Ms. Banks

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entownerlogo1My children have a nickname they call me “Ms. Banks”- no not like the one and only Tyra Banks; but the mother who seemed to pull money out of thin air when there was an emergency.

That’s because I follow my advice and save for a rainy day. I know the gurus in finance like Robert Kiyosaki, Tony Robbins, and Dave Ramsey, say you can’t get rich saving money, and they’re right-but you have to start somewhere, right? Unless of course, you are an heir to a fortune or win money from the lottery; however, those are exceptions to the rule.

I wasn’t as fortunate as some, my life started out very rough and I wrote about my struggles in my book “Journey Into Finance” and what helped me along my journey. So, for most people in my circumstances, getting a job and saving money from their paycheck to reach a certain goal like purchasing their first car, is the most logical option.

Once the money is saved, then and only then can a purchase be made. My first car was a 1997 Toyota Corolla which I affectionately named “hooptie”. It was a used vehicle and had very high mileage, but it got me from point A to point B and further for a few years. A minimal investment of $500 dollars was the total cash price and I put $100.00 down for the lot owner to hold it for me. Each week I put $150.00 dollars aside from my paycheck for the car and insurance, and in 4 weeks, that “hooptie” was mine.  I invested in new tires, a designer steering wheel cover and she was good to go. When you pay for a car with cash, it doesn’t help your credit score though, so I had to use my bill payment history to begin showing my credit worthiness. Tip: never put your utility bill in the hands of someone else to pay, if they miss a payment, your credit suffers.

I’ve always been good at putting money aside and when I met my husband, he showed me how to coin pennies and then take them to the bank in exchange for dollars. Once I got it established. I’m very thankful for those early years, because it taught me how to persevere through the tough times and how to appreciate small things.

As I write this post, I’m proud of that nickname “Ms. Banks”. Happy Holidays.

Until next time…

Wishing you peace and prosperity,

ET