Posts tagged financial literacy

How the Game of Monopoly can Teach your Children about Money!

Teaching children the different concepts of Personal Finance can be a difficult topic of discussion for some adults.   Many adults feel clueless on where to start to make the subject interesting and captivating.  Keeping a child’s attention on the subject can be daunting if the approach is too analytical.  If you want to succeed with introducing children to the topic of personal finance, make the subject fun and exciting by using board games.

Read the rest on Your Black World

 

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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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Do you know the difference in Original Creditors, Collections Agency(ies) and Junk Debt Buyers? Book Excerpt

I recently decided to write a book and here is an excerpt from my upcoming book, take a look let me know what you think.  This is just a rough draft.

The credit repair process can be a daunting task and before you anxiously decide to go pay an outstanding debt, that you have either notice on your credit report, or you may have received a letter in the mail.  It is important that you understand who are the key players and their role in the credit repair process.  It is important to know the difference between Original Creditors, Collection Agency(ies) and Junk Debt Buyer.

Definition of Original Creditor and the Collection Agency(ies):

Original Creditors are the credit card companies that issued you (the debtor) the credit card to make purchases.  For example those cards maybe American Express, Discover, VISA, Mastercard or department store cards (eg. Macys, Lord & Taylor, Sears etc.)

Collection Agency(ies) are companies that buy unpaid debts from Original Creditors.  These unpaid debts are charged off by the Original Creditor because the consumer has not paid on the debts for as long as 90-120 days.  This also includes attorney offices that collect on debts as well.

Junk Debt Buyer is another name for a collection agency these companies specialize in purchasing old collection accounts from credit card companies that are older than 120days old.  These debts may be auto loans, telecommunication accounts, or retail accounts.

These Junk Debt Buyers buy these accounts in bulk for pennies on the dollar, which is why they can offer the consumer discounts off their outstanding bill.  For example, if you have a charge off balance of $3,500 that was once owned by American Express the JDB will purchased that debt for .20 cents on the dollar which means the JDB paid only $700 dollars.  Now you see why collection companies can offer you a discount off of what you owed.

Here is a list of widely know JDB that may have called and harassed you:

  • Allied National/Interstate Risk Management Aternatives(RMA)
  • Asset Acceptance (AAC)
  • Asta Funding
  • CAMCO (Capital Acquisitions & Mgmt Co)
  • Cavalry Portfolio Services
  • Collins Financial Services
  • Encore Capital Group
  • Excalibur
  • First Select Corporation
  • JBC & Associates Arrow Fin. Svcs. RJM Acquisitions
  • NCO Group
  • Oliphant Financial Corp.
  • OSI Portfolio Services
  • Phoenix Asset Acceptance
  • Portfolio Recovery Assoc.
  • Pressler & Pressler
  • Sherman Acquisitions/Sherman Financial Group/Alegis
  • Unifund Group

Again it’s just a rough draft but there’s more to come.  Stay tune.

 

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How to Spend Wisely to Save Money

Have you ever noticed that the things you buy every week at the grocery stores go up a few cents between shopping trips? Not by much…just by a little each week but they continue to creep up and up.

There is a way that we can keep these price increases from impacting our personal finances so much and that is by buying in quantity and finding the best possible prices for the things we use and will continue to use everyday… things that will keep just as well on the shelves in our homes as it does on the shelves at the grocery store.

For instance, if you are a pet owner dog food and cat food costs about 10% less when bought by the case than it does when bought at the single can price and if you wait for close out prices you save a lot more than that.

Set aside some space in your home and make a list of things that you use regularly which will not spoil. Any grain or grain products will need to be stored in airtight containers that rats can’t get into so keep that in mind.

Then set out to find the best prices you can get on quantity purchases of such things as bathroom items and dry and canned food.

Don’t forget to shop at stores such as CVS, Walgreens, Rite-Aid or any other regional drug stores in your area.  These stores offer great discounts, coupons and rewards, you often cut your shopping bill in half by shopping at these stores as opposed to the supermarket chains.

You will be surprised at how much you can save by buying a twenty pound bag of rice as opposed to a one pound bag.

You can buy some clothing items such as men’s socks and underwear because those styles don’t change, avoid buying children’s and women’s clothing, those styles change and sizes change too drastically.

Try to acquire and keep a two year supply of these items and you can save hundreds of dollars.

How this article can help with your personal finance journey.

 

 

 

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Are you living a Mint life with your personal finances?

We’ll if you’re a user of Quicken or QuickBooks when it comes to your finances than you will love Mint.com.  Why, because Intuit the creators of Quickbooks and Quicken own Mint.com (they acquired the company in 2009). Not that it means anything, but I thought I’ll share that tidbit, just to give you some history on the company.

At first I was hesitating with using Mint.com, I enjoyed Quicken and I was very comfortable with the program. But now that I am doing more work on my I-phone I wanted to be able to manage my finances with a personal finance app that eliminates the headache of syncing information between my computer and my I-phone via online. So, that’s just one reason why I took the leap. I was also impressed with how my banking information was instantly updated between my computer and my I-phone. This feature eliminates the back and forth changes between the two interfaces.

The second reason why I switch I was happy with how the historical information populated as far back as 90 days, all I have to do is go back and make some category changes. Now the only caveat that you may have with the program is that everything is done online meaning that there is no downloading software on to your computer’s hard drive. So word of caution if you are leery about working online because of online cyber theft then this program may not be for you, you may want to consider the manual version of Quicken. But if your an online banking user like myself than website is fully encrypted with VeriSign and TRUSTe, and don’t forget if your managing your personal finances on a daily basis than you should notice any hokey pokey that could occur with your online account.

So I will end this blog post with I am very comfortable with the program and I highly recommend it for your personal finance use.

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A story on Financial Literacy

I’m financial professional who’s an enthusiast for building and creating wealth.

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A story on Financial Literacy

I’m financial professional who’s an enthusiast for building and creating wealth.

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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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