the concerns, getting coverage will help to ensure death’s financial burden does not impact your family. So, let’s get covered so we can focus on living a happy life.

To learn more about Term Life Insurance, visit ethoslife.com.