Some of you may be wondering, “What is a ‘Baller‘?” Good question! The term “Baller” means “… to be wealthy, affluent, or have nice things. The term comes from sports because athletes live fabulous lifestyles. So if you look nice and have expensive things you are “ballin” like a professional athlete.”
Those that “look like” they have nice things and like to flaunt their money, especially at clubs, are considered “Ballers.” So, before you head out to the club with your friends, I have five quick tips about how anyone can be a “Baller” on a Budget.
Check out the #MadamMoneyMinute Video Tips of read the transcript tips below. Make sure you share.
BTW. If you would like me to share specific Financial Tips, simply email your financial questions to Info@TarraJackson.com.
Transcript below.
THINK FREE!
Some clubs that serve food may provide a FREE Buffet during Happy Hour to get patrons in the building early. Get there early to get a plate full of hot heavy appetizers. Even if they charge a small fee, it will be less than an entree’. Make sure you at least buy a drink and TIP YOUR SERVER!
$2 TUESDAYS!
Most clubs do drink specials to encourage people to go to their club. The drinks may be smaller in size, but you can “Ball Out” with a $20 bill. Make sure you at least TIP YOUR SERVER!
SHARE!
Instead of everyone getting separate entree’s, order several appetizers. Not only will you be able to enjoy each others’ appetizers, but you can split the bill for the food as well. Just make sure you agree to this before you get to the club or before you order the food. This way you will save come bucks and really TIP YOUR SERVER!
DON’T VALET
Take a few extra steps to find FREE or cheaper parking to save extra bucks. Men, drop off your Lady at the door. Ladies, bring comfy shoes to walk to the entrance OR go where Ladies park for free. And with the extra bucks you save … make sure you … TIP YOUR SERVER!
AVOID THE COVER CHARGE
Get to the club an hour or two earlier to save from having to pay a cover charge or entrance fee. Some clubs let you come in FREE before a certain time. Since you’ll already be in the building early, you’ll have a great seat and save extra bucks from not having to pay at the door.
Now, since you’ll be saving so much money from the these tips, make sure you put some away in a savings account. And oh yeah … don’t forget to … TIP YOUR SERVER!
I was raised in military household, which meant living with the imminent possibility of a parent being sent on an assignment and not returning home. For that reason, my parents were always insured. When I reached the age limit on my parent’s policy, my mother took out a small policy on me. As I began my first job, one of the only demands my mother requested of me was to purchase a life insurance policy. We all have our different reasons for insuring the ones we love, her reason was and still is reasonable to me…She didn’t want to have to beg for money to give me a proper burial.
I have seen numerous crowdfunding campaigns of parents requesting financial assistance to cover burial fees and other costs. Every time I hear this request I am reminded of my mother’s words.
As a sentient being, I understand the emotional justification for having life insurance. As a financial educator I understand the financial significance of having adequate life insurance. Here are three reasons I encourage you to consider getting life insurance.
It helps provide a secure future
Life insurance becomes even more important if your loved ones depend on you for financial support. This is especially true if you are a single mother, the primary breadwinner, or contribute significantly to your family dynamic (such as stay at home parents since your presence in the home relieves the family of child care costs). The death benefit that accompanies life insurance policies can replace your income and provide the financial support your family will need in your absence.
It allows you to create a legacy
Regardless of your socio-economic status, you can leave an inheritance by naming your dependents as the beneficiaries of the life insurance policy. When used properly, life insurance policies can be an intergenerational wealth building tool. The dependant(s) could use the money to pay for their education, start a business, or invest in … (continue reading 3 Reasons Why You Should Consider Life Insurance via MyFabFinance.com)
This article is not my normal content of All Things Money, but I wanted to share something I am going through in hopes that it will help other families dealing with the same issue.
While on this heartbreaking journey of trying to maneuver through the massive gaps in the medical system regarding people mental illness; the main obstacles that I faced while trying to help my son were HIPPA and Patient Rights.
So, today I wanted to share the differences between a Guardianship versus Power of Attorney to that it will help other family members that may have the same concern when it comes to a loved one with mental illness.
The Health Insurance Portability and Accountability Act, aka HIPPA, Privacy Rule regulates the use and disclosure of PHI (Protected Health Information), which is any information held by a covered entity which concerns health status, provision of healthcare, or payment for health care that can be linked to an individual. On the surface, this rule seems to be good to protect our Privacy regarding our health and medical information.
However, HIPPA began to hinder my ability to help my son who was incoherent and admitted to the mental medical facility. Yes, he is an adult. However, when a person is incapacitated, there didn’t seem to be any provision for a family member to obtain necessary information to assist the patient.
The Patient’s Bill of Rights in spirit clearly defines the rights of patients. One of the key areas that affected me was the patient’s right to refuse care or medication. This is frightening to me because if my son is not able to have a coherent conversation because of his mental illness, how is he going to be able to make a coherent decision regarding his care. So, even when my son needed care or medication, the medical workers cannot admit or administer meds or care if he refuses, UNLESS … he is Suicidal or Homicidal!
Where is the support for preventative care to avoid someone from becoming Suicidal or Homicidal? I do not want my son to hurt himself, anyone or me because of this horrible illness! I do not want my son to get shot by police because he has a psychotic episode in public and they do not understand, recognize or know how to deal with his illness.
What do I do? I chose to proceed with the legal process of Guardianship instead of Power Of Attorney. I received several calls, emails, and social media inboxes asking me why I did not get a Power Of Attorney.
A power of attorney and guardianship are tools that help someone act in your stead if you become incapacitated.
Power of attorney
Essentially, with a power of attorney, you choose whom you want to act for you.
A power of attorney document allows a person to appoint a person(s) to act in their place for financial or medical purposes when and if they ever become incapacitated. A power of attorney can be limited to very specific situations or transactions, or it may grant full power to someone over all of their affairs.
A Power of Attorney is a PROACTIVE process and is best when the person can make a coherent decision to appoint another person to handle their affairs if they are unable to execute medical or financial decisions or transaction. POA is generally for estate planning, long-term care planning, etc.
Guardianship
If an adult is incapable of making responsible decisions due to a mental disability, the court may appoint a substitute decision maker, often called a “guardian,” but in some states, it is called a “conservator.” Guardianship is a legal relationship between the guardian and the person who, because of incapacity, is no longer able to take care of his or her affairs (the “ward”). – Elder Law Answers
The guardian can be authorized to make financial, legal and health care decisions for the person. Depending on the terms of the guardianship and state practices, the guardian may or may not have to seek court approval for various decisions.
Guardianship is relatively a REACTIVE measure and may be perceived as a loss of freedom and dignity. Therefore, some state laws require that guardianship be imposed only when less restrictive alternatives have been attempted but proven to be ineffective, like a power of attorney.
Guardianship may be the best option for a person with a mental illness, mental disease, or terminal disease when they are incapacitated or incoherent.
Depending on the state, there may be court filing and attorney fees. Check with your state for their Guardianship process and fees.
Perhaps if I acted sooner, before my son’s mental health deteriorated, I would have been able to execute a Power Of Attorney with his consent. I hope this information will help those that read this to take the necessary steps to be proactive.
Scenario: Cindy recently opened her hair salon. This has been a dream of her for years and she finally did it! She ROCKS! About 3 months after she opened her salon, a customer slipped and fell and broke her arm. Someone spilled water on the floor and it wasn’t cleaned it up. The customer sued Cindy to pay for her medical bills. Two months after that, her salon was robbed. The criminals damaged stations and chairs and stole her flat screen TVs, registers, PCs and other equipment in her office. In spite of these challenges, Cindy pressed through and kept her business running.
Unfortunately, a few week after her 1st year anniversary, there was a fire in the space next to her salon in the store front strip mall. The fire didn’t destroy the structure but it did major damage to the interior of Cindy’s pride and joy. 🙁
You would think that Cindy would just quit, right? NO!!!
So, how was Cindy able to overcome all of these liability issues / property damages and keep her business open? She obviously had a FAB Business Protection Planner, aka Insurance Agent. 😉 They ROCK!!!
Getting several individual business insurance policies can be costly. Some of the required business insurance includes business interruption insurance, property insurance, vehicle coverage, liability insurance and crime insurance.
A BUSINESS OWNER POLICY (BOP) packages all required coverage a business owner would need. Based on your business’ or company’s specific needs, you can change what is included in a BOP.
Nature has an interesting way of teaching and inspiring. Judy Lawrence of Wllness.com shares how nature’s lessons can inspire how you manage your household budget?
Tarra “Madam Money” Jackson is a financial educator, international speaker, author, and wealth empowerment strategist helping you heal, build, and grow your wealth.
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