Archive for the education Category

What does “Financial Freedom” mean to you?

Before you read this post I want the reader to understand that this is just my general consensus and opinion it is not back by any polls or surveys.  The  21st century concept of time and money are being redefined. ”Financial Freedom”, is a term that has gained much importance in the changing financial scenario.

For some individuals ”Financial Freedom”  can mean the freedom from continuous financial responsibilities through a planned management and allocation of assets. It could free a person from back-breaking work by giving him a steady source of income for life.

One must not think that a financially free person is also debt free. However,  prudent asset management ensures that a person debts do not become a burden but only a part of his over-all expenses. In this way, his debts do not hinder his long term financial goals.

Financial freedom cannot be equated with being rich. One must not forget that surplus wealth requires constant supervision. In the long run, a rich man’s or woman’s obligations do not make him or her ”financially free” in the true sense.

Thus, financial freedom maybe defined as a lifestyle that blends expenses and income according to the individual preference. This makes ”financial freedom” a more possible and convenient state of being.

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The Credit Amnesty Program: Don’t believe the Hype!!!!

With just a few days left until the end of the month, as well as April being Financial Literacy month.   I thought it was very ironic to hear a recent radio advertisement announcing that certain individuals should take part in a great program being given by creditors; it’s called “The Credit Amnesty Program”.  This advertisement was encouraging people who have credit scores as low as 480, to come and apply for INSTANT CREDIT no one is turned down.  Lie!!!!!, this is the biggest gimmick and it’s been around for years it just has a new name, but the financial shackles are the same for individual with bad credit.  Why because the people who buy into these tactics are given interest rates as high as 18% or higher, the debt these individuals accumulate is designed for them not to pay if off which in turn many of these people will default on their debt.  I recently did a webinar regarding “What impacts Your Credit” during this webinar I showed the cost comparison of a credit worthy consumer and an unworthy credit consumer.  Take a look:

Examples of Credit Profiles

Here is an example of the cost of a $20,000 car loan over 5 years:

Prime 680 or higher score – Interest rate 7%, Payment $405, Total Cost after 5 years $24,300

Sub prime 500 – 619 Interest rate 14%, Payment $477, Total Cost after 5 years $28,620

Jilted 500 or below – Interest rate 21%, Payment $557, Total Cost after 5 years $33,420

As you can see in this example there no advantages of being an unworthy credit consumer, you may be able to buy material purchases but the consumer with bad credit pays a big price at the end.  Don’t buy into the hype, educate yourself.

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Why are you so Broked?

 

 

 

Recently on LinkedIn I came across a post regarding the difference between Wealthy and Broke people.  The title of the article is named “Being Broke Is a Waste of Life”  it was written by Luther Thompson a professional I connected with on LinkedIn.   This article clearly defines the difference in characteristics between a Wealthy person and a Broke person.  Please read the article below, and tell me what you think:

BEING BROKE IS A WASTE OF LIFE!

Why are you still tired, broke and enslaved?

The following is a list of the Top 20 principles of the wealthy. It is not meant to be specific financial advice, however it is a bright-red warning flag to help you avoid financial trouble.

1. The Broke think everything is too good to be true, while the wealthy think that getting a job sounds too bad to be true.

2. Broke people give up when things don’t go their way; a few disappointments and they are onto something else, saying things like “it wasn’t for me.” The wealthy work harder and become more determined when things go bad, and understand that you have to take the bad with the good to make it.

3. Broke people always have an excuse. Wealthy people say “my fault” and refuse to make excuses.

4. Broke people think that not getting what they want is OK. Wealthy people are disgusted at the thought of not getting what they want and will do whatever it takes.

5. Broke people always have to talk it over with their broke friends to make sure no one will make fun of them if they make a decision. Wealthy people think for themselves and could care less what their broke friends think.

6. Broke people are never coachable and teachable. Wealthy people are always learning, even when the money starts coming in, they never stop learning from those who were there first.

7. Broke people are scared of others. Wealthy people entrust in others and know that other people are crucial for their success.

8. Broke people are always procrastinating; they would rather talk about it, read about it, think about it, but never seem to do anything. Wealthy people hate doing anything but getting it done.

9. Broke people are glad when the day is over. Wealthy people love when the day begins.

10. Broke people think Wealthy people are lucky. Wealthy people put themselves into a position to be “lucky,” and then work hard to make the “luck” show up.

11. Broke people work by the hour. Wealthy people work by the month.

12. Broke people want to know that after 1 hour of work they have something to show for it. Wealthy people find broke people who think like that and make them their employees.

13. Broke people get excited they just got hired. Wealthy people think it is funny that someone could be fooled that easily; they are just making the wealthy person wealthier.

14. Broke people complain a lot. Wealthy people are thankful that no one shot at them today, they didn’t have to fight in a war, and that they don’t have a job.

15. Broke people are too concerned about what other people are doing. Wealthy people are only concerned about what they can be doing to get more done.

16. Broke people think that if no one is doing something, it must suck. Wealthy people think that if no one is doing something, it means more money for them.

17. Broke people think that if everyone (all 200 people at the meeting in a city of 1 million) is doing something, it must be saturated. Wealthy people think that broke people aren’t too bright.

18. Broke people think it is OK for other people to live where they want to live, drive what they want to drive, and do what they want to do.

19. Broke people are OK with the fact that they can’t do these things. Wealthy people get sick just thinking about being average.

20. Broke people think that other people’s opinions are worth more than their dreams. Wealthy people know that their dreams are worth more than other people’s opinions.

I have learned to be wealthy. You must learn from the broke and do not do what they do nor think how they think.

To your success,

Luther Thompson, Jr.
Luther Thompson, Jr. & Associates
PO Box 1026
Atlanta, Georgia 30156-1026
Voice mail: 866.485.7373
Email: lutherthompsonjr@bellsouth.net
Blog: http://lutherthompsonjr.wordpress.com/2010/05/11/profits-are-better-than-wages/

 

 

 

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Recognizing African-American Business Professionals

Since tomorrow will be the last day in the month of February for Black History Month.  I wanted to pay homage and respect to twenty African-American business professionals who have paved the way for our present and future.  I have read and studied these business professionals accomplishments and accolades, and my goal is to share their successes with all of you:

1.)                Paul Cuffe

2.)                William Leisdesdorf

3.)                Fredrick Douglass

4.)                Booker T. Washington

5.)                Madame C.J. Walker

6.)                AG Gaston

7.)                Bruce Llewellyn

8.)                Reginald Lewis

9.)                Oprah Winfrey

10.)            Catherine L. Hughes

11.)            Dennis Kimbro

12.)            Earl G. Graves Sr.

13.)            John H. Johnson

14.)            Russell Simmons

15.)            Berry Gordy

16.)            Robert L. Johnson

17.)            Shelia Crump Johnson

18.)            CH James

19.)            David L. Steward

20.)            Percy Miller (Master P)

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If U Think Education is Expensive try Ignorance

If u think education is expensive try ignorance


We’ll the title says enough, if you want to escape financial bondage the first step is to immerse yourself with education.  I listen to people who constantly complain about their situation, I want to invest in real estate, I want to start a business, I want to eliminate debt.  But when you ask these same individuals are they willing to invest in themselves to seek education the answer is always I don’t have time, I have to use my money on something else.  Escaping the shackles that may be holding you back is you, not educating yourself will prevent you from moving forward.  Some education is free and requires no start up costs the library, socializing with other successful entrepreneurs and real estate investors, seminars, webinars, internet and browsing at Barnes & Noble.  Get started today and make a difference with your situation.

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