I had the pleasure of attending the Rainbow Push Money Matters event in Detroit, MI this weekend. For background, the Rainbow PUSH Coalition and Chevrolet have teamed up to host a series of FREE workshops to educate African American consumers on financial literacy and assist participants in developing concrete steps toward financial security. This event was phenomenal. Although I teach personal finance and mentor women, there were so many words of wisdom that I was able to obtain from this event especially since I’m going through a transition to restructure my finances and create new goals since becoming a single mom of twins.
Dominique Broadway – Personal Finance Expert and Money Therapist
Dominique started off the event with some amazing advice on how to develop your goals. The first step is to do a brain dump of all of the things that you want to accomplish, including your financial goals. Once you are done, then scratch off bad ideas. Write good ideas at the top of the page and write action items under with a date to accomplish them. You should target 5 good ideas that you can work on that will drive you towards your goals.
The other amazing point she discussed is the difference between the budget in our head vs. the budget in reality. That is one thing that I realized when I first started working with a budget. I always underestimated my spending and was often confused when the money in my bank account was gone sooner than expected. I thought that I managed it according to my budget, but in reality, I had no clue where my money is going. My expenses and spending were greater than my income. As Dominique said, “If your reoccurring and regular expenses are always at your income, then you will never get out of the rat race.”
Bill Cheeks – President, ABBA Associates Inc. and, retired executive at Equifax
Bill Cheeks has a perfect credit score, and I was totally amazed by that. I knew that a great credit score was possible, but a perfect credit score was like a unicorn – it didn’t exist. Sometimes people think that credit cards are bad, however, Bill said that credit cards provide you with convenience. They don’t make you spend money. You do that.
The other major point that Bill Cheeks made was to understand the importance of your credit score. This impacts the cost of a home or car purchase, insurance premiums, and it can even impact your ability to rent an apartment or obtain employment. Protect your credit score, because a missed payment can drop your credit score by 80-100 points. The reason why a credit score is so important is that is an indicator of your behavior. Therefore, you have to get control of your spending. A great credit score is possible if you pay your bills on time and watch your debt load, and that starts with budgeting.
Gail Perry-Mason – Senior Director of Investments, Oppenheimer & Co.
Gail Perry-Mason is a woman that I look up to and I truly admire her. She provided some phenomenal advice that I think moms really need to listen to. Take one day per week to mind your own business. This is a day where you focus on you, your money, and your goals. For example, on the Mind Your Own Business day, you can call your cell phone provider to see if you can negotiate a better rate. Or, you can review your expenses to see how you are spending compared to your budget. On this day you can also start to build your Personal Board of Directors. Businesses have a Board of Directors, people who advise them on strategy and review goals, so why shouldn’t you?
As you start to think about your money, Gail advises that we should:
- Put a GPS on your money and make sure it never is homeless
- Once you find out where money is going then make some layoffs
- We can’t run our homes like a non-profit
- Go home and lay something or somebody off
Additionally, Gail provided us with a wealth of amazing websites that will help us stop paying full price and assist us with achieving our goals. Here are a few below:
StudentLoanHero.com – Provides help and guidance for paying off student loans
Ebates.com – Provides cash back for shopping online
RetailMeNot.com – Coupon Codes
Fragrance.net – Discounted Fragrances
Gophobo.com – Go to the movies for free
Restaurant.com – Dine out on a discount
Jeff Taylor – College Funding Resources, LLC
Did you know that nearly $3B in private resources are distributed every year? You have to make sure that your children can get a portion of that money. Just imagine how awesome it would be to not have to pay college tuition or burden your children with student loan debt. You can significantly increase your child’s chances of obtaining scholarship money by applying for 10 scholarships per week. A part of increasing your success of obtaining money is ensuring that your children are positioned to compete for those funds. That starts with understanding the requirements of the scholarship and then start working with your children to make sure that they exceed those requirements.
Arian Simone – Entrepreneur, Celebrity Publicist, Author
Arian spoke about entrepreneurship and her journey of overcoming financial difficulty and becoming a successful entrepreneur. She advised the participants to look at their talents because there is always something that you can monetize. She also shared three critical pieces of advice that I think anyone who is experiencing hardship should listen to:
- Make the choice to enjoy life and “dance in the rain.” Just keep going even during hard times.
- You can lose everything but you can’t lose your mind.
- Remember your values. Never compromise your integrity or your values for money. Stay true to who you are, and trust that God will provide.
Be sure to attend the next Money Matters event on October 20, 2016, in Atlanta. Do not miss an opportunity to feed your mind with financial knowledge from some of the leading financial experts in the country. It will be well worth it!
Leave a comment in the Phenomenal Moms Facebook Group to let me know how this helps you!
This is a sponsored conversation written by me on behalf of Chevy. The opinions and text are all mine.
Aisha Taylor is a single mom of twins, personal financial coach, work from home entrepreneur, and #1 Amazon Best Selling Author of the book “5+5 FNPhenomenal Ways to Save $100 This Week Without Killing Your Lifestyle.” Aisha has been featured in ESSENCE, Jet Magazine, and Black Enterprise. She is also the Founder of FNPhenomenal (Frugal –n- Phenomenal), a movement designed to help single moms transform their finances, enjoy life, and stop living from paycheck-to-paycheck. It’s time for you to be Financially Phenomenal!
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