 What would your money say if it could talk? I know, this sounds like a child-like and silly question, but it does have some merit to it.
If we were to sit down and honestly assess our financial health, spending habits, and saving efforts, I am certain that our funds would have a lot to offer us in terms of positive and negative feedback.
While I am an educator by profession, I am a "retail specialist" by choice. (A "retail specialist" is the professional term for "frequent shopper.") Now, before any thoughts of maxed out credit cards or using mortgage money to shop my life away come into play, I must share that I am a "thrifty retail specialist". That means that if it is not on sale or clearance, then, in most instances, I will not buy it. For me, the shopping smart is a woman's ultimate sport!
Having said all of this, as I was in line, in the process of satisfying my shoe craving by purchasing a pair of three-inch high, classic black leather pumps, my money spoke to me (and no!, I am not unstable, I just have a vivid imagination and I was open to listening.) My money thanked me for using it wisely by making sure that i conserved it and refrained from using it irresponsibly.
Last update: 28-09-2007 10:37
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Are You Investing To Build Wealth Or Spending To Look Rich? |
| By Alfred Edmonds, Jr., SVP of Black Enterprise,
on 22-09-2007 05:29
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Views : 645 |
Favoured : 8 |
Published in : Personal Savings, Savings |
 One
of the things I like to talk about when I travel the country speaking
about the principles and habits of successful wealth-building is
learning to recognize and avoid what I call poverty traps: behaviors
and ways of thinking that sabotage our ability to increase our net
worth and build wealth. The poverty trap I'm going to talk about today
is going to hit close to home for many people in The Doug Banks Morning
Show and Black Enterprise families this morning: Too many of us are working and spending to look rich instead of saving and investing to build wealth.
I ran across a prime example at a Black Enterprise Wealth Initiative presentation I delivered at a conference in Houston
earlier this year. A young woman came up to me to tell me that she had
recently graduated from college and had landed a decent job right out
of school, making about $30,000 a year. She was single with no kids,
and had flown to Houston from Atlanta
to attend my presentation because she wanted advice on how to get rid
of credit card debt she had begun to accumulate in college and to catch
up on her student loans. She was so stressed out about her debt burden
that she was considering filing for bankruptcy.
Last update: 04-10-2007 10:40
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Poverty Trap: Payday Loans-An Expensive Answer To Your Cash-Flow Crisis |
| By Alfred Edmonds Jr., SVP of Black Enterprise,
on 22-09-2007 05:24
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Views : 594 |
Favoured : 9 |
Published in : Personal Savings, Savings |
 One of the most important aspects of becoming a
successful wealth-builder is learning to recognize and avoid what I
call poverty traps: behaviors and ways of thinking that sabotage our
ability to increase our net worth and build wealth. The poverty trap
I'm going to talk about today happens to be a costly way that many
people address their cash flow problems or unexpected, unplanned
expenses—usually because they are desperate or don't know any better:
Payday loans.
We've all
seen or heard ads promoting payday loans on billboards, on the radio
and television, on the internet, and even in the mail: "Get Cash Until
Payday—Fast!" The problem is that this is an unreasonably expensive
source of credit, which is why people who habitually use these loans
(also known as cash advance loans, check advance loans, post-dated
check loans or deferred-deposit check loans) are usually perpetually
short of cash, have weak credit scores, earn relatively low incomes
and/or have adopted a lifestyle that requires them to spend more than
they make.
Last update: 22-09-2007 05:24
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