Opportunity to Serve

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Opportunity to Serve

Financial Illiteracy Epidemic & Opportunity to Serve

Financial problems have reached epidemic proportions in our country, a crisis that causes major problems at both the community and national levels. Financial issues contribute to a variety of troubles many people face today: from crushing debt to retirement shortfalls. And the stress associated with financial issues can have devastating emotional impact. This epidemic hurts not only individuals, but the community as a whole.

Current statistics clearly indicate that many Americans are suffering greatly from a lack of practical financial knowledge. Reading these statistics and research is like looking into a crystal ball. Learning that as many as 75% of college students lack money handling skills tells us that those students are likely to run into credit problems in the future. Reading that the majority of U.S. adult workers have no savings or retirement plan tells us that those people will be unable to retire.

The U.S. economy is consumption-based. As people become unable to afford purchases- that reduces the country’s GDP. The whole world will feel the effects. But according to the NFEC, the country’s leading financial education providers, simply raising people’s personal finance knowledge empowers them toward secure futures.

Getting the message out is our main objective!



How to Build (new) or Rebuild (existing) Credit

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Mastering the Basics  One of the keys to mastering personal finance, is to learn how to establish and maintain an above average FICO Score. I speak more about FICO scores in the course on Understanding Your Credit.

Let’s face it, if your credit is less than perfect, or you have no credit at all, life can be downright depressing. “How can you get credit when no bank will approve it because you don’t have any?!” I hear this a lot from the youth I mentor. I know and understand it’s difficult; however, there are ways to get over this obstacle in life. The first step is to apply for a secured credit card. Now, most of the card companies will want you to have some source of verifiable income, make a deposit into a savings account as collateral,pay an annual fee, and may check your credit qualifications–don’t worry about it. Make sure to read the fine print and pick the one that gives you the lowest interest rate for you to work with. I’ll list links from a credit expert for review on three level credit card companies at the bottom of this blog post. Read the rest of this entry »

Strategies that Increase your Wealth Pennies at a Time

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I’m always looking for ways to increase wealth for myself and others. One way I’ve learned that works is making small changes to my current spending habits. After creating a budget sheet and observing where I can cut costs on the big stuff like utilities, cable television, cell phone and internet bills. I then focus on other ways I can cut costs and make my household budget last longer.

The men in my family get hair cuts every two weeks. The cost of a haircut has gone up significantly. My son just had a barber cut his medium length hair for $25.00. So if he would go to that same barber every two weeks (I have since encouraged him to find a new barber who doesn’t charge that much), he would pay a total of $650.00 dollars a year. Now, if he stretches out his routine from 14 days into 18 days he could save $130.00 and only pay $520.00 per year. He could save even more if he keeps it long or learns to cut it himself (I’m just saying). Ladies I think we sacrifice enough, however, to make things fair I have to include some things for us on this post too. So, we can benefit from limiting the number of visits to the salon for our nails, and hair by doing them ourselves. Maybe once a month we can wear our up-do and have some girlfriends over for a ladies ‘mani’ and ‘pedi’ party. We can pool our funds together, do each other’s hands and feet or have a beautician come to our party! 😀 Sounds like a good plan to me!

I’m writing this to help others think creatively about ways to increase their wealth. Here’s a little acronym I came up with when shopping. I call it the MASS shopping system.

Make a list of things as they run out and before going shopping to force you to stay on budget.

Analyze what is a want versus a necessity. Wants are things you can do with out like a bottle of wine, cookies, cakes, ice cream. Yes, believe it or not we can live without them, although life is a little bit more boring. 😉

Sort through the coupons you receive in the mail from Sunday’s news paper during your down time or just before shopping.  Then plan your departure to the store and return home to save on gas.

Stay focused so you don’t get distracted by impulse items. You know, those cookies and ice cream. So maybe just buy them once a month from your savings. 😀

Those are my tips for this month. Short, sweet, and to the point. Thank you for your time, and remember to like this post and share it with others. Our positive energy makes the world a better place for everyone.  🙂

Wishing you peace and prosperity,