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Money Management

Oct 20
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What in the Wealth is an #Annuity?

By Insurance, Money Management, Retirement No Comments




When planning your Financial Future, also known as Retirement, make sure to diversity your savings and investments. Diversification (having different types) of savings and investments is crucial to ensure that you do not out live your income after you retire, decide to stop working or become unable to work. From IRAs, 401ks, 403bs to cash value life insurance policies and stocks; there are several ways to build wealth for your future.

An Annuity is also a way to diversify financial future savings as well. Annuity comes the Latin work “annus” meaning annually or yearly. An Annuity is an insurance product that insures an income payout and is usually used as part of a retirement planning strategy. Although “Annuities are a popular choice for investors who want to receive a steady income stream in retirement,” it can compliment any person’s financial future and retirement savings based on their desired outcome and strategy.

For a better understand of Annuities, check out my interview with Prince Dykes on his YouTube show “The Investors Channel.”

Just like with any other financial vehicle, there are pros and cons. One size does not fit all when it comes to financial planning. Therefore, it is always best to consult with a financial professional, insurance agent or financial advisor to determine the best strategy for your situation.

Click here for more cool videos about Annuities, then feel free to connect with me for chat about how or if an Annuity may work for your financial future savings strategy.


Oct 10
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Nearly 7 in 10 Americans have Less than $1000 in Savings

By Money Management, Saving No Comments



Did you know that only 7 in 10 Americans have less than $1000 in Savings? Sean Williams, The Motley Fool, via 11alive.com shares why and a six steps to fix it.

Nearly 7 in 10 Americans have less than $1,000 in savings – Here are six tips. USA TODAY

Syndicated from 11alive.com by Sean Williams, The Motley Fool, WXIA

The U.S. is often referred to as the land of economic opportunity. Apparently, it’s also the land of consumption and “spend everything you’ve got.”

We don’t have to look far for confirmation that Americans are generally poor savers. Every month the St. Louis Federal Reserve releases data on personal household savings rates. In July 2016, the personal savings rate was just 5.7%. Comparatively, personal savings rates in the U.S. 50 years ago were double where they are today, and nearly all developed countries have a higher personal savings rate than the United States. In other words, Americans are saving less of their income than they should be — the recommendation is to save between 10% and 15% of your annual income — and they’re being forced to do more with less in terms of investing.

America’s poor savings habits

However, new data emerged this week from personal-finance news website GoBankingRates that shows just how dire Americans’ savings habits really are.

Last year, GoBankingRates surveyed more than 5,000 Americans only to uncover that 62% of them had less than $1,000 in savings. Last month GoBankingRates again posed the question to Americans of how much they had in their savings account, only this time it asked 7,052 people. The result? Nearly seven in 10 Americans (69%) had less than $1,000 in their savings account.

Breaking the survey data down a bit further, we find that 34% of Americans don’t have a dime in their savings account, while another 35% have less than $1,000. Of the remaining survey-takers, 11% have between $1,000 and $4,999, 4% have between $5,000 and $9,999, and 15% have more than $10,000.

Furthermore, even though lower-income adults struggle with saving money more than middle- and upper-income folks, no income group did particularly well. Some 29% of adults earning more than $150,000 a year, and 44% making between $100,000 and $149,999, had less than $1,000 in savings. Comparatively, 73% of the lowest income adults (those earnings $24,999 or less annually) had less than $1,000 in their savings account.

There was even minimal difference between multiple generations of Americans. From seniors aged 65 and up to young millennials aged 18 to 24, between 62% and 72% of Americans had less than $1,000 in a savings account.

The sources of America’s poor saving habits

This data is particularly worrisome since the recommendation is for Americans to have six months in expenses saved in case of an emergency, such as a large medical expense, car repair bill, or losing your job. Without this emergency fund to fall back on, millions of Americans could be risking financial disaster.

According to GoBankingRates’ report, two factors are to blame for Americans’ inability to save. First, some Americans are simply living beyond their means. With roughly 70% of U.S. GDP tied to consumption, and our society revolving around going out for entertainment, this isn’t too surprising.

The other issue is that credit cards and alternative payment platforms, such as Apple Pay, have made it easier than ever to spend money. It’s a lot easier to spend money when you’re not dealing with tangible cash. This out of sight, out of mind mentality could leave Americans out of money when they need it.


Six tips to a better budget

The obvious solution to fixing America’s savings woes is for Americans to adopt (and stick to) a detailed monthly budget. A 2013 survey from national pollster Gallup found that just 32% of American households were sticking to a monthly budget. Without a budget it can be practically impossible for consumers to understand their cash flow – and if they don’t understand their cash flow, they won’t be able to maximize their savings.

With this in mind, here are six tips that should help get you on the right track to growing your savings account and building a healthy emergency fund.

1. Use online budgeting tools

The first move to make is to use online budgeting software. The days of having to formulate a budget by hand are long gone, and they’ve been replaced by a plethora of online budgeting tools, some of which are free. In many instances online budgeting software will not only handle the grunt work of adding and subtracting, but it can also help you formulate a savings plan based on the dollar amount or percentage of earned income you want to save. In roughly 30 minutes you could have a working budget in place.

2. Surround yourself with like-minded people

The second key to a great budget is that you’ll want to surround yourself with like-minded people that share your goal of financial betterment. Your chances of sticking to your budget will be substantially higher if everyone in your household, including a significant other, kids, grandparents, or friends, are also sticking to a budget. If you live alone, consider meeting up with a group of people once or twice monthly who share the same mission as you (to save money).

3. Consider the use of separate accounts or cash

It’s no secret that Americans have a propensity to spend first and ask questions later, which is made easy with the use of credit cards and alternative payment options. One of the best ways to break the “spend first” habit is to consider the use of separate spending accounts. For example, if you’re budgeting $300 a month to entertainment, consider putting … (continue reading Nearly 7 in 10 Americans have less than $1000 in savings via 11alive.com)


Oct 07
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FINANCIAL DEPRESSION CONFESSION: Why my Money Woes were the End of the World and What I Did

By Credit, Debt Management, Money Management 3 Comments


Published September 14, 2014

Many of my private clients who were dealing with money or credit woes were also dealing with major depression as a result of their financial situation. Whether their challenging financial situation was due to a job loss, excessive debt, unexpected financial expense, or lack of money management skills and knowledge; the emotional stress then caused significant mental and physical illnesses like high blood pressure, anxiety attacks, etc.

I can absolutely relate. So now I am sharing my Financial Depression Confession. I am sharing how my money woes made me feel like it was the end of the world and what I did to help myself get better. My hope is that my transparency with this experience will help someone get through their extremely sensitive and painful period of financial depression.  

IT WAS THE END OF THE WORLD!

I dealt with major depression. I didn’t want to get out of bed, wasn’t motivated to clean my house, didn’t want to talk or see anyone, and I cried … A LOT! I suffered from insomnia and exhaustion. I over ate and didn’t exercise, so of course I gained lots of weight, which killed my self-esteem. This vicious cycle made me feel like it was the end of the world! I even contemplated suicide, but honestly … I couldn’t even “financially” afford to kill myself. Wait! Before you judge … depression is a severe psychological illness and if not treated, it can cause the sanest person to consider or do insane things. 

WHAT I DID: I got help! I went to a clinical counselor to talk about my feelings. I know what you may be thinking, but talking out some major emotional insecurities and feelings with a qualified third party helped me to deal with those emotions. It also gave me an unbiased support system. I was reminded that my emotions were normal, which helped me to realize that what I was going through was NOT the end of the world. By purging my private pain, I was able to free my mind to think more logically.

I WAS EMOTIONALLY PARALYZED

Emotionally and mentally, I was paralyzed. I just couldn’t move past what I was going through. Yes, I prayed and did my best to trust that God would get me through it, but I just couldn’t do what was necessary to allow God to move. “Faith without Works is dead!” I knew that Bible verse and said it to myself every day. But … I felt helpless and hopeless which kept me paralyzed.

WHAT I DID: I changed my MIND! I realized that the eyes may be the strongest muscles in the body, but the Mind (brain) is the hardest muscle to change. So, I worked at it everyday. I changed what I watched, read and listened to. I became extremely protective about what I allowed to enter my mind because Thoughts turn into Words, Words turn into more Thoughts and those Thoughts turn into Actions or Non-Actions. What we visualize will actualize (positive or negative) so I only allowed positive and actionable thoughts, through affirmations, songs, books, etc.


NO ONE UNDERSTANDS!

I didn’t believe that anyone would understand what I was going through. I’m Madam Money! How could anyone understand “how” or “why” I was dealing with Money Woes? I didn’t think that anyone would understand, so I isolated myself. It was a very lonely place to not have anyone I could trust to share that I was dealing with my deepest and darkest fears of about money.

WHAT I DID: Once I realized that this “lie” I was telling myself was bred from my PRIDE. I was too proud to ask for help. So, I had to humble myself and ask my a core circle of family and friends for help. I established specific roles for each of them to help me. For example, I had friends that helped me and held me accountable for eating better and exercising, friends that made me get out of the house to avoid isolation, and a family member that helped me financially when I absolutely needed. Asking for help was the hardest thing for me to do, but it was the best thing I could have ever done. And guess what, they understood because they had experienced what I was going through.

OPERATION: FINANCIAL SELF-SABOTAGE

I medicated my pain through spending money on eating out every day, drinking and shopping. Oh yes I did! Dealing with the pain was too painful. So I tried to numb the pain by doing the opposite of was I know to do. Knowing what to do and how to do it but doing the opposite is “self-sabotage.” I become my own worst enemy. I became my most challenging client.

WHAT I DID: I got help from another financial coach. Yup! Coaches need coaching too. Even though I didn’t need my coach to tell me what to do; I needed my coach to hold me accountable to do what I know I’m supposed to do. My coach guided me through the process as a support system to stop my financial hemorrhaging caused by my financial self-sabotage.

SELF DOUBT DESTROYED ME!

Everything I did to try to improve my situation, just didn’t work. The more my attempts failed the more I doubted myself and my ability to fix my situation. How do you destroy the most confident person in the world … DOUBT! Doubt is the direct result of Fear, which is “False Evidence Appearing Real.” Bottom line … I was afraid to fail and because my attempts weren’t working, this failure made me doubt everything.

WHAT I DID: Believe it or not … I connected with others! By connecting and networking with other people and professionals, I had intellectually stimulating conversations. Those conversations helped me build new relationships and networks. Those new relationships and networks valued my connection because of my personality, expertise or passion. This built up my confidence. Not only that, I connected with people who experienced my challenges, or knew someone who could assist me with my some of my challenges. This built up my confidence and reduced my doubt.

I’m not saying that everything that I did to help me will help you. But I am saying that there is HOPE and HELP for anything that you may be going through.

Whatever you are going through, even though it may feel like it … it is NOT the end of the world. It is the beginning of a new opportunity to make you stronger than ever to improve your current financial situation.

If you are experiencing financial depression and need help, I am here for you. I look forward to being a resource to help you through my pain, passion and purpose.




Oct 04
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5 Reasons to Check Your Credit Report Regularly

By Credit, Debt Management, Money Management No Comments

by Lexington Law

In much the same way that a resume displays your work experience to a prospective employer, a credit report provides prospective creditors (and in some cases employers and insurers too) with a detailed picture of your credit history. And like a resume, your credit report can influence whether you will receive what you are applying for.

Ideally, your credit report is an accurate, up-to-date reflection of your credit history. However, since we don’t live in an ideal world, there are many reasons that your credit report could contain inaccuracies that might prevent you from receiving the credit you deserve. The good news is you can take action to keep your report accurate. Here are the top five reasons why you should make a practice of regularly reviewing your credit report:

2_istock_000072356829_largeInaccuracies & Mixed Credit Files

Many inaccuracies on a credit report can be the result of simple human error, and are therefore are not difficult to dispute. Of course, if you don’t order your credit report, you might never know about it. Whether the inaccuracies relate to payments not credited, late payments, or data mixed in from the credit file of someone else with a name similar to yours, you will want to contact the credit bureau to dispute inaccurate information promptly.

Tracking Payments

One of the most important elements of credit is a demonstrated history of on time payments. Once you send the check though, anything can happen–a delay in the payment being received can kick you over to a 30-day delinquency. If you call your creditor and explain the situation, they might adjust the information. Of course, if you don’t read your credit report, you won’t necessarily know which payments are being received and reported properly.

Identity Theft

This issue alone is reason to order your credit report immediately. Identity theft is an insidious crime, involving a thief who assumes your name to open new accounts, divert your card statements to another address, and run up all sorts of bad debt without you ever knowing about it until collectors come calling. Over time, identity theft could jeopardize your ability to obtain further credit. The best way to catch a thief who is using your name is by getting a copy of your credit report, which will show you if there are accounts listed you know you haven’t opened. For example, if a thief has intercepted a pre-approved credit card offer in your name and sent it in with a change of address, your credit report will include the account.


Inquiries

If you’re shopping around for a loan or more credit, you should know that when creditors check your credit, it places an inquiry on your credit report. Inquiries can add up, which is often interpreted as a negative by creditors. For this reason, too many inquiries can actually make getting credit more difficult. Moreover, if you didn’t authorize
someone to look at your credit report and they did, they may have broken the law.

Credit Fraud–Unauthorized Charges

Credit fraud involves the theft of your credit card or account number to make unauthorized charges to your account. Though consumers are protected financially from this abuse, other creditors may take note of all this activity and decide to raise your interest rates or refuse to grant you a loan. Ordering your credit report will help you catch new activity on accounts that you haven’t been using, or may have closed.

When it comes to managing your credit worthiness, your credit report is your best resource. Ordering your credit report gives you the opportunity to manage your credit wisely today, while planning your credit strategy for achieving future goals–a credit-savvy move every consumer should make!

Click Here to Learn More About Credit Repair



Oct 04
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5 Key Traits Of Successful People

By Business, Money Management No Comments

If Debt is the Problem we are the Solution

Highly successful people come from many walks of life. Some have highly successful or affluent parents, which almost forces them to become high achievers, while others succeed in order to avoid poverty. Moreover, some are outgoing while others are painfully shy and withdrawn. Still, despite all the differences among the most successful people, following are five primary characteristics they all have in common.

Love What They Do

successThe most successful people tend to love what they do. They live by the credo, “If you’re doing something you enjoy, it doesn’t seem like work.” Consequently, they tend to put in countless hours to reach their goals. Money is not always their primary objective, but a nice perk. Many of these folks probably knew what they wanted to do for a living from a young age, possibly turning their favorite avocations into careers. Others may have discovered their life’s work after starting their vocations, and the love for their jobs motivated them to reach the apex in their aspirations.

Self-Confident

Despite their demeanor, whether shy, outgoing or brazen, the most successful people are highly confident in their abilities. Many people need more positive affirmation to gain confidence, whether on their jobs or in business ventures. Those who achieve great things in life tend to gain confidence through small successes over time. This inner confidence comes from an unshakable trust in themselves, according to Inc., which puts these aspirants a step or two closer to achieving what they want.

Good Communicators

High achievers must know how to communicate their goals and strategies to reach them. And effective communication is not just a matter of sending out some emails, giving a good pep talk and then sending workers off to tackle a big project. Successful people are constantly communicating with their superiors, subordinates and anyone involved in the projects in which they’re working. They not only tell people what they want done, they listen to them. They aren’t so proud as to ignore someone if they have a more efficient way of accomplishing a task. In reality, highly successful people hear not only what people say but what isn’t being said, according to Inc. And when people are good communicators, people are more likely to trust and follow them.

Work Well With Others

It’s difficult to be successful in life without the ability to work well with others. Even the most egotistical and arrogant people with the best ideas rely on others to carry out the tasks that make them successful. And the self-employed, who often start out working for themselves, must eventually work with suppliers or potential buyers to accomplish their objectives. The most successful people know they can accomplish much more working with other people.

Not Afraid to Fail

People who excel at their jobs and accomplish the most in life are usually not afraid of failing. They may fail to accomplish a particular task or project in the short run, but they don’t let it defeat them as it might others. They study what they’re doing wrong and find workable solutions to accomplish the desired effect. Years ago, a Midwest hamburger chain ran a string of commercials that featured great achievers who people laughed at before their ideas took off. Whether it was the concept of flying, which the Wright brothers aspired to, or Thomas Edison’s proposal to light an entire town, these giants in their industries didn’t get discouraged from the ridicule of others. They were visionaries who knew they would succeed at what they were doing, even after many failed attempts.


Jessica is a professional blogger who writes for Faxage, a leading company that provide Internet fax service for individuals and businesses.

Oct 01
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VIDEO: 10 Commandments to Financial Freedom

By Credit, Debt Management, Loans, Money Management One Comment

Call Now: 855-778-2331
Financial Freedom, like salvation, is available for EVERYONE. However, even though we have access to it, there are principles or “commandments” that should be obeyed. So, here are the “10 Commandments for Financial Freedom.”




COMMANDMENT I: THOU SHALL MAKE IT A LIFESTYLE CHANGE, NOT A FINANCIAL DIET!

Diets are meant to be temporary; and if you can’t sustain it, old behaviors may return. Make positive financial changes that can be easy to incorporate in your “Lifestyle” and can be maintained over time to improve and enhance your financial situation.

COMMANDMENT II: THOU SHALL GET ORGANIZED

Get all of your financial statements and bills organized. This will be helpful when building and updating your spending plan (aka a budget).

COMMANDMENT III: THOU SHALL START SMALL

Every little bit counts with building savings. Start with a small savings goal and build up over time.

COMMANDMENT IV: PAY YOURSELF FIRST!

Saving is the key. Not only for emergencies but for opportunities and your future. Make sure you put your oxygen mask on first financially to ensure you have enough to help yourself and your family.

COMMANDMENT V: WAIT!

Before deciding to make a large purchase, give yourself a few days to think about the purchase or find a cheaper price.  Buyer’s remorse is a pain in the …. (you know what)!

COMMANDMENT VI: THOU SHALL PAY BILL ON TIME

Structuring when your bill payments are due will help you comply and regulate your spending plan (aka budget). Paying your credit accounts will help improve you credit reports because payment history is 35% of credit scores.

COMMANDMENT VII: THOU SHALL LEAVE CREDIT CARDS AT HOME

Use cash as much as possible! This will help you take control of compulsive spending and avoid adding on to existing debt.

COMMANDMENT VIII: NEVER FEEL DEPRIVED

Feeling deprived leads to splurging. So, don’t focus on what you can’t do or spend. Rather, focus on what you will be able to do and spend when you plan and budget for it.

COMMANDMENT IX: THOU SHALL TREAT YOURSELF

Do something small and frequent to treat yourself for keeping up with your spending plan (aka budget) and the goals you set for yourself. Moderation is key, so make sure you Reward Yourself Responsibly.

COMMANDMENT X: THOU SHALL BE CONTENT

One of life’s greatest pleasures is to be content with what you have. It is good to desire more to drive you towards your goals and plans, but being content makes the journey more pleasurable.

Comply with these commandments and enjoy the Financial Freedom you desire and deserve!