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Personal Finance Information |
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Money Matters - Really!
One of the biggest challenges facing black RELATIONSHIPS today are finances. Many people mistakenly feel that money does NOT matter. In fact, money matters the MOST! Why? Most people do not have a clue about their own financial destiny. You know you want to own a home and save some money toward retirement but have you PLANNED what it is you are saving each month and how that money will assist you in the future. Do you have a PLAN to empower yourself financially by NOT depending on your JOB to pay your salary and that's your only source of income. Times have CHANGED. Jobs come and go(and so do SPOUSES). To protect yourself financially you need to be proactive and not depend on anyone else to solve your financial issues. You can improve your finances RIGHT NOW if they are not in order. There are low costs alternatives to improve your credit score and increase your buying power. Power not to be wasted on designer shoes, clothes, and automobiles, but to be invested in REAL estate. An interesting term to be sure. REAL because it is the foundation of all REAL wealth in this country. Estate, because that is what you can leave your children and family if you handle your business correctly - RIGHT NOW. Money matters because in a relationship YOU should have your OWN MONEY! That is right- I said it! You should not count what someone ELSE brings to the table when all your money is tied up in petty and senseless bills. Talking about petty and senseless- let us discuss CARS! What would possess a person to lease an automobile? Other than as a BUSINESS expense (which also means TAX WRITE OFF) someone PLEASE Tell me WHY? I have heard of folks paying $500.00-$900.00 monthly on car payments. WHY? My car is paid for and I am proud of it. Yes, it is ten years old - BUT I don't work because I DON'T have to support my vehicle. If you are serious about getting more money in this lifetime, you will need to STOP SPENDING money RIGHT NOW on things that DEPRECIATE in VALUE such as CARS! Nuff said! We all need just ONE major credit card and an American Express card. The other credit cards need to be in the trash. The reality is- if you CANNOT pay for something you purchased within 30 days, you CANNOT afford it! Brutal I know but I have been there and done that. When you have to spend real $$$ on what you purchase, it truly does slow your roll. Contact me if you need to be pointed in the right direction. I will be happy to assist! In a personal relationship many of your disagreements WILL stem from money issues. Not just who makes what, but how it is spent and how it is saved. It seems like such a small thing but when you are commingling finance and love you need to establish boundaries up front. PLEASE DO NOT IGNORE THIS ADVICE! You should decide in advance if you want to keep your finances separate and have a joint household account. The household account should be open to both parties (online access is great for this) and not used for personal spending in any way. The check card will let you market, pay bills etc. A joint savings account would also make saving for special purposes much easier. No matter how much you trust each other, the savings accounts should REQUIRE both parties to sign off on withdrawals. Just to keep everything clean and above board. The traditional (old fashioned) way is to have just one account for checking and one for saving. Even though our parents did this, most mothers (and fathers) always had personal money SOMEWHERE that was just theirs. So why not be upfront about your own personal money issues so they do not come back to haunt you down the road. Michelle Smith-Billups owns serveral websites. Her main site, HurryDates-in-Black.com is dedicated to finding and building better relationships. Her focus has turned to money as a way to improve on what YOU have before you find a mate. This is NOT to be used to measure a potential mate, but as a means to open, honest and effective communication about finances before your relationship begins. http://www.HurryDates-in-Black.com/moneymatters.html
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