Finance (23),,, 1-888-883-3013


Should I Co-sign A loan, credit card, or Apartment for a Family member?

If you’re a parent then I suggest to add your kids on your credit accounts as authorize user.  This will build up their credit, so you as the parent will not need to co-sign for their student loans, cars, and apartments. 

Now, if you have a family member or love one that having credit issues and they ask if you would sign for them a car, credit card, or apartment, then I would suggest you not to do it.  The reason is that it could ruin the relationship.  For example, if a family needs to move into a new apartment and they ask you to co-sign and you decide to do it.  If that person loses his or her job, then you’ll be stuck with making the payments or ruining your personal credit and the relationship.

I always suggest if a person is having credit issues offer to help them repair their personal credit, if they refuse, then you know that person is not the one to be offering help too.  Some may argue that you should look at how financially responsible the person is in order to determine if it’s worth you putting your good personal credit on the line.  However, you must factor in that things could happen to the person or their employment and that may leave you on the hook for extra bills.

So, in conclusion, I would suggest find other ways to help them, rather reserve the relationship then jeopardize personal credit if the person is not will to fix their own credit.

Read more… Have you ever wrote a bad check and now you can not get a checking account? Well, you're now alone.  In this video, I'll show you, how to get a new checking account as well as show you how to contact ChexSystems to remove youself from their database.

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Simple Savings Strategies

A savings fund is your best defense against forces that seek to derail your debt free momentum. Yes! Forces intent on keeping you mired in money mishaps, floundering in financial fiascos, or let’s face it – deep in debt are real. Alliterative exercises aside, a savings fund is a must have. It’s just not always an easy must do.

Before tackling a debt repayment plan, set up a Mad Money Fund. This fund should contain at least $1000 (depending on your comfort level). Some balk at the low figure, but consider your recent emergencies. Would $1000 have been sufficient? Don’t dread using the cushion in a genuine emergency. The Mad Money Fund exists so you avoid the madness when emergencies happen.

  1. Start your budget. The quickest way to give yourself a raise is to tell your money where to go. You do that with a budget.
  2. Setup auto saving. Redirect money to your savings using automatic tools. You don’t miss what you don’t see.
  3. Sell everything. What are you hoarding that can be converted into cash? Ebay. Craig’s List. Garage Sale. Clean house and build your savings.
  4. Stash windfalls. Do you have a lump some coming? Instead of spending before you receive, plan on using that to pad your savings.
  5. Seek extra income. Do you have a marketable service? Hire yourself out. Secure part-time income and save up.

Trying to pay off debt without a savings stash is like filling a leaky bucket. Eventually, frustration may cause you to give up completely. The Mad Money Fund will help you avoid using credit so emergencies don’t derail your debt repayment plans.

Do you have other simple savings strategies to share?

Read more… CPN (Credit Profile Number) to Help Rebuild Personal Credit

In this video,  I talk about How to obtain a CPN (Credit Profile Number) to help rebuild your  personal credit

Questions I answer.
1. How to get a CPN (Credit Profile Number)?
2. How to make sure a CPN is good?
3. Is a CPN Legal?
4. What Laws allow you to use a CPN?
5. Who is currently using a CPN?
6. Where can I get a CPN?

Learn more about CPNs and the law.

Bush v. Lancaster Bureau of Police, (E.D. Pa. Aug. 28, 2008) (concluding that "Plaintiff cannot state a claim under [42 U.S.C. § 1983] for a violation of subsection (b) of section 7 of the Privacy Act" because "[u]pon review of the th[e] statutory language, the court cannot conclude that Congress created an 'unambiguously conferred right'" for individuals).

Stoianoff v. Comm'r of the Dep't of Motor Vehicles, 12 F. App'x 33, 35 (2d Cir. 2001)

Claugus v. Roosevelt Island Hous. Mgmt. Corp., (S.D.N.Y. Apr. 29, 1999)

42 U.S.C. § 405(c)(2)(C)(i))

42 U.S.C. § 405(c)(2)(C)(ii)

42 U.S.C. § 405(c)(2)(C)(iii)

Dittman v. Cal., 191 F.3d 1020, 1026 (9th Cir. 1999)

Schmitt v. City of Detroit, 395 F.3d 327, 329-30 (6th Cir. 2005)

Schwier v. Cox, 340 F.3d 1284, 1292 (11th Cir. 2003)

Lawson v. Shelby County, Tenn., 211 F.3d 311, 335 (6th Cir. 2000)

Ingerman v. Del. River Port Auth., 630 F. Supp. 2d 426, 445 (D.N.J. 2009)

Szymecki v. Norfolk (E.D. Va. Sept. 11, 2008)

Contact us 1-888-821-6408x2

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Business Credit America has done it again. This time, their taking on the credit industry to prove to Americans it is still possible to build business credit. Their offering a free business credit forum and BUSINESS training teaching entrepreneurs, small business owners, internet and online marketers how to properly structure themselves for the best asset protection.

As the banks and other financial institutions still refuse to help the American economy rebuild itself, Business Credit America has decided, they will not wait until after an election to help revive the economy. A spokesperson for the company, said “they feel the American Economy should not be struggling when you have so many multimillionaires that are able to help small business owners keep their business going and help start new businesses”.

Business Credit America is offering a Free Business Credit Forum and Business Training to the American public. Learn some of the Basic things most business owners miss in order to have a successful business

• Learn, How to properly structure your business for the strongest asset protection
• Learn how to properly order you EIN number
• Learn about current trade vendors that offer business credit on net terms, such as,,,,, these are just a few trade vendors.
• Learn the difference between a Paydex score and a Business Credit Score
• Learn how to properly file a Ucc-1 financial statement to help your business or personal credit
Business Credit America offer so much business information to help get the American Economy get back going. Check them out at and join their free business credit forum today, IT’S FREE

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How to get Business Credit Cards Without a Personal Guarantee? 1-888-821-6408x2
How to get a Business Credit Card with out a Personal Guarantee is a step by step process. First you have to see what business is more favorable to banks, which is called SIC CODE. Once you know and understand this step then you can continue on with the proper step to get business credit cards.

Here are the necessary steps to get a Business Credit Card with out a Personal Guarantee.

Know you Sic Code for what type of business your looking to Start.
Call and get your EIN#/TAX ID# over the phone not online and please make sure you use Incorporated at the end of your company name.
Incorporate your business to a C-Corporation Banks love this entity.
Get your Dun and Bradstreet Number from their website. You want the number thru the CCR Government program. This way you get the number for Free and within 48hrs instead of 30 days.
You need to have Projected Financials submitted to Dun and Bradstreet in order to a Clear complete file this is very important.
You need to file Ucc-1 lien against your business for the money and equipment, you invest in the business to get it started. This is very important to creditors.
Once these steps are completed then you need at least 6 to 9 Net30 Accounts such as,,,,,, Grainger, Uline, Seton, nebs, deluxe and so on. Remember Dun and Bradstreet does not report your credit limits, they report the amount you spend on purchase, so the more you spend on products the better the tradeline looks on your business credit file.

If you follow this step by step, you're guaranteed to get Business Credit cards with out a Personal Guarantee.

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I believe that effective outsourced accounting, taxation, financial management and consulting is more than a service, it is a relationship. We build that relationship with each client by learning about his or her business process and culture. Then we design a service package that meets the unique needs of the business. If the client has an in-house accounting staff, our team can supplement and support their work. If needed, we can become the in-house accounting department.


Shirika Gomillion

Accountant & Tax Advisor

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He Raised Over $500,000

10744060259?profile=originalDo you want sponsorship funding for your business or your education? 


Derrick Hayes, author of Raising Money in a Recession, has raised over half a million dollars to help people with their university fees. I interviewed him in More Black Success Volume 8.

Derrick is just one of the people I interviewed in my new ebook Shaking the Money Tree, about raising sponsorship funding.

I asked business advisors how to get sponsorship, but they could not help me.  So I decided to research it myself. 


Check out my new ebook Shaking the Money Tree.


The experts I have interviewed give you practical advice and suggestions. 


For a limited time, it is available for just $8, a 75% discount from the regular price of $19.99. 


Click here for more info and to download your copy now


Here's to your success! 

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Want Sponsorship Funds?

10744060259?profile=originalDo you want sponsorship funding for your business or your education? 


I asked business advisors how to get sponsorship, but they could not help me.  So I decided to research it myself. 


Check out my new ebook Shaking the Money Tree.


The experts I have interviewed give you practical advice and suggestions. 


For a limited time, it is available for just $8, a 75% discount from the regular price of $19.99. 


Click here for more info and to download your copy now


Here's to your success! 

Do you want sponsorship funding for your business or your education? 


I asked business advisors how to get sponsorship, but they could not help me.  So I decided to research it myself. 


Check out my new ebook Shaking the Money Tree.


The experts I have interviewed give you practical advice and suggestions. 


For a limited time, it is available for just $8, a 75% discount from the regular price of $19.99. 


Click here for more info and to download your copy now


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5 Ways to Make Money While on Vacation

10744043488?profile=originalWouldn’t it be great to turn your fun trips into tax cuts? If you plan to take any trips this summer, here are some ideas that will help you get the most out of your travel budget.

1. Make all your business appointments before you leave for your trip.

Most people believe that they can go on vacation and simply hand out their business cards in order to make the trip deductible. Wrong.

You must have at least one business appointment before you leave in order to establish the "prior set business purpose" required by the IRS.

The first thing that you need to do is set up appointments in the various cities that you will visit before you leave. One way to establish this is to post an ad for distributors in the town’s newspaper. You could then interview those who respond when you get to the business destination.

2. Make It All "Business Travel."

In order to deduct all on-the-road business expenses, you must be traveling on business. By definition, you are on business travel whenever you are sleeping overnight in a strange bed - conducting business, that is!

3. Make sure that you deduct all of your on-the-road -expenses for each day you're away.

For every day you are on business travel, you can deduct 100% of lodging, tips, shoe-shines, laundry and dry cleaning, car rentals, and 50% of your food. According to the IRS, no receipts are required for any travel expense under $75 per expense. The only exception would be for lodging.

4. Sandwich weekends between business days.

Interestingly, the IRS notes that if you have a business day on Friday and another one on Monday, you can deduct all on-the-road expenses during the weekend.

5.Make the majority of your trip days business days.

The IRS says that you can deduct transportation expenses if business was the primary purpose of the trip. The majority of the days in the trip must be for business activities. Otherwise, you cannot make any transportation deductions. This is an all-or-nothing proposition.

With proper planning, you can deduct most of your vacations if you combine them with business. That can make your life a lot less taxing!

To learn more about tax strategies for small business owners, sign up for my newsletter at

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Change Please!

Be honest. We’ve all had those lean days when every pocket was searched, bags were emptied and banks were broken. All this scrounging done in search of the thing we forget about until we need it …. change. That’s right! Quarters, dimes, nickels and especially pennies are often treated like the black sheep of our financial family. No one wants them until there is no more paper to fold.However change is still currency. It still spends, even though you may get a harsh look or two depending on how much of it you’re spending at the same time. We’ve all been behind someone at the register buying with pennies. I’ll confess. I’ve been that person a time or two. I learned a very valuable truth the moment I headed out to the store with my money that jingled. Change adds up.So, before you banish your change to the bottom of your pocket or handbag along with that last stick of gum, let me share a thought with you. Your journey to financial security begins with one very small, possibly humbling step.Start saving your pennies. Anytime you get change back from a purchase separate the pennies when you get home. I know this is not earth shattering news but stay with me I am going somewhere. Once you get disciplined at saving pennies, begin to save pennies and nickels. Then once you’ve mastered that, save pennies, nickels and dimes. Then once you’ve developed that skill, add quarters to your saving strategy. By the end of this process, you should only be receiving change, not spending it. Any and all change you receive should be emptied into a jar or similar container at home.“But I need a real savings account. Change is going to take too long to accumulate”I hear you murmuring. I did the same thing. Maybe this will help.If you save one quarter every day for 100 days, you will end up with $25. However if you save nothing everyday for 100 days, you will end up with nothing. I don’t know about you but I would rather have $25 than have nothing. The point is that saving your change is a start, a place for you to begin. It is also a way for you to develop the discipline of saving.I can still hear some grumbling out there. Let me give you one more insight.Because we value paper money more than the kind that jingles, it will be easier to say no to unnecessary purchases when it means breaking a bill instead of reaching for the change to complete the purchase. Trust me, your change jar will begin to multiply faster than you expect. Soon you will be at the register eagerly looking at the cashier thinkingCHANGE PLEASE!Job 8:7“Your beginnings will seem humble, so prosperous will your future be.”Written ByTanai M. Colemanwww.GodsChic.comwww.TMCFC.comwww.TaDaNetworking.comTMC Financial ConsultingYour Money Is a Tool. Are You Using It Wisely?
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Out of the Frying Pan and Into the Moving Van

You’ve been looking for a job and can’t find one. You’ve been trying to push your career forward and can’t seem to get a break. You’ve been trying to get your business off the ground for what seems like years with little to no success. It seems as if there is no opportunity for advancement where you are. The teachers may be striking, the public policies may be changing, and things right now may not look good to you. Do you think you need a fresh start? Are you considering moving to a new city or state? Think things will be better somewhere else? Well I’m glad you’re here.Before you pack that bag and reroute your mail to your new address, stop for a moment and think about this decision. Don’t move because you feel like it, or because it seems like the right thing to do.Never make financial decisions based purely on emotions or impulse.Look before you leap. Find out about the new state or city you want to move to. The laws, unemployment rate, and all the other things that are important to your life and business. Don't jump into a worse situation trying to leave the bad one you are already in. Think about it for a moment. Why do you want to move? Is it a good reason, or are you upset or worried about something and see moving as the answer? Be careful and know your motives. I am not saying don't take the leap. All I'm saying is look first. A bad move can not only be very costly but also extremely discouraging. While a good one can open all the right doors to get you to that next level.Put That Suitcase Away Until You Do These 10 Action Steps:1. Start saving moneyNo matter what your final decision is, saving your money gives you options.2. If you’re a Believer, prayIf you believe in Christ, then He is your first consultant on any major move.3. Put on paper what you are not getting in your current locationSitting yourself down and exploring your motives will help you to understand why you are doing what you are doing.4. Do an online search to see if your career or business type is flourishing or floundering in the place you want to move toWherever you move you have to be able to earn a living. This search will help you to explore the possibilities5. Every state and city has a government website. Look on it to see if the laws and regulations are in line with the type of life you want to live.For example, some states require licensing for certain businesses and others don’t. This search will help you to see what will be required of you if you live there.6. Call vendors you have now and see what they would charge you in the new cityThings like car and home insurance, even utilities can vary state to state. The move may not be worth it if these costs are too high.7. Look online or call your Realtor to see what type of home you can affordYou need to know how much square footage and safety you can get for your money as compared to where you live now.8. Once you decide on an area, find out about transportation optionsIf you don’t have a vehicle, you need to know about public transportation. If you have a vehicle, you need to know about parking rules and regulations.9. Call at least three moving companies and get estimates and credentialsYou need to be able to compare and contrast offers, pricing and integrity. All of these are important when choosing a moving company.10. Look at all the information you’ve collected in steps 1 – 9 and put together a sample budget for how your are going to make it work financially when you move.Use this information to make your final decision and move forward.In all of your research always refer back to step three. Remember why you want to move in the first place and be sure to make decisions that will help you solve that particular problem. Not create new ones.Ecclesiastes 3:1”There is a time for everything, and a season for every activity under heaven.”Written ByTanai M. Colemanwww.GodsChic.comwww.TMCFC.comwww.TaDaNetworking.comTMC Financial ConsultingYour Money Is a Tool. Are You Using It Wisely?
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My staff and I had a meeting today about all of the emails that we receive from people wanting our product, but not being able to afford them. In my effort to EMPOWER others, I decided to give EVERYTHING away FREE to the FIRST 1000 people!! All you pay is $6.95 for S&H! I have over 75k people in my this will go quick! NO EXCUSES! There is STILL time in 09 to make it happen!April
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For immediate release: September 14, 2009Memphis, TennesseeDiscipleship International Event on October 3, 2009Join Discipleship International for the official launch of their faith-based personal, financial, and professional development ministry programs, under the leadership of finance expert Michael Anthony Farmer!This ministerial kickoff event will feature cuisine by Tony Johnson Catering and will give a sneak preview to attendees about the type of professional ministry provided ongoing.Location: 7285 Winchester Street, Suite 105, Memphis, TNMr. Farmer will also be a guest on September 28th, 2009 with Christie B. Taylor’s radio program. The show will air at 9PM/8PM Central Time on may call in to 347-327-9733 to listen in. To call in with questions and comments, audience members may press 1.For more information please visit or by calling 901-553-8901.Media inquiries:Sharen RooksThe Sharen Rooks AgencyOnline Inquiry Form:

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I was a guest on the Coach K of Life show talking about the most important things that we can teach our kids about money. Listen here,Shay OlivarriaSpeaker, Entrepreneur, Author, Former Foster
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The form of ownership that you choose to operate your business under will determine the method in which you pay yourself a salary. Making this decision in the start up phase requires much research and should be handled with care. We choose our form of ownership, mainly based on the potential tax consequence that we expect. Of course, our goal is to pay as little taxes as possible into the system, so the form of ownership chosen helps to achieve this goal. There are clear advantages and disadvantages based on each method available.As a small business, many people survive from the earnings from operations. But the key here is to remember to keep your business and personal expenses separate. So the questions is, “How do I pay myself, and what impact does it have on my taxes?” Let’s look at some of the ways a business owner can pay themselves a salary from the earnings of their business.Sole Proprietors and LLCsTaking money out your business or paying yourself under these forms of ownership, the owner will be responsible for self-employment taxes on any profits that remain in the business whether withdrawn or not. Because this income is not subject to withholding, the owner could also become responsible for making estimated quarterly tax payments. The estimated tax payments will account for both the self-employment tax along with income tax. The self-employment tax is the equivalent of what an employer’s payroll tax would be for FICA and Medicare. The disadvantage here would be that the owner is fully responsible for the entire tax, whereas corporations are not. The corporation is only responsible for half of the FICA taxes; Social Security (12.4%) and Medicare (2.9%) tax; with the employee paying the other half.Many owners become confused because they believe that since they are paying the self employment tax, that they are not subject to any further taxation. This is not true. The money you withdraw from your business is still subject to income taxes and you must report this income on your form 1040. The key point to remember here is that, although you are not subject to payroll taxes, you are still required to pay into the system by way of self employment and income taxes. The advantage here is the owner gets a deduction on its taxes for paying self employment taxes, where the owner of a corporation doesn’t. For tax purposes you can elect to have your LLC taxed as a corporation, but be aware that making this choice involves very complex rules and regulations. It’s best to stick with what makes sense for you.CorporationsIf you are established as this form of business, the payment to yourself would be made in the form of a salary through payroll. Under this method, you are subject to payroll taxes, which include income (federal and state), and FICA (Social Security and Medicare). One of the key advantages of corporations is that the owners are not liable for self-employment taxes for profits retained in the business. As with Sole Proprietorships and LLCs, you saw that profits are taxed whether paid out or retained in the business. However, a corporation will be subject to unemployment taxes for both federal and state. The employee does not share in this expense. So, the difference here comes in the classification of a corporation being an entity separate from its owners. Because of this, it has an entire different tax profile than the Sole Proprietor or the LLC. The corporation and its owners are taxed separately. Each must file its own tax form.Deciding on your method of payment simply comes down to how it must be reported for tax purposes. Take the time to do the research so that you can choose the best method based on your company’s profile.
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Family Financial Season of Change

Life’s cycles are wonderful & mysterious. Throughout each season we experience the changes that the earth brings us in all its wonderment & splendor. With great expectation we prepare our households. Gathering and storing throughout the fall to prepare for the winter. Clearing and planting in preparation for the spring & summer. The understanding of these events will determine our mode of preparation for them.Spring is a time of renewal. As we clear the clutter in our home we should also clear the clutter in our financial lives. With tax season fast approaching, this is the opportune time to review & organize all records. Set up categories for all your expenditures & file your receipts based on these categories in a tickler file. The best approach is to automate your process. There are various programs, such as Quicken, Peachtree, & Microsoft Accounting, which are very user friendly and require minimum to no accounting knowledge. To manage the input of your receipts even further, utilize software for expense management such as Neat Receipts. This product will streamline the entire process and is easily integrated with other programs. Another important financial area to review would be insurance policies & retirement accounts. For your homeowner’s /renter’s policy, spring is a good time to take inventory, especially after the Christmas holiday purchases. If your policy does not provide a manual inventory spreadsheet, create one in Excel. It’s a good idea to update your inventory sheet quarterly, to cover purchases made throughout the year. Let’s not forget auto insurance. With summer fast approaching, this is the time to consider major repairs, in preparation for summer travel. Check your policy to make sure you have adequate coverage. If your vehicle is financed and will be paid off this year, you may consider changing from full coverage to only liability coverage. Consider factors such as the overall condition of your vehicle, listed drivers, & total mileage. A change in your premium could have a significant impact on your monthly budget. As for your retirement investments, the best practice is to review your investments monthly for performance, but try not to make changes to your portfolio more than on a quarterly basis. However, expect an annual review from your insurance agent or financial advisor. As experts in their fields, your Advisor will determine the best possible balance of securities in their corresponding industries. Your investment style & history, which is generally gathered prior to you initiating the account, is the basis of all decisions made by your Investment Advisor. A good Advisor will operate under your discretion and comfort level.What about your taxes? Because this subject can be very expansive, I will only mention briefly some important points to help you manage the “mayhem” during this period. Most people operate under the mindset to file their taxes in a manner to produce the largest refund. This is not necessarily a good idea. Don’t depend on your tax refund to cover living expenses. That’s what a savings account is for. The IRS does not pay you interest for the money it refunds to you. Technically, you are giving the IRS an interest free loan throughout the year. Wouldn’t you rather have those funds available to use at your discretion? Maintaining an effective budget will help to alleviate the stress of unwelcomed financial disasters. So, here are some simple guidelines to follow that can minimize your refund. Monitor your exemptions claimed on your W-4. The more exemptions you claim, the less taxes your pay into the system, and vise versa. If you decide to claim more than required exemptions for your situation, only do it for 6 months. Therefore, every six months you should be reviewing your W-4 exemptions. This may help to level the playing field a little. Also, be sure to maximize your deductions & tax credits. Most people miss out on common items such as educational deductions, capital losses on investments, retirement contributions, etc. The best way to gain a little knowledge and insight into taxes is to purchase a tax manual from your local book store, such as the “Dummies” series. These guides are an easy read, and clearly break down all categories of deductions & tax credits possibly available.Well, now that we’ve cleaned out the ember s of our attics, let’s get to work on our financial success!
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Your company’s financial records are the window into the soul of your company. Developing a system should be one the first tasks on your agenda when establishing your company. Of course, most of us wait until we’ve begun operations, and then we accumulate a mound of paperwork. At this point, either one of two things happen; you ignore that mound until you can’t ignore it anymore, or you’ll pass it off to someone else to handle for you. That’s why it’s advantageous to create your system in the beginning of your operations. You’ll save time and money.Your bookkeeping system should be designed specifically for your type of industry and it should be modified to represent the uniqueness of your particular company. If designed correctly, your bookkeeping system will not be too complex and it will provide you with pertinent financial data at the click of a mouse. To set up the proper system for your company a Bookkeeper will ask a series of questions to gain insight into the type of business you have, and from that information he/she will be able to advise as to the type of transactions and the establishment of the chart of accounts. In the beginning, your chart of accounts will provided very basic data due to the fact that not a lot of activity is occurring at that point. However, it should contain the necessary information for financial reporting and tax reporting. As your company grows, so will your chart of accounts. Your bookkeeping system should be flexible in that it needs to accommodate the addition of various financial statements that management would use such as a balance sheet, an income statement, budgeting, cash flows, etc.Creating accounts and posting transactions are not the only components of a good bookkeeping system. A good system will include controls to make sure that the data captured and presented is done accurately. For instance processing cash receipts, paying bills, and entering invoices; all these tasks should be clearly documented as to the responsible party, the actual procedures involved, and the responsibility for the review of or oversight of these functions. And most importantly, automation is key. Although you may feel that in the beginning it’s not necessary, do yourself a favor today and make sure that your bookkeeping system is automated. Manual bookkeeping systems are outdated and inefficient. Automated systems provide a higher degree of accuracy, and prevent you from having to set up ledgers, journals and accounts that you aren’t familiar with.It’s not too late to give your current system an overhaul. Have your Bookkeeper review it today!
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How to Turn Your Financial Troubles Around

Money worries have many different voices: “How am I going to pay my phone bill? My lights are almost two months behind. The rent is due. What are we going to do about the mortgage? We don’t have money for football uniforms. No field trip. That cost money. No, you can’t have that, it cost more than what we have in our budget. They’re coming to take the furniture back; our payment is overdue. The kid needs her braces removed but the dentist won’t do it unless we pay the rest of the money we owe. I’ve lost my job. I’m sorry, honey, they have downsized my position. If I want to keep my job I will have to take a cut in pay. How can I afford these child support payments? I can’t take this any more. What are we going to do?”A mind that is cluttered with money worries may be flooded with one or two or all of these thoughts at one time or another. Maybe you were there once in your life, maybe not. Most people with financial troubles are anxious, confused, angry, harbor feelings of hopelessness, insecurity, and uncertainty about future financial outcomes. Consequently, this state of mind affects everything, including work performance.It’s time for a financial assessment. Is your trouble because you have maxed out your credit cards? Maybe you have more month than money. Do you have medical expenses? Are you sick and can’t work? Have you lost your job, or been downsized? Where did the shortage originate?Once you have assessed where the problem lie, then you can look at remedies. Money troubles in plain simple English are not enough money to cover your present lifestyle. The causes may or may not be within your control.When the funds are low, the logical answer would be to make more but what most people do is fret about it. Some spend more time worrying about what they don’t have while others add on a second job.Money troubles are not going to go away without something changing. Worry will not make up the deficit but initiating a plan of action will.Step IMake a list of all of your monthly household livingexpenses: mortgage, rent, utility bills, etc.Step IIList Your Debts (creditors you owe)Step IIIList your entertainmentStep IVList miscellaneous (lunch, coffee, snacks, etc.)Step VWrite in how much you pay on each. Total thatamount.Step VIList your sources of income (job, spouse, etc.). Takethe total from this and subtract it from what you spend onhousehold, debts and entertainment. If that figure showsyou are not covering your expenses, look back at yourexpenses; see what you can eliminate from entertainment.Make a list of other areas you are expending money,such as lunch, dry cleaning, hair cuts, etc.Try taking your lunch from home rather than buying lunch. The average lunch cost about $7.00. That $7.00 for five days comes to $35.00 a week, totaling $140.00 a month. Imagine if you, your wife and children spent the same amount weekly,that would amount to a partial mortgage or rental payment.Take a look at your Debt. Began to work from the smallest to the largest. Take the money you saved from not buying, let’s say lunch, and redirect the total amount towards paying off the smallest debt first.As you pay off each debt, take that money and add it to the next smallest debt, working your way to the largest, until you have eliminated your debt completely. While you are doing this, examine your household budget.Look at how to eliminate some of your other expenditures; for example, if you have a high cell phone bill, you might want to exchange that cell phone for one with a more fixed rate. Maybe instead of hiring a lawn service, you could cut the grass yourself. Perhaps you might visit Barber or cosmetology trade schools to obtain these services at a reduced rate.Look at what you are already doing first to find the extra money. If you still need more to make up the deficit, then you might look at your skills and talents: start a home-based business. It’s something you could do as a family.Money troubles can be conquered, if you are willing to take a few extra steps. Don’t look at the impossible debt mountain, began the climb one step at a time. And, yes, it is okay to reward yourself along the way but keep in mind where you are headed. Don’t overdo it. Once your debt is eliminated, don’t spend the excess money; instead, add it to your future savings options.Understand that paying your debts down will not take place overnight but if you are consistent it will happen.Blondie L. Clayton is a Realization Strategist™, Publishing Coach, Author of several books, Freelance Writer, hosts of several radio talk shows online. Download your free debt free starter kit at
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Knowledge is Power...

Knowledge is Power...

Pay Yourself First: The African American Guide to Financial Success and Security -- by Jesse B. Brown Achieve your financial freedom with step-by-step instructions from award-winning investment manager Jesse B. Brown. Discover the easy-to-follow, down-to-earth secret to living your dreams, whether it’s buying a new home, buying a new car, sending your children to college, retiring rich, or going on that once-in-a-lifetime vacation Black Enterprise Guide to Investing by James A. AndersonBLACK ENTERPRISE is the nation’s leading business authority for African Americans. This guide incorporates the work of several staff editors, all of whom bring a sense of compassion and commitment to the Black Enterprise mission of furthering the progress of African Americans.Read more...
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