I was listening to the radio on my way to work this morning and on the morning talk show, they had there own version of Suze Orman (a financial guru) speaking on how as women we can take charge of our own destinies. But the first way to gain control of our lives was by gaining control of our finances.
Now, I am very lucky in that I have absolutely no debt...I went through school literarily without taking a single loan. Of course, I realize that I am the exception and not the rule but that shouldn't stop any of us from reaching our financial goals...although it just might take longer for others. Listening to the woman speak, I started to really think hard about where I wanted to be ten, twenty or even thirty years from now. Evenmore so, what I needed to do to actually make these goals come into full realization. Nevertherless, we all know that this takes careful and meticulous planning.
So, I did a little research and took a couple of notes to make sure as young and intelligent black women we would start 2009 with solid financial footings or at least make attempts to.
1. Load Up On Your Cash Reserves...it's always inportant to have cash for emergencies (unemployment, car trouble, and medical bills) at least three to six months worth.
2. Track Your Monthly Expenditures...it's important to monitor everything you spend within a month therefore you can make cutbacks when needed and save whenever possible.
3. Save...instead of doing your hair every week at the beauty palor maybe go to the stylist once a month. Bring your own nail polish to the nail shop it's cheaper...cut out the bottled water, alcohol and desserts....bargain shop..try the dollar store or drug store instead of H.E.B. or Wal-Mart (contrary to popular belief these grocery chains don't always have the lowest prices.
Immediately you should...
1. Open a savings account...every paycheck you should set aside 10% of your paycheck. It might seem like a small amount but it adds up overtime.
2. Pay off your credit card...pay it off, simple as that. Credit cards can have an interest rate of 19-25% therefore robbing you blind. Every month if your only paying the bare minimum then your only paying the interest. Thereby, it will be impossible for you to get out of debt.
3. What goes down, Must come up...although trust in the stock market is at an all -time low, we should all know that stocks within the next two years will begin to sore...so why not start thinking of ways or places to invest your surplus of cash. It'll pay off in the long run and lead to financial stability.
4. Get a financial planner (if needed)...sometimes their costly or sometimes their free...either way their knowledge and advice is invaluable.
Here are some sites I found very helpful:
Now let's get on the Road To Financial Security...
-Loren
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