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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 …
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