All Posts By

Tarra Jackson

Tarra Jackson, known as Madam Money, is a seasoned Personal Finance Expert with over 20 years experience in the personal finance sector as a corporate trainer, loan officer, Vice President of Lending and Executive Vice President at several major financial institutions. Tarra is the author of the best-selling book “Financial Fornication” as well as a nationally acclaimed speaker, commentator, consultant, author, & syndicated blogger covering topics from cash and credit management to insurance and investment basics.

Jun 05
Love0

How to Have a Great Wedding Without Going Broke

By Love and Money, Money Management One Comment

The “Wedding” industry is a multi-million dollar industry and the cost for weddings keep going up. Most people are paying for their own wedding but haven’t saved up for this big day.

However, instead of yielding to the temptation of borrowing money, check out these cool ways to save on a fabulous wedding.

7 Ways to have a Great Wedding without Going Broke!

WHAT’S YOUR DESTINATION?

Combine your honeymoon and wedding with a Destination Wedding. Go to a resort or cruise where amenities are included. Invite the entire world if you want! Those that want to attend to help you celebrate your special day will pay their own way to get there.

You can pay for certain family members, like your parents, grandparents, children, etc., . Instead of paying for a minister to come, the captain of the cruise can actually perform the ceremony.

HERE COMES THE JUDGE.

Although I was furious when one of my friends did this, I finally understand how fiscally brilliant she was. If you’re not that concerned about everyone watching you jump the broom, go to the Justice of the Peace.

Only the people that really matter and are local can attend to help you celebrate. The money you save can go towards a great honeymoon or better yet, towards a down payment on a home, to pay off debt or savings.

IT’S A FAMILY AFFAIR!

Got a family member with a big beautiful home or backyard? Having your wedding at their home could be their wedding gift to you. Other family members with “professional” skills like catering, photography, make-up artist, cake baker, singer, band, DJ, hair stylist, seamstress, tailor, etc., can render their services for your wedding as a gift to you.

You can also offer to provide them with free marketing of the services or products they provided during the wedding via a paper program, place cards, or elegant and professional signs. Keep in mind that I said “professional” skills, which means that they do this for a living and have a business or, at a minimum, you have experienced their service or product. You’d be surprised what type of talent lies within your own family, but Be Selective!

WHAT’S GOOD FOR THE GOOSE …

I never really understood the expensive tradition of buying a wedding gown that will only be worn for a few hours and in a closet for years. All this in hopes that the daughter can wear it when she gets married. Ok, maybe I am the only one, but I have no desire to wear the wedding dress that my mother wore in the 70s.

Besides, if men can rent a tuxedo for the wedding and get away with it, the ladies should be able to do the same thing when it comes to the wedding dress! Save the thousands of dollars on that new wedding gown and rent it. Instead, buy a really nice reception dress, since you will be wearing that longer. Make sure you get a reception dress that you will be able to wear again in the future, like to friend or family member’s wedding.

HEAVY HORS D’ OEUVRES

Instead of serving a full course meal, try heavy appetizers, more elegantly called “hors d’oeuvres.” They are just as filling and everyone can choose and eat the foods they like.

Choose a filling and inexpensive protein with lots of carbs and starches to help fill your guests up quick. If you want to be healthier, add more fruits and vegetables.

TECHNOLOGY IS YOUR FRIEND!

One of my celebrity friends recently showed me that sending electronic invitations is not only cost effective, but is elegant as well. She used PaperlessPost.com to send out her invitations, get RSVPs, communicate instructions, and forward necessary documents. This proved that no matter how wealthy you may be or how rich you think are; technology can be just as effective and elegant as those expensive paper invitations.

So save your money on those paper invites, envelopes, RSVP cards, and postage. You can also use other electronic invitations through evite.com or eventbrite.com. Besides, who reads their mail anyway? Oh yeah, that’s just me again!

LIGHTS … CAMERA … ACTION!

Live stream it!

Again … invite the world! They can tune in and share some loving and congratulatory comments to the live stream of your wedding. This way you can cut down on the people that will attend your wedding and reception, but still allow the world to share in your special day!

There are several free live streaming services available, like Facebook Live, Instagram Live, Periscope or YouTube Live.

These are just a few ideas to save money and have a great wedding without going broke. But the most important tip to remember is that “TIME IS MONEY!” The more time you have to plan and shop around, the more money you will save!

Best wishes and congratulations on your upcoming wedding.

Jun 02
Love0

The Art of a Successful Side Hustle

By Business, Money Management, Podcast One Comment

Remember when we were told to go to college to get a good job for financial security? That was good advice, back in day, until employers began #GoingLean by cutting jobs and benefits to cut costs and increase their revenue.

[ctt template=”8″ link=”0SRqf” via=”no” ]In today’s economic and employment environment, it is almost required to have multiple streams of income to pay your multiple streams of bills. – @MsMadamMoney[/ctt]

For many people, side hustles are not just hobbies to make a little extra cash. Side hustles are entrepreneurial ventures necessary to make ends meet financially. We are in the new age of DUALpreneurs (full time employees who are also entrepreneurs) and it is Exciting!

In this episode of Financial Fornicating with Madam Money Podcast, my #YoungMoney guest Cody Berman of FlyToFI.com shares:

  • The “best” type of side hustle
  • What a Savings Rate is and how it affects your Side Hustling and Entrepreneurship
  • Advice for young and aspiring Entrepreneurs
  • And more…

About Cody Berman

Cody is a 22-year-old entrepreneur pursuing financial independence and intentional living. He runs the personal finance blog “Fly to FI” and co-founded the disc golf company Arsenal Discs. He is extremely passionate about finance, fulfillment and life optimization.

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 iTunes and Google Play Music! Please share your honest feedback as Ratings and Reviews are very helpful and greatly appreciated!

 

May 10
Love0

5 Great Gifts Moms Rather Get Than Flowers On Mother’s Day

By Money Management, Relationships No Comments

As a mother, I love the attention I get on Mother’s Day. The flowers, dinners, and gifts are awesome! However, like most mother’s, I need help and time off to recharge. So, this year along with the traditional Mother’s Day flowers and crowded restaurants, here are few gift suggestions from actual Mothers!

Cold Hard CASH!

If you your mother is like my mother, instead of an expensive gift, she will opt for the cash in her hand or bank account. Some pretty flowers and a sentimental or fun card with CASH falling out is always an awesome surprise for Moms. This allows the Super Mom to buy something she really wants or replenish her savings account.

Pay A Bill

While in the car with one of my friends, she received a call from her adult daughter. She didn’t have the call on speakerphone, but I heard the entire conversation.

Her daughter said to her, “Mommy, I love you so much. I am so sorry that I won’t be in town for Mother’s Day. But this year, I want to give you something special. I am going to pay your mortgage payment for the month of May.”

My friend gasped in excited and lovingly accepted her daughter’s generous gift.

Now, you may not be able to pay your mother’s mortgage or rent for the month, but offering to Pay A Bill for your mother will free up her money for the month to do something special for herself.

Mommy Duty Vacation

My sister is the ultimate Super Woman. She is a wife, a mother, has a job and is also does speaking engagements as a side hustle. Since her husband broke his knee, she is the chauffeur, chef, cleaning lady, nurse, tutor, nurturer, disciplinarian, etc. … and that is just at home.

In her exhaustion, she shared “If I had someone that could just relieve me of my Mommy Duties for a day or two, I could get some sleep and recharge.”

So, if you know a Mom that is also on the go for her family, gift her one or a few days off of Mommy Duty. You can even create coupons for Mommy Night Out or Mommy Sleep In Babysitting Duty, Kid’s Activities Chauffer, Cook for the Family, Cleaning the House (The Mommy Way), etc.

House Cleaning Service

One of the most time-consuming tasks is cleaning the house. Even with help from the family through chores assigned or the #HoneyDo list, sometimes moms get the awesome opportunity (insert sarcasm) of going behind everyone to actually clean (The Mommy Way).

Karen from FB shares, “I love my family. But cleaning the house takes up so much of my time and I’m already exhausted. I would love to have maid service just once so I could relax.”

Hiring a House Cleaning Service to do a thorough cleaning of the house may be the best Mother’s Day gift ever! Just make sure you ask your mom if it’s ok first. You know how some of us moms are with strangers in the house.

Food Delivery Service for Week

After a long day of being Super Woman, cooking dinner for the family or just for herself can be an exhausting task. Instead of mom spending money on fast food or eating out, surprise her with a Dinner Delivery Service, like MagicKitchen.com, for a week.

“It so easy to hit the fast food places to take the family out to eat after a long day.” Shares Trina from FB. “If the food was already prepped and I could pop it in the microwave or oven for a few minutes would be a life and money saver!”

Of if the mom just loves to cook, gift her a grocery delivery service membership, like Shipt. Mom can use that extra time, from not having to go grocery shopping or meal prepping, to enjoy a much deserved and probably needed rest and relaxation.

Apr 02
Love0

Easy Financial Spring Cleaning Tips

By Money Management No Comments

It’s SPRING!!!

Yes! It’s that time again.  Out with the old to make room for the new!  Spring is the season of newness!  Time to put away all of the winter clothes and blankets and bring out or make room for the Spring and Summer stuff. If you are planning to do some spring cleaning this year, are you planning to do some Financial Spring Cleaning?

Financial Spring Cleaning is just as, if not more, important as Spring Cleaning in your home and closet. Here are a few tips on Financial Spring Cleaning with your Paperwork, Wallet, Credit Report and Budget.

Spring Cleaning Your Financial Paperwork

FILE ESSENTIAL DOCUMENTS / SHRED NON-ESSENTIAL DOCUMENTS.

If you have a desk, filing cabinet, drawer or box full of old bank statements, checks, bills, or other financial documents, sort through them carefully and keep only the important documents that you know you will need to reference at a later date.

Do NOT just throw the documents away in the trash. If you do, you are begging to be a victim of Identity Theft.  If you do not own a shredding machine at your home or do not have access to one at your job, take your shred box to a local Shredding Company.  They are awesome!  Just dump, watch it get shredded and drive away! Search for a local Shredding Company or ask your local financial institution if they do Shred Events.

GO GREEN / PAPERLESS.

Most financial institutions encourage their customers to sign up for electronic statements. This is more cost effective for them because they save money on paper, ink, postage and mail service. This is beneficial to you because you don’t have to worry about more paper coming in the mail.

Don’t fret! If you need to have a hard copy of your statement to audit or review, you can simply print you statements via online banking.

Spring Cleaning Your Wallet

REDUCE THE PLASTIC.

If you have more than one debit or credit card in your wallet, you may be setting yourself up for over spending. Or worse, you may give that thief who stole your wallet access to all of your money and credit. Save the planet and just PICK ONE already!

Only having one debit or credit card in your wallet to use for a purpose is the best way to control spending.

USE CASH!

A wallet is for cash!  Keep cash in your wallet to see exactly how much you are spending.  This may help you with a new financial reality check.

Spring Cleaning Your Credit Report 

GET IT FREE!

Before you decide to apply for credit anywhere, you should know your credit status.

[ctt template=”8″ link=”BZP8E” via=”yes” ]Lenders should NOT know your financial reputation before or better than you! [/ctt]

Being afraid of what is reporting is no excuse for not getting a copy of your credit report.  You should know what creditors are saying about you. You never know … the information they are reporting could be false.  You will want to nip that in the bud sooner than later.

You can get a FREE copy of your credit report at least once a year at www.AnnualCreditReport.com or by calling (877) 322-8228.

SET THE RECORD STRAIGHT!

If there is false information reporting on your credit report, it is your obligation to set the record straight and get it corrected.  Creditors are not going to notify you that they are reporting information incorrectly!  This is YOUR financial reputation we’re talking about.

It will suck when you are declined for a loan because of information that is incorrect. Each credit reporting company (Equifax, Experian and TransUnion) has an online process to dispute incorrect information. They also provide detailed instructions on how to dispute information via mail as well.  Again, get started at www.AnnualCreditReport.com.

Spring Cleaning Your Budget

GET IT TOGETHER! 

If you do not have a written budget, this is the time to get it together.  Once you see where your money is going money, it will help you make better financial decisions.

UPDATE IT!

A budget or spending plan is a living and breathing document. There are some things that may have changed within a year, which may require changes to your budget. So, if you do have a budget established, now is the time to review it and update it as necessary.

Who knows, you may have a few extra bucks to save or to pay off another debt. Better yet, treat yourself if you were able to stay on target with your budget! You deserve it.

Mar 31
Love0

What to Do When You Can’t Afford to Pay Your Bills

By Debt Management, Money Management No Comments

One of the most horrifying experiences for me was struggling with money and not being able to pay my bills.  The fact is that there are many people and families who are experiencing some very difficult financial situations.

Although there is no magic pill or “one size fits all” method to fixing financial struggles or “financial dis-eases,” based on my experience with financial struggles, here are a few tips to help you get started.

Tip # 1: Assess the Problem

The most important step is to assess why you can’t pay your bills.  This could be because of a job loss, a pay cut, increase in fixed expenses, unexpected medical bills, an expensive mistake or poor spending habits.  After understanding the cause of the problem, the next phase of this step is to write out your budget. You may see that you are spending more than you make.  By writing this down in detail, you will understand your fixed verses flexible expense.

Tip # 2: Fix the Problem

Once you understand what the problem is, you can now begin the process of fixing the problem.  Most of the time problem is overspending.  If this is your issue, the best cure for this financial dis-ease is financial abstinence by eliminating the use of credit cards or unsecured lines of credit.  Also, cut back on eating out and reduce or eliminate flexible bills like cell phone, land line phone, cable or any other unnecessary expenses.

RELATED ARTICLE: Brilliant Budget Tips to Eliminate Credit Card Debt

However, many people aren’t overspending at all.  They may not be making enough money and their income does not meet their baseline budget of their fixed expenses.  If this is your issue, it is now a matter of increasing your income.  Finding a part-time job or establish a home-based business can generates that extra income needed.

RELATED ARTICLE: Make Extra Money With These 4 Side Hustles

Here are few more ways to handle challenging financial situations:

Ask your family or friends for a loan or gift to assist you during your short-term struggle.

Make sure that you only ask them once and make it clear that it is a gift (you do not have to pay it back) or it is a loan (you will pay back).  If it is a loan, establish the payment arrangements and make sure you pay them back on time.  Don’t be that family member that everyone ignores phone calls from because they know you are just going to ask them for money.

Contact your creditors.

Contact your creditors to explain your temporary financial hardship and request to skip a payment for the month to get back on your feet or to modify your payments, permanently or for a limited time.  Many financial institutions have a loan modification program.

Contact a debt management organization, like CCCS.

Contact a debt management organization, like Consumer Credit Counseling Services (CCCS) to assist you with communicating with your creditors to reduce your monthly payments.  There are many organization out there, some free and some with a minimal fee.  Be sure to do your research before you commit to their services and program, especially if they are requiring a fee up front.  It is recommend that you find a non-profit debt management organization that does not charge a fee to assist you.

Learn your legal options.

When all else fails and you have honestly tried everything stated above as well as other tips you’ve learned, another last resort option may be bankruptcy.  “Bankruptcy is a tool, nothing more, nothing less” says Bankruptcy Attorney & Trustee Angelyn Wright of The Wright Law Alliance, P.C.  When used appropriately it can be the financial major surgery necessary to rebuild your financial well-being and give you a Fresh Start.  If you are considering this option, make sure you understand what bankruptcy is and does.  When done the wrong way or with the wrong attorney, it may put you in a worse financial situation than you are now.  Get educated and ask questions before you proceed with caution.

Based on personal experience, as well as observing and working with others who are dealing with and have resurrected from financial struggles, your financial situation can change if you are willing to work hard enough and can be disciplined.

Mar 29
Love0

#IMO (In My Opinion): What You Need to Know about LYFT’s IPO

By Investments, Money Management No Comments

On Friday, April 29, 2019, the ride-share company, Lyft, made it’s trading debut on NASDAQ (Market Symbol: LYFT) at almost $90 per share ($87.24 to be exact). With all of hype around Lyft’s IPO (Initial Public Offering), my money brother Kevin Williams, II of BuildingBread.com and I had a conversation about it.

We discussed Lyft’s income performance, how to research the company, what their stock price might do and if it is a good investment.

Watch the video and share you perspective below.