Category

Money Management

How Money Can Bring Couples Closer

By Love and Money, Money Management No Comments

Society gives men and women different messages about how to handle money. Men must be the breadwinners and know everything about finance. Women, however, even if they’re bringing home a paycheck, need to be nurturing and let men make important financial decisions.

These messages put a lot of pressure on the financial aspect of the relationship. Women tend to see concerns or complaints as an invitation to move closer. Men hear concerns or complaints as a warning flag that they are about to get blamed for something. That makes it very difficult to have conversations about money.

In order to avoid the pitfalls that financial differences can open up in relationships, it is essential to have the courage to dig beneath our stereotypes and our different conditioning.

Here are some tips that may be helpful:

Lose the notion of right and wrong. 

There are no right and wrong beliefs about money, just different attitudes and beliefs, and they all come from our individual experiences. To tell someone they’re wrong is telling them that your experiences are more valuable than theirs. That’s simply not the truth — you’ll strike a nerve and start an argument.

Don’t use money as a weapon.

Don’t bring money into conflicts where it does not belong. If your partner is upset because you have not been spending time together, don’t say something like, ‘I’m working to pay off your bills.’ Also, don’t go on a spending binge if you’re mad at your spouse. Actions like these take problems that aren’t related to money into dangerous territory.

Set long-and short-term goals as a couple. 

Ask yourself questions like, ‘What are some things we want to do with our finances this year? Do we want to build up our savings or take a vacation? What do we want to do in five or 10 years? How does our behavior have to change individually and as a couple in order to accomplish our dreams?’

Stay connected to your goals. 

A great way to stay on top of your goals is to do a monthly money date. Attach a positive activity to it, like dinner, and be sure to talk about your goals and dreams, not just your problems. Figure out how to build on each other’s strengths (Note: Do not have this meeting at the beginning or end of the month, as things tend to be tense near bill-paying time.)

Have your own money. 

While you have goals as a couple, you also have individual needs and goals. Once you agree on what you will each contribute to the family unit, decide on an amount that is off-limits. If you want to take it out into the backyard and burn it, it’s your decision. No discussion, no criticism.

Our challenges are our greatest teachers. Courageously faced, the bumps couples face in the road to financial well-being can pave a path to communication that will benefit their overall relationship.


Written by , originally posted on BlackEnterprise.com.

Is Your Mate Good in the “Bank”?

By Love and Money, Money Management No Comments




When looking for that great mate, finding someone that is compatible in religion, personality, goals and yes, the bed is extremely important. However, financial compatibility is usually overlooked and often ignored. This is surprising since one of the main reasons for marital arguments and divorce is money matters.

So ladies, as you begin your search or determination if you are compatible with your potential mate as a friend, partner and lover, here are 9 ways to determine if he is also good in the “bank.”

1. He Has Financial Goals and Plans

Not only does he have career and relationship goals, but he also has financial goals. Having financial goals and an action plan shows that he is a visionary and understands that it takes money to fund an ideal lifestyle. Whether the goals are to save six months of income in case of an emergency or job loss; or to be debt free, this is a strong indication that he is willing to put aside money on purpose.

2. He Has a True Savings Account

Let’s be honest! Most people don’t have a real savings account. It’s more of a “Side Piece” Account. A “Side Piece” account is that account connected to, or in the same financial institution as, your checking account. When the checking account cannot give you the cash to buy what you want, you then tap the “Asset” of the savings account. Therefore, that so-called savings account will never have enough funds for when you need it the most. A true savings account is an account used to accumulate funds with minimal, if no, withdrawal or depletion. He respects the savings account and does not abuse the access.

3. He Plans for His Financial Future

He understands the power of compound interest and takes advantage of his company-sponsored retirement savings plan, like a 401k, especially when his company matches his contributions. A company match is technically free money and can escalate retirement savings over time. According to Bankrate’s monthly Financial Security Index national poll, around 1 in 3 Americans isn’t saving for retirement at all. Even though “a man is NOT a retirement plan,” it is good to know that he is planning for a secure financial future for his family.

4. He Is Willing to Wait

In a world of immediate gratification thanks to microwaves, fast food restaurants, and social media (to name a few), it is a pleasure to find someone who is willing to wait when it comes to making certain purchases and borrowing money. Being a compulsive impulse buyer is dangerous to a family’s financial stability. Having the discipline to wait on certain purchases until he finds a better deal and saves up enough money to avoid going into debt, makes him a keeper.

5. He Has a Budget

He knows the power of naming his dollars with a budget. He also understands that by not having a spending or savings plan allows his cash to dictate what he can’t do or buy. Budgeting creates a roadmap of how to reach financial goals. He has a budget to make sure he has enough to take care of his family’s needs and wants.

Also read: The Best Budgeting Tips for Beginners


6. He Has Multiple Streams of Income

Having only one source of income can put a family in a vulnerable position should that source dry up due to job termination, illness, etc. He not only has a main source of income, but he also has other sources of income from investments or legitimate side hustles. We have multiple streams of bills, it only makes sense (and cents) to have multiple streams of income. Right?

7. He Understands Credit

Credit is meant to be leverage. It is a tool. However, if the user becomes an abuser, credit can become the catalyst of a painful cavity of debt. He understands the anatomy of the credit score:

  • 35% – Payment History (Are you paying creditors on time?)
  • 30% – Utilization of Revolving Debt (Are you keeping balances below 30%)
  • 15% – Age of Credit (How long have you had credit established?)
  • 10% – Types of Credit Established (Are you responsible with different types of credit?)
  • 10% – New Credit Acquired and Inquiries (Who’s looking at your credit cookies?)

He also knows the power of good credit when it comes to making major purchases, like a new home or car, as well as getting insurance, utilities, and a job. BTW, Credit is like sex. Just because you can, doesn’t mean you should. And if you do, make sure you use protection … a budget!

8. He Is Open to Talking About Money

Talking about money is not taboo for him. He is open to sharing his financial language, excited to learn yours as well as how to best communicate with each other. He is also not opposed to talking with a financial professional for help with money matters that he may not understand or feel confident.

9. He Is Ok with Saying and Hearing NO!

Sometimes man’s rejection is God’s protection, and he knows it. Saying NO to certain purchases is not to make him or his love upset or deprived, but he sees the bigger picture and how the transaction may affect his family’s financial goals. This doesn’t mean he says or likes hearing No to everything, but he understands the importance of being selective and protective about spending money to avoid negatively affect his family’s financial security.

Of course Ladies, this goes both ways, and our men are looking for the same thing.

But, if you have or find a man that is this good in the “bank,” he’ll probably be great in the bed as well. At least that is our hope.



Tarra Jackson On Cash Conflicts

How Couples Can Avoid Conflicts During Cash Conversations

By Love and Money, Money Management, Relationships No Comments

February is the month to celebrate all things LOVE! On Valentine’s Day, February 14th, many couples take this day to express their love for each other.

However, some couples are having conflicts during necessary cash conversations. Financial fights are one of the top ten reasons couples break up or divorce.

During an interview on the “Unlock Your Wealth TV & Podcast” with host Heather Wagenhals, I discuss common conflicts over cash between couples and how to overcome them. I also explain my upcoming book “4 Financial Languages” and how knowing them can propel you forward in all areas of your life.

Watch, Comment below and Share.

[Video] Ways to Fund Your Emergency Savings Account

By Money Management, Podcast, Saving No Comments

The importance of having an emergency fund was proven by the recent government shut down. The shut down lasting over 30 days, left federal workers without pay put many in financial hardship.

Establishing and maintaining a emergency fund, with up to 6-12 months six months of your annual living expenses, is critical for financial wellness.

Black Enterprise just released a new podcast “Your Money Your Life” hosted by Alfred Edmond, Jr. It was such a pleasure to be the guest expert for this episode.

I answered questions of where to get the money to finance your emergency fund.

Listen and share!

Share your tips on how to finance an emergency fund below.

10 Ways to Turn Your Commutes Into Cash Generating Opportunities

By Business, Money Management No Comments

 

Most Full-Time Working Professions who are also Entrepreneurs, also known as DUALpreneurs,  have the same challenge … not enough time to do everything that needs to be done. Between working all day, taking care of the family, running errands and “Plotting Profits in PJs” for their entrepreneurial venture at night and on the weekends; finding time to do necessary small business tasks, like follow up, answering emails and calls, etc., can be overwhelming.

Throwing in a commute to work that’s thirty minutes to an hour or longer makes completing those tasks seem almost impossible.

Thank God for modern technology, because entrepreneurs can use Laptops, Tablets and Smartphones to conduct business. So, whether your long journey to your full-time gig is by plane, train or automobile, here are 10 ways to turn your daily commutes to work into cash generating opportunities for your side small business.

Keep in mind that most of these tasks are recommended if you are the passenger. However, some of them can be completed while you focus on driving safely.

Catch Up On Emails 

If commuting by plane or train, use the time to catch on responding to important business emails, as well as emails to follow up with prospective or existing clients. Most planes and trains have WiFi, so reply and follow up with those potential income emails with a quick response.

Even if the commuter does not have wireless internet, most smartphones have a Mobile Hotspot feature that uses the data plan for wireless internet access.

Conduct Conference Calls

Although best while commuting as a passenger on a train or automobile; if driving make sure the car has hands free calling capabilities for this one. Use the windshield time to conduct conferences calls for your small business or schedule client coaching sessions.

Scheduling those much need conversations during your commute will not only expedite the cash generation,m but it will make the commute seem must for profitable.

Start Or Finish Writing A Book

That book deep down inside is itching to come out and bless the world. Turn that boring passenger ride into the best story ever written by … YOU! Start off with an outline, then during each trip write a few paragraphs or chapter for each outline topic.

Before you know it, the first draft of a future best-seller will be written and ready for editing and publishing to be sold all over the world! Cha-Ching!

Listen To Or Read A Book

One of my most favorite smartphone apps is Audible. Audible will turns commutes into an audio adventure of learning to earn more profits. Audible sells digital audiobooks, radio and TV programs, and audio versions of magazines and newspapers via the App and the internet.

So, do you have a book that you always wanted to read but never really had the time like “How to Win Friends & Influence People” by Dale Carnegie.

Or, maybe you’re just not an avid reader but really wanted to learn some strategic techniques like in “Side Hustle: From Idea to Income in 27 Days” by Chris Guillebeau.

And as the passenger, if you are an avid reader, the app Kindle is awesome. It’s like having access to thousand of books in a tablet or in your smartphone through the Kindle app. So, go ahead and finally read “Financial Fornication” by Tarra Jackson. I hear it’s great! 🙂

Listen To Motivational Speakers

Motivation is at your finger tips. Youtube is not only the #2 largest search engine in the world (next to it’s owners Google, which is #1), finding motivational speeches from Celebrities and Business Moguls like Oprah, Tony Robbins, John C. Maxwell or Eric Thomas is easy to access. Maybe that recorded motivational call by your network marketing up line will start your morning or end your work day on a profitable note.

Listening to motivational speakers ignites an excitement about your small business, gives you helpful tips and keeps you motivated to keep moving forward. So, let’s get Motivated!!!

Pray or Project Positivity

An attitude of gratitude is the key to prosperity. Saying a prayer for your family, your day, your business and yourself will start your day off on a positive note.

And based on the Law Of Attraction, we attract into our lives whatever we are focusing on. So, take the commute time to think about everything you are grateful for, ask the universe for what you want, and imagine your day, week, year and life they way you want it to manifest. Also, recite, think about or create positive affirmations.

You have the power to create everything (good and bad) in your life. Doing this mental manifestation and projecting positivity will open up the universe for you. Always remember:

[ctt template=”8″ link=”ta71I” via=”yes” ]Money making moves manifests in the mental. [/ctt]

Write Down or Dictate Your To Do List

So many things to do … so little time. Well, you at least have about an hour to think through what you want to accomplish for the day, week or month during your commute. Think about the tasks that will help you generate cash quickly.

As the passenger, write down or enter into your smartphone those tasks. What is also helpful is the schedule when those tasks will be worked on or completed.

As the driver, use the microphone app in your smartphone to dictate those quick cash generating tasks so you can refer to or write them down later.

As for those miscellaneous busy work tasks that need to be done like social media posts, blast emails, etc., find a friend, family member or college student that believes in your business to help you out. If you are financial able, consider paying a virtual assistant to handle the busy work while you focus on the money making matters.

Journal

“A journal is a written record of your thoughts, experiences, and observations. You can write in your journal daily, or only when you feel the urge”

Journaling can also be therapeutic if you a dealing with emotional challenges as well.

Let out all of your emotions with your pen, as a passenger, in your journal and you will feel a sense of relief so you can focus on starting and completing your cash generating tasks.

As a driver, create a voice journal by recording your thoughts during your commute. There are plenty of free apps for that.

Think About Solutions

Where there is a challenge, there is a solution. Most of the time we know how to fix the problem, we just need time to think it through. So, take your commute time to think about a problem or challenge that has been blocking your cash generation and think through some possible solutions.

Trying to figure out a way to engage your audience on social media without being on social media 24/7? Do you need for customers to come to your website to buy your products and services? Or … Do you need to tell you partner that you need more help around the house or with the business?

Whatever the problem or challenge, turn your commute into a Troubleshooting Session. Sometime your solutions is figuring out who to ask for help to fix the problem.

Take A Power Nap

Now, this one only works for passengers! So drivers, don’t try it unless you have time to pull over in a safe place.

Sleeping may not seem like a cash generating activity, but a quick 10 to 30 minute power nap can produce the small boost of energy needed to tackle the day and necessary cash generating tasks. Have you ever tried to get something done but your brain seemed clouded and every other word was mumbled by an uncontrollable yawn.

There’s nothing like feeling refreshed and focused to get thing completed and feel accomplished.

 

What do you do during your commute to increase your cash generation?