Here’s the part 2 to the financial video series I’m doing. Thank you everyone for your kind comments and response! Personal finance is a really serious issue for young people, I think even more so than when we get older because our behavior now lays the foundation for the financial life we’ll have in the future.
Part 2 of this series gives a brief rundown of some of the information I learned and how it applies to us. Check it out and make sure to leave a comment either here or on YouTube. Feel free to share this series with other women on your Facebook pages, blogs, twitter or wherever.
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I love this series, it really does break down what we do, how we think about money and how should change some things if we wanna get out of some nasty cycles. Thank you, and I’m sitting on the edge of my seat for part three.
wow i love this very powerful that last one on the investing in property was wonderful he also gave his self a 12,000 a year raise as well so powerful business and investing all you have to do is educate yourself find the investment or business you love and go forward into apply it..in addition its not how much you make its what you do with your money that counts the difference between rich and wealth is the flow of your cashflow
This has gotten me motivated! I’ve always have been good with money and budgeting, but I’m ready to do more. Looking forward to part 3.
Great series.
I completely reformed my attitudes about money this summer and came up with a good system for managing my finances. I still make mistakes and dip into my savings sometimes (I don`t get paid as much as I`d like, and the cost of living comes with surprises) but I think I`m doing really well.
Some things that I have found useful:
- I have savings goals that motivate me
While I see friends of mine venturing into Starbucks for $4 drinks daily, I tend to have less impulsive knee jerk spending reactions because I know I have a goal to meet every month.
- I don`t carry cash on me
I have a Visa check card, not a credit card, so the money I spend is coming directly from my checking account. I found that for me, its much easier to let money fly out of my hands in the paper form than when I swipe a card, have a reciept, and can monitor everything I`ve spent every hour online. This helps me keep track of my spending and monitor any behaviors that are getting in the way of my goals.
- My direct deposit from work is automated
Because my job does the hard work for me, I don`t have to worry about hitting the bank on payday and getting itchy fingers.
- 80%/%20 Rule
When I budgeted my debts, expenses, and income, I figured that even though I don`t make that much, I don`t have a lot of responsibilities like rent or a telephone bill. I pay for insurance for my car, gas for my car, a credit card minimum monthly payment (if I have a balance) and spending money for grocery shopping and lunch. Because of this, I figured this is the perfect time to incur some wealth, when the scales are tipped in my favor. So, when I get my paycheck, my job automatically splits my check 80% into a higher yield savings account (that I can`t access via the ATM) and 20% to my checking account.
I make mistakes, and I have setbacks, but financially I`m in a very comfortable space. It can be hard to let the little luxuries we indulge in go, because we feel our quality of life deteriorates, but its just not true. When we take advantage of the resources we have (I have a book hitlist, but instead of spending $20 on a book, I request that my Univ. library send the book to me from another Univ. library – for FREE) instead of feeling compelled to spend, we end up better off.
Here`s to Black wealth.