W.T.F.F. (Working Towards Financial Freedom)

          No matter how old you are, you should never stop learning. Whether it's through traditional instruction (i.e. going to school, attending a class, taking a training) or informal means (i.e. reading a book, an article, a blog lol), continuous education is needed for personal growth. This year, I signed up to take H&R Block’s Income Tax Course. I’ve been interested in learning more about the tax process for quite some time now. I remember when I first started working, doing taxes seemed confusing and scary to me mostly because of the bad rap the whole process usually gets from movies and TV shows. I didn’t want to do something wrong and then get audited or end up owing a huge amount in taxes. I remember thinking “What’s the deal with all the receipts? Was I realistically supposed to keep track of all my receipts???” Yea, I know I was being overly dramatic, but I did have my worries. 

“50 told me go ‘head and switch your style up and if they hate then let ‘em hate and watch the money pile up.”          As much as it pains me to quote Kanye West right now (you’d know why if you’ve been keeping up with the news over the past few months), I have to admit that although I’m pretty sure it probably wasn’t his intention, the line from his song “Good Life” is quite fitting for those wanting to improve their financial lives How so, you ask? hanging your mindset when it comes to money despite what others may think or say (i.e. switch your style up and if they hate then let ‘em hate) is one of the most important steps you can take to better your finances — or as Kanye puts it ‘watch [your] money pile up’. 

           According to a 2019 survey conducted by Go Banking, 69% of Americans have less than $1,000 in savings , leaving many in a vulnerable situation should an emergency arise; and unfortunately emergencies do arise. Whether it's a broken household appliance, car troubles, an unexpected bill, or an unforeseen medical issue, sooner or later, you will be faced with a situation that requires money that you may not have planned for. So, what happens when someone without savings is hit with an emergency that needs to be paid now? Some may turn to their credit cards, others may be able to borrow money from a friend or family member. But what if these options aren’t available? Enter the Payday Loan. An option that roughly 2.5 million American households turn to according to The Economist , despite the less than unfavorable terms which I will get into a little later.

            Today’s post is all about three of the most important financial numbers that we all should know about ourselves but most people don’t. Knowing these numbers can either make our lives easier or harder depending on what they are. What are these numbers you ask? Your credit score , your debt-to-income ratio , and your net worth . If you don't already know these numbers, now’s the time to learn. It may help save you time and money in the long run.  

           Summertime is usually the time to escape the city, work, our normal and everyday lives and relax, decompress, party or even explore. With the current pandemic, many of us may not be traveling this year or at least not traveling as far as we’d like. So in the spirit of the good old days, which include reminiscing with friends about past vacations and Google Photos constantly reminding me that not too long ago my friends and I were ‘livin’ our best lives’ on the beach, I figured I’d write this post. I’m also writing this post to convey a strong warning from lessons I learned in the past; so if you are considering hitting the road or flying the friendly skies soon, or for those of you who are like me and plotting their great escape for 2021, just remember, before you go, don’t forget to tell your bank.

                On Saturday August 8th, President Trump signed executive orders to provide relief for Americans who are struggling financially due to COVID. The action came with mixed reviews and questions regarding the legality of the orders . Without getting into the politics, I’ll break down what the executive orders mean and, most importantly, what they may mean for you.

           Today’s post comes from the inquiry of a friend. What’s the difference between a bank and a credit union? Honestly, I said, I don’t know. I’ve used traditional banks and I currently use a credit union but I never thought to question the difference between the two. So, in order to address my friend’s question, I set-out to learn.

         Hey All, today I have a special guest feature from Finance G.Y.L.T. (Getting Your Life Together). As a part of my blog, I host a segment called the Bounce Back . The point is to show that we all make mistakes that hurt us financially but instead of giving up or accepting it as is, you can take action and Bounce Back!

          Side-hustles are all the rage right now. Selling products online. Affiliate marketing. Driving for Uber and/or Lyft. Writing a book or monetizing your blog. There are tons of options and looking for alternative ways to make extra money is great but let’s face it, not everyone has the time to do so. So how can you increase your available cash without an additional source of income? Simple, you lower your monthly expenses.

          Did you buy a new car after getting a higher paying job? Booked a luxury vacation when you received a promotion? Are you currently making more money than ever before but it still feels like your living paycheck to paycheck? Unable to increase your savings or decrease your debt? If this sounds like you, you may be a victim of lifestyle creep.

     You’ve probably seen commercials offering low interest rates or even a 0% interest rate on car loans for people with ‘good’ credit. Listened to some friends and family members talk about how they have ‘bad’ credit. Possibly were turned down by a landlord for not having any credit. Or maybe even heard an ad from a company offering to fix your credit. And all the while just secretly thinking to yourself ‘What the hell is credit?’ 

                         Every action has its equal opposite reaction You start to save, then save some more And now you’re gaining traction. But in your mind, it’s moving slow And not up to your satisfaction So you stop, and then you splurge And you’re back to your old actions... Following up on last Monday’s post, we’re getting back into Savings. This post will explore ways you can give your savings a quick boost as well as different services/programs that can assist your savings with very little effort on your part. (P.S. Shout-out to anyone that got the reference to the opening above! )

     Today’s blog is all about Savings.      Why you should have one, how to start one, and different methods you can use to help keep it growing. Since this subject is pretty vast and extremely important I will have many posts dedicated to different aspects of this topic so please keep a lookout. Now, let’s get to it. 

So you set up your monthly budget with all of your standard expenses and that's great! But as we all know life is a lot of things but standard; and your standard budget isn't always going to cut it especially when the ad hoc expenses,as I call them, come knocking at your door. What’s an ad hoc expense? It’s an expense that is for a particular situation that does not occur every month. There are known ad hoc expenses such as birthdays, holidays, tax season, if you owe, that come around every year at the same time making them a li ttle easier to plan for. But there are also those unknown ad hoc expenses such as weddings, baby showers, housewarmings, graduations and any other celebratory gatherings that don't happen every year but will certainly have you dipping into that wallet.

Hey there, Thanks for stopping by😀... So where do I start?  Personal finance is a part of our everyday lives. Whether it's managing your expenses, learning to save or invest, or even understanding your income, if you're alive you need to learn how to manage your money.