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Money Management

Sep 01
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3 Exit Strategies For Leaving A Financially Abusive Relationship With Your Bank

By Money Management No Comments

Many consumers are in financially abusive relationships with banks that are “not that into” them. These consumers are dealing with ridiculously high loan interest rates, very low deposit rates, too many and extremely high fees, as well as poor customer service.

When I was in a financially abusive relationship, it not only angered me, it made me feel weak and hopeless because I didn’t know how or if I could escape. Then one day … I did! I left my “un-wealthy” financially abusive relationship with my bank.

Here are three effective Exit Strategies for getting out of a Financially Abusive Relationship from my book, Financial Fornication.

Exit Strategy 1: Talk About It

The opportunity of improving your financial situation happens by talking with the right person at the bank. So, before deciding to break up with your bank, be sure to …

  1. Share concerns with a Customer Service Representative, in person if possible.
  2. Speak with a Branch or Department Manager about concerns for resolution.
  3. Write a letter to the Senior or Executive Manager about concerns if they are unresolved at the branch level.

If efforts to resolve the matter are not addressed appropriately or ignored, move to the next strategy.

Exit Strategy 2: Start Financial Dating

Begin the process of financially dating other financial institutions to find one (or two) that meet most of your required financial needs (deposit accounts, loans, internet banking, etc.). In my book Financial Fornication, I share in detail the 5 phases of Financial Dating to avoid getting into financially abusive relationships.

  1. Explore financial options (banks vs. credit unions).
  2. Investigate the financial institution(s) via the internet or word of mouth (research).
  3. Experience the Introduction by going to the branch(es) or calling customer service to ask questions.
  4. Start slow by Courting the financial institution by using one or two of their financial services (open a savings or checking account), when your ready to make a commitment!
  5. After all 4 phases have been executed, then Commit to your new primary financial institution (PFI) by using more of their products and services.

These phases should not be skipped. It is necessary and worth taking the time to get to know financial institutions to make sure they are right for your personal or business financial situation.

Once your new financial “main squeeze” is found, it will make it easier to leave your existing bank.

Exit Strategy 3: Exit Slowly & Deliberately

Whether a new financial “main squeeze” is on standby or not, slowly stop using the bank’s products and services.

Be sure to…

  1. Review bank statements carefully to identify all direct deposit or automatic payments coming out of the account(s).
  2. Stop or change automatic payments from the account(s) and update payment information with the new bank account information, when available.
  3. Ensure that all accounts are in good standing or current. This will ensure a clean break. The last thing you want is a reason for the bank you’re breaking up with to have to keep contacting and mess up your relationship with your new bank “boo” by telling your messy money biz to chexsystems.
  4. If possible or necessary, refinance loans to your new money “main squeeze.” If this is not possible, keep this in mind … having loans with a bank is like having a child(ren) with an estranged spouse or mate. Leaving the relationship does not diminish the responsibility of the child(ren). Therefore, leaving the financial institutions does not diminish the legal responsibility of the credit obligation. If refinancing is not an option, continue to make loan payments to your ex-bank on time until it is paid in full to avoid collection and credit report drama.
  5. Lastly, stop or reduce direct deposit into the account.

Once these steps are executed, a clean break is relatively easy.

Even though the financial relationship may seem extremely challenging right now, just know that all financial institutions are not the same. There are lots of really good banks and credit unions out there that value and appreciate their customers. Once you find them, some of them even provide an easier method of transiting automatic payments and direct deposits to them through what is called Switch Kits.

So don’t give up. There is hope. And most importantly, you deserve better!

For more tips on how to have a more wealthy relationship with your money, read my book, Financial Fornication on Kindle or Amazon.com.

Sep 01
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Saving vs. Investing

By Investments, Money Management, Saving No Comments

Saving and investing — they’re both critical to achieving your financial goals. They both require you to put money aside, but for very different purposes.

Saving is ideal for short term goals (vacations or a rainy day fund). Investing is for long-term goals (down payment on a house or retirement).

But if you’re confused by the difference, you’re not alone. Most people in the U.S. don’t save enough, according to think tank Economic Policy Institute. And only half invest, according to a recent report from polling organization Gallup.

Take a look at this video. It will help you understand the difference between saving and investing.

 

Originally appeared on Learn.Stash.com and written by Jeremy Quittner, the Stash financial writer.

Aug 30
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What Cardi B Taught Me About Making Money Moves

By Business, Money Management No Comments

Cardi B hit the music industry by storm with her song “Bodak Yellow.” But don’t get it twisted, she’s been in the entertainment game for a long time. To be honest, I didn’t know who Cardi B was until I saw her name trending on Twitter. After hearing “Bodak Yellow,” I was hooked and a new fan. I’m not sure what everyone else got from the song, besides a catchy hook, but her story in her song reinforced a few lessons about money and business moves.

Here’s are the lessons Cardi B reinforced about “Making Money Moves.”

Change Your Mindset to Change Your Money

“I don’t dance now, I make money moves. I don’t gotta dance, I make money moves.”

Yeah, Cardi B was a stripper and her dance moves may be what made her money. However, when she advanced out of the nocturnal ballerina game to the world of social media, television and now the music industry, her focus is on making money moves. That requires a major mindset shift. Having a Money Moves mindset means thinking big, setting goals, and making better decisions when it comes to personal and business finances. So, change your mindset from “your current financial situation” to what you want and where you want to be, financially.

Pay Attention to Your Bank Accounts

“And I just checked my accounts, turns out, I’m rich, I’m rich, I’m rich. I put my hand above my hip, I bet you dip, he dip, she dip…”

Checking your bank accounts often is a part of money management. Knowing how much is coming in, and more importantly, what is going out of your bank account will help you control your finances. Whether you call it a Budget or Spending Plan, tracking your spending and naming your dollars will help you get excited about checking your accounts. Use Mobile Apps like Mint to make money management easier and fun.

Buy Nice Things You Want When You Can AFFORD It

“…These expensive, these is red bottoms, these is bloody shoes. Hit the store, I can get ’em both, I don’t wanna choose …”

Buying nice things is not a problem when you can afford them. Many people buy stuff to look “rich” or look like they have more than they really have. Let’s face it, buying a $200 purse without having $200 or more in the bank is not cute. However, if you want to buy those haute shoes or that Michael Khors bag, save UP for it instead of using credit. Rule of thumb for small ($100 – $1000) or medium ($1000 – $5000) purchases: have the amount more in your savings account than the cost of the item your want to buy. That way, you can buy the things you want guilt-free and “you ain’t gotta choose.” 😉

Be Intentional About Your Actions and Outings

“You in the club just to party, I’m there, I get paid a fee. I be in and out them banks so much, I know they’re tired of me.”

I learned the easiest and fastest way to lose your money is to go to every networking event without a purpose. Not every networking event or meeting is right for your bank account. Look for opportunities that will positively add to your life, business and bank account.

Comment the “Money Moves” you learned from Card B below.

Aug 29
Love0

Complete Financial Domination

By Love and Money, Money Management No Comments

Financial domination is a specific fetish in which a submissive (typically a man, called a pay pig or cash slave) allows a dominant (or findomme – typically a woman) to control all aspects of their submissive partner’s financial life. This rarely discussed fetish is a facet of BDSM in which money is the focal point of the relationship.

This can go as far as giving access to bank accounts, restricting spending, and managing savings. In this case, the findomme manages the spending of their cash slave. The cash slave may even have to report to his master on their spending and ask for permission to make certain purchases. He gets off on being dominated by – and beholden to – someone else.

What is a Findomme?

The Urban Dictionary defines a findomme as a “gorgeous sexy lady that takes over men’s finances,” though that’s not always the case. This kind of relationship typically involves some sort of humiliation, teasing, and – of course – a heavy dose of domination.

Why Become a Cash Slave?

You may wonder what would propel a man to open his wallet. What makes him enjoy giving his money freely to a woman while being humiliated?

“Though a financial domination fetish is sexual in nature, it has very little to do with sex.” – Click To Tweet

I spoke with QueenFaeV, a Europe-based financial dominatrix who has been involved with financial domination on and off for over 10 years. “Financial domination is the subversion of the traditional financial power dynamic inherent in the standard western view of male-female relations,” she says. “What subs find arousing does not mesh well with a popular conception of sexuality – because findom (financial domination) isn’t about sex and not really about the money. It is the switch in the traditional role. It is about power, and most of all about giving control to a dominant woman.”

She notes that many of these men have high-stress jobs, often managing the finances of others or those of their businesses. So the idea of letting go – of giving someone else access to their money and trusting them to manage it – is alluring. It’s about losing control.

As you can imagine, a financial domination fetish is expensive and involves a lot of spending. Pay pigs get off on the fact that they’re spending a good chunk of their money, teetering on the edge of what is responsible and what isn’t.

Click here to continue reading “Complete Financial Domination: When Women Are Top!” via Centsai.com.

Aug 28
Love0

10 Best Things to Buy on Labor Day Weekend

By Money Management, Shopping No Comments

If you’re not out enjoying the last bit of summer on Labor Day, you might want to take advantage of the long holiday weekend to get great deals on a variety of items. From summer merchandise to big-ticket items, you’ll find plenty of things deeply discounted during Labor Day sales.

In fact, you should see retailers starting their sales several days before Labor Day weekend, said John Park, CEO of Goodshop, a coupon and deal site that makes donations to charitable organizations when users make purchases through the site. And “if you don’t have a chance to shop during the big sale time, not to worry,” Park said. Some retailers will likely keep their sales going until the weekend after Labor Day.

Before you head to the store or online, though, it pays to know what to buy on Labor Day to snag the biggest discounts.

Major Appliances

Artazum / Shutterstock.com

Labor Day sales are a great time to buy major appliances at a deep discount. “To clear stores for newer breeds, retailers discount previous years’ appliances by as much as 40 percent,” said Sarah Hollenbeck, shopping and savings expert at deal website Offers.com.

Look for Sears to have some of the best deals and free shipping on refrigerators, ranges, cooktops and washers and dryers from brands such as Kenmore and Whirlpool, Hollenbeck said.

Best Buy is also known for having great deals and should be knocking hundreds of dollars off the prices of major appliances from Samsung, Bosch and other popular brands. Also look for Best Buy to offer free delivery and haul-away of old appliances, she said.

Grills

Cookie Studio / Shutterstock.com

“The unofficial last day of summer, Labor Day, also marks the unofficial end of barbecue season,” Hollenbeck said. “To clear out their stores for fall merchandise, retailers offer grills at up to 80 percent off.”

So, Labor Day sales are a great time to get a new grill at a fraction of the cost that you’d pay if you waited until next spring or summer to buy one.

You’ll find some of the best sales on gas and charcoal grills at Home Depot, Lowe’s and Kmart, Hollenbeck said. And look for both Home Depot and Lowe’s to offer free shipping on select online orders.

Grilling Accessories

sevenke / Shutterstock.com

If Labor Day doesn’t mean the end of grilling season for you, you can get the supplies you need to keep cooking outdoors at a discount.

“Labor Day tends to be a great time to stock up on grilling accessories,” said Regina Conway, a savings expert with deal site Slickdeals.

For the past three years, retailers such as Home Depot and Lowe’s have discounted bags of charcoal by 50 percent, she said. Even higher-end stores such as Williams Sonoma cut prices on grilling accessories to clear out their summer inventory.

Patio Furniture

Photographee.eu / Shutterstock.com

Labor Day weekend is a good time to get patio furniture at a discount, Park of Goodshop said. For example, home goods retailer Wayfair marked down outdoor furniture by 70 percent last year during its Labor Day sale, he said.

In addition to Wayfair, you can expect to see outdoor furniture sales at Kmart, Kohl’s, Pier 1 Imports, Pottery Barn, Sears and West Elm, Park said. Home Depot also marks down patio furniture, so make sure you check out the store’s deals this Labor Day.

Summer Clothing

Image Source / Shutterstock

Like grills, patio furniture and other seasonal items, summer clothing gets deeply discounted during Labor Day sales.

“Labor Day weekend is an excellent time to stock up on summer season clothing, especially if you can find staples that transition well into other seasons, like T-shirts or cardigans,” said Lindsay Sakraida, director of content marketing with DealNews.

Stores slash prices on summer apparel by as much as 75 percent, she said. But you can score additional savings by stacking coupons on top of the sale price. Sakraida said you can find coupons for clothing that slash up to an extra 40 percent off. Check sites for online coupons such as DealNews, Slickdeals and Goodshop.

Sunglasses

Image Source / Shutterstock

Sunglasses are among the summer clearance items that represent the best Labor Day deals.

“There are many online glasses stores that have sales up to 80 percent off on affordable name-brand and generic styles,” said Brent Shelton, online shopping expert for deal site FatWallet.

You’ll find discounts from online retailers such as Eyeconic, 6pm.com and GlassesUSA and from big-box retailers. Some of the best savings, though, will come from Oakley, Nike, Ray-Ban and Spy Optic, Shelton said. “Expect savings as much as $100 on these higher-quality styles that can also be fitted with prescription lenses,” he said.

Shoes

Image Source / Tumblr

You can find some great deals on shoes during Labor Day sales, Park said. Expect to see markdowns on both end-of-season summer shoes and back-to-school shoes.

In the past, retailers such as Shoes.com have offered 30 percent off during Labor Day sales. Some retailers cut prices by up to 50 percent, he said.

Mattresses

Image Source / Pinterest

“Every Labor Day has a big mattress sale,” Park said. “So, if you’ve been sleeping on an old uncomfortable mattress all year long, here is your chance to upgrade.” He expects Macy’s to have some of the best deals.

In general, you can expect department stores and mattress retailers to slash prices by up to 60 percent on a variety of styles, Sakraida of DealNews said. However, remember to “keep in mind that the base and mid-tier models are the most likely to be discounted,” she said. And if you find a great deal from an online mattress retailer such as Casper, don’t balk at the idea of making this purchase online. Mattresses are actually one of the best things to buy online now because many retailers offer free return shipping if you’re not happy with your purchase.

Laptop Computers

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If you missed the back-to-school sales on laptop computers, you still can find deals on them — last year’s models, in particular — during Labor Day weekend sales. Retailers and manufacturers such as Acer, Best Buy, Dell, HP and Lenovo will offer 15-inch PC laptops for as little as $300, and you’ll see $900 for a 13.3-inch MacBook Air.

You can get an even bigger discount if you’re a student. “You’ll save an additional $100 to $150 with a student ID at most computer stores,” Shelton said.

Cellphones

pixfly / Shutterstock.com

If you’re in the market for a new cellphone, take advantage of Labor Day sales to get one for less. For example, Verizon usually offers great deals on cellphones, upgrades and data plans, Hollenbeck said.

You also can find cellphone accessories marked down during Labor Day sales. For example, Best Buy is offering 40 percent off three or more select cellphone accessories with a cellphone order through Sept. 4, she said.

Click here for more Things to Buy on Labor Day by GoBankingRates.com.

Originally appeared on GoBankingRates.com.