Taking the Training Wheels Off

Theory Shameory: The Bridging the Disconnect between Money Thoughts and Money Practice

I have to admit that I am a self-help buff. I love the idea of looking within with the goal of leaving better than when I chartered out...moving some stuff in, throwing some stuff out, collapsing this, expanding that... you get the hint. But, here is the caveat about self-help. It does not work without practice. AND it requires patience, commitment, and adaptive problem-solving.
The only way that you know you have transformed is not when things are ideal: when there is nothing that you see that is cute in the store, you have no battling financial priorities, or you have a volume of discretionary income (although some pundits that there is never discretionary income see Michelle Singletary) but when your financial circumstances are complex: you like to shop but you need to save for school, you just got paid and your irresponsible sister asks for a loan, you received a promotion and a raise and the pressure to keep up with the Joneses is surfacing...

Taking Off the Training Wheels

In the latest Essence or Ebony, it would be easy to take a quiz on financial theory, tally your score, and label yourself highly financially savvy or literate. There is nothing easy about standing strong in this consumer-heavy, predatory world. But you know that you have learned everything that you can learn about this. Now, it is time for you to get out there and make moves. Will you make mistakes? Possibly! Will you revert to your spending ways when times are tough? Perhaps! Will you be better off, more confidence, more self-authoring, a pleasure to around, an envy to your former unevolved financial self? ABSOLUTELY!

Never Go To War Without Armor

It's your choice and you can double and even triple-up depending on the financial situation. Choose from any of the following as you build-- dollar by dollar, decision by decision, reflection by reflection, YOUR financial future. Solid. Meaningful.

1. Create and repeat your money mantra.
2. Do NOT go there if you know you are tempted to spend.
3. Call your girlfriend to smack some sense (cents) into you.
4. Leave your wallet at home.
5. Create a budget and stick to it.
6. Make it a community efforts.
7. Ask to speak to the manager. "I am willing to pay..."
8. Barter with girlfriends.
9. Pack your lunch.
10. Leave it for 2 days then come back.
11. See if you have it in your house already.
12. Clean your house and sell whatever is left.
13. Turn your passions into profit.
14. Marry wealthy. (SIKE! just to see if you're paying attention)
15. Pay in cash.
16. Stick with big bills.
17. Find several functions for one thing. (Think: Is that a plastic bag or shower cap?)
18. Eat less.
19. Pick up the phone, don't send a text. (pre-pay it)
20. Ask for sponsor.
21. Stay in.
22. Journal about it.
23. Buy it used/Share it.
24. Don't be afraid to negotiate.
25. Return it if you can.
26. Pay yourself first.
27. Look within instead of around.

Coming Out of Retirement

Coming Out of Retirement

I feel like Jay-Z. My public has spoken. They want those gentle reminders to save, to stop spending, to get their stuff together. And as a good public servant, I must oblige. Here are a few things that you need to reflect on before the summer gets you too lazy to stay focused.

Summer-Ready Money Checklist

• Have you started saving for retirement? checked the beneficiaries on any financial accounts? reevaluated your risk tolerance?
• Have you been keeping your spending journal current?
• Have you written a will? (Even though we are young, getting started early when there is time helps us avoid panicking, confusion, and fighting when you have already passed.)
• How is your emergency fund with 6-12 months expenses looking?
• Are you paying your bills when they come or are you waiting for a "convenient time" to pay?
• Are you using your summer sun time locked up in a mall shopping?
• Have you set short-term, manageable goals (ie earn through saving or extra work $1,000 per month for 10 months for the down-payment on that house) ?
• Have you transformed a passion or hobby into a profitable endeavor?
• Have you aligned your spending patterns with what you truly love? (That is, are you spending all of your money on lattes when you really could be putting it toward that trip to Ghana you have been claiming you can't afford?)
• Are you selling stuff that you don't need on amazon.com, textbooks.com, or ebay.com?
• Are you hating on someone else for their financial discipline?

Going Away, Coming Home

This is one of the recurring themes throughout post-colonial Caribbean literature. The idea that one can't go home twice. The home that once was is no longer because the self that has left has transformed. I am happy to say, though, when it comes to my passion of financial empowerment for black women, this is not the case. I just needed some time to place other parts of my life in order. I can not promise the length and nature of my future blogs, because truthfully, like my Caribbean ancestors,  I am not the same person that started writing this blog a year ago. Can't pinpoint how she is different, but she told me that she wants to take it easy for the summer.