This past Saturday, I attended the Rainbow PUSH Money Matters Workshop. As a finance blogger, it is always refreshing to learn from other finance mavens in the industry.
I attended the Investing 101 workshop lead by Mrs. Gail Perry-Mason. I received a wealth of information about residual income and starting an investment portfolio. Although most of us work 9-5’s, there is a plethora of opportunities to make additional coins. She mentioned websites like RetailMeNot, Ebates, and Resturants.com where people can make and/or save money utilizing these sites. Diversified income was another great tip. She stated that we must have at least 5 avenues of income. We cannot depend on one source of income because you never know when things shift and a person could lose their job. You must always have a financial back-up plan. There was also some great investment tips. Mrs. Perry-Mason stressed the importance of starting an investment account whether it is with your job (Think 401K or 403B) or on your own. Robin Hood is an app that she mentioned where you can buy stocks. I will be using that app real soon. I’ll be sure to write a later post about my experience with it, so look out for that.
The Chevrolet sponsored Empowerment Session, led by Reginald Humphrey, Senior Manager of Supplier Diversity, also provided great nuggets of wisdom. An important topic, Define Your Success Circle was especially interesting. It is important to remember that your circle of influence should be one that encourages you to strive for more. He also touched on Decision Making in regards to your finances. Make informed decisions that fit your financial lifestyle. He used the decision of buying a car as an example, which is great because no one loves the bus. It was suggested that you should never buy a car where the car payment and insurance is more than your rent or mortgage. This is called “living outside of means.” Living outside of your financial means you can do damage to your finances and credit score. And we need to keep that credit score up for when we’re ready to buy that vacation spot. (See: That villa in the Maldives I’ve been eyeing.)
Overall, I had a great time at the workshop and walked away with even more knowledge about making smart money decisions. I am excited for the year ahead equipped with some great financial tips. This DIVA is ready for 2016!
Hey Divas! It’s the last month of the year…..DECEMBER! Many people use this month to plan and prepare for the new year. This could mean a number of things: cleaning out closets, organizing your house, shedding the holiday pounds, etc. … Continue reading →
As most of you have read, seen, or heard about, the nation is participating in the 52 Week Money Challenge. It is a year-long challenge to save money on a weekly basis. Ideally, a person should have saved $1378 by Dec. 31. Below is the chart and a link to the Facebook page.
As I reflect back on the holiday season, I think of the major money that was spent. The money spent on buying Christmas gifts for families, co-workers, friends etc. We as people spend a ridiculous amount of money on items that we barely wear or use. This is very true in the African-American community. African-Americans spend almost $1 trillion dollars annually. The buying power of African-Americans was compared to that of a small country (See graphic).
What do we spend it on? As far as I can tell, the money is spent on frivolous things such as clothes, cars, tvs, and other electronics. Not to sound cliché but we try to keep up with the Joneses’. Who the heck are the Joneses anyway? Could it be our Caucasian counterparts, basketball wives, or rappers? It grinds my gears to see women buying Christian Louboutin shoes with a Pre-Paid Rush card or guys tweeting pics of their Louis Vuitton receipts then texting me if I know of any jobs openings?!?! Something is not adding up! Disclaimer: I am guilty of conspicuous consumption as well. The question is why? It seems like material things symbolizes success or progress in our community. Is our self-worth determined by the size of our rims or the logo on our belt buckle? The media plays a part in our excessive habits. Rappers, video vixens, and thoughts of popping bottles and shopping sprees is seeping into our minds to a point where we perceive it as reality. We must realize that rap videos and reality shows are selling us a dream. A dream that is unattainable on annual salary of $36,000.
Brown Consumerism wouldn’t alarm me as much if I didn’t look at the wealth gap between African-Americans and other races. If we were savings as much as were spending, then I would not have a problem. The sad truth is that we spend more than we save. A LOT MORE! According to Census Bureau Information below, African-Americans net worth is 20x less than our Caucasian and Asian counterparts. That is alarming and disturbing.
What happened to saving more and spending less? Think about the generations that came before us. Ideally, Grandma and Grandpa worked hard to buy a home in a decent neighborhood, worked 30+ years at a blue collar job, and then retired with a nice retirement nest-egg. Is that idea not cool now? Ask yourself, do you have a savings or money market account? If not, why? We as a community need to get back to those solid financial principles that our grandparents instilled in order to create wealth for ourselves and our families.
This is why my blog and other personal finance blogs are so important. Imagine if the $1 trillion that we spend on material things was used for savings and investments. We would be a force to be reckoned with! We must share helpful financial information and create wealth for ourselves. Join me on my journey to becoming financially stable. No, I am not trying to sell you anything. I am just sharing my financial story with you in return that you will tell someone else so they can live a debt-free life.