FINANCIAL DEPRESSION CONFESSION: Why My Money Woes Were The End of The World!

Have you (or someone you know) ever thought that your money or credit woes were the end of the world? I have.

 

Many of my private clients dealing with money or credit woes were also dealing with major depression as a result of their financial situation. Whether their challenging financial situation was due to a job loss, excessive debt, unexpected financial expense, or lack of money management skills and knowledge; the emotional stress caused significant mental and physical illnesses like high blood pressure, anxiety attacks, etc. 

I can absolutely relate. So, I am sharing my Financial Depression Confession of how my money woes made me feel like it was the end of the world and what I did to help myself get better. My hope is that my transparency with this experience will help someone get through their extremely sensitive and painful period of financial depression. 
  

IT WAS THE END OF THE WORLD!
  
I dealt with major depression. I didn’t want to get out of bed, wasn’t motivated to clean my house, didn’t want to talk or see anyone, and I cried … A LOT! I suffered from insomnia and exhaustion. I over ate and didn’t exercise, so of course I gained lots of weight, which killed my self-esteem. This vicious cycle made me feel like it was the end of the world! I even contemplated suicide, but honestly … I couldn’t even “financially” afford to kill myself. Wait! Before you judge … depression is a severe psychological illness and if not treated, it can cause the sanest person to consider or do insane things.

  
WHAT I DID: I got help! I went to clinical counselor to talk about my feelings. I know what you maybe thinking, but talking out some major emotional insecurities and feelings with a qualified third party helped me to deal with those emotions. It also gave me an unbiased support system. I was reminded that my emotions were normal, which helped me to realize that what I was going through was NOT the end of the world. By purging my private pain, I was able to free my mind to think more logically.

  
NO ONE UNDERSTANDS!

  
I didn't believe that anyone would understand what I was going through. I’m Madam Money! How could anyone understand how or why I was dealing with Money Woes? I didn't think that anyone would understand, so I isolated myself. It was a very lonely place to not have anyone I could trust to share that I was dealing with my deepest and darkest fears of about money.
  
WHAT I DID: Once I realized that this "lie" I was telling myself was bred from my PRIDE. I was too proud to ask for help. So, I had to humble myself and ask my a core circle of family and friends for help. I established specific roles for each of them to help me. For example, I had friends that helped me and held me accountable for eating better and exercising, friends that made me get out of the house to avoid isolation, and a family member that helped me financially when I absolutely needed. Asking for help was the hardest thing for me to do, but it was the best thing I could have ever done. And guess what, they understood because they experienced what I was going through.

I WAS EMOTIONALLY PARALYZED

  
Emotionally and mentally, I was paralyzed. I just couldn't move past what I was going through. Yes, I prayed and did my best to trust that God would get me through it, but I just couldn't do what was necessary to allow God to move. “Faith without Works is dead!” I knew that Bible verse and said it to myself every day. But … I felt helpless and hopeless which kept me paralyzed.
  
WHAT I DID: I changed my MIND! I realized that the eyes may be the strongest muscles in the body, but the Mind (brain) is the hardest muscle to change. So, I worked at it everyday. I changed what I watched, read and listened to. I became extremely protective about what I allowed to enter my mind because Thoughts turn into Words, Words turn into more Thoughts and those Thoughts turn into Actions or Non-Actions. What we visualize will actualize (positive or negative) so I only allowed positive and actionable thoughts, through affirmations, songs, books, etc.

  
OPERATION: FINANCIAL SELF-SABOTAGE

  
I medicated my pain through spending money on eating out every day, drinking and shopping. Oh yes I did! Dealing with the pain was too painful. So I tried to numb the pain by doing the opposite of was I know to do. Knowing what to do and how to do it but doing the opposite is “self-sabotage.” I become my own worst enemy. I became my most challenging client.

WHAT I DID: I got help from another financial coach. Yup! Coaches need coaching too. Even though I didn’t need my coach to tell me what to do; I needed my coach to hold me accountable to do what I know I’m supposed to do. My coach guided me through the process as a support system to stop my financial hemorrhaging caused by my financial self-sabotage. 

  
SELF DOUBT DESTROYED ME!

Everything I did to try to improve my situation, just didn't work. The more my attempts failed the more I doubted myself and my ability to fix my situation. How do you destroy the most confident person in the world … DOUBT! Doubt is the direct result of Fear, which is “False Evidence Appearing Real.” Bottom line … I was afraid to fail and because my attempts weren't working, this failure made me doubt everything.

  
WHAT I DID: Believe it or not … I connected with others! By connecting and networking with other people and professionals, I had intellectually stimulating conversations. Those conversations helped me build new relationships and networks. Those new relationships and networks valued my connection because of my personality, expertise or passion. This built up my confidence. Not only that, I connected with people who experienced my challenges, or knew someone who could assist me with my some of my challenges. This built up my confidence and reduced my doubt. 

 I’m not saying that everything that I did to help me will help you. But I am saying that there is HOPE and HELP for anything that you may be going through. 
  
Whatever you are going through, even though it may feel like it … it is NOT the end of the world.  It is the beginning of a new opportunity to make you stronger than ever to improve your current financial situation. 

  
I look forward to being a resource to help you through my pain, passion and purpose.

Making Money Matters Manageable,

Tarra Jackson

Madam Money's Q & A: Will Rent Reference Help Mortgage Application

Have you (or someone you know) ever wondered if a reference letter from a landlord would help with showing payment history for a mortgage application? 

Great Question!  Here the answer ... 



Do you have a personal finance or credit questions?  

Ask me and get answers! 

Just email your question to Tarra@TarraJackson.com. 

Making Money Matters Manageable, 

Tarra Jackson

Madam Money's Q & A: Is Race Considered in the Credit Score?

Have you (or someone you know) ever wondered if a person's race for financial situation affects or is considered in the calculation of their Credit Score?

Great Question!  Here the answer ...

Do you have a personal finance or credit questions?  Ask me and get answers!

Just email your question to Tarra@TarraJackson.com.

Making Money Matters Manageable,

Tarra Jackson

5 Quick Tips to Divorce Finances Through A Divorce

Do you (or someone you know) know someone who is going through a divorce that needs a few financial preservation tips?  I do!

Even though I have never had the unfortunate experience of a divorce, I have helped several of my clients through the financial transition from joint to individual finances.  When couples go through a divorce, they are not only divorcing each other; they are also divorcing their finances as well.  Financial Divorce can be just as, if not more, emotionally draining and frustrating.  Depending on how amicable the separation is, may determine the ease or complexity of the separation of finances.

Regardless of where a person is in the separation, here are 5 quick tips about How to Divorce Finances through a Divorce.

  

Get Organized!

Gather as many financial documents as possible. Financial statements and documents will be requested and may be required during the separation process.  Here is a Divorce Financial Checklist of documents that may need to be gathered. Consult with a divorce attorney for all of the documents that will be asked for and required to remit to the court.

  

Separate Bank Accounts

Make sure to open separate individual savings and checking accounts.  Don’t just open an account in desperation … rather; make sure to open up an account at a financial institution that is conducive to the financial needs and usage. Open an account with great customer service because they may be needed for assistance through the financial transition.  Avoid accounts or financial institutions with excessive fees.

  

Update Direct Deposit

Don’t forget to update direct deposit or payroll deductions through the employer from the joint account to the new individual bank account(s) established.  If the joint account is responsible for paying bills that may affect the credit reports, continue to make deposits just enough to pay those bills OR stop the bill payment or payroll deduction from that joint account and set it up in the individual account to maintain a positive credit history.

  

Do a “Clean Break” with Loans

Having joint debt is like having a child together.  Regardless of the status of the relationship, both borrowers are equally responsible to pay the debt until it is paid in full despite what the judge or divorce decree says.  So, first things first … get copies of all three credit reports from Equifax, Experian, and Trans Union from www.annualcreditreport.com.  The best way to preserve credit history during a divorce is to do a “Clean Break.” Identify all credit accounts, and then try to negotiate who will take on what debt. Once that is agreed upon, each should try to get an individual loan to pay of the joint loan.  If either person does not qualify for an individual loan to do a “Clean Break,” try to agree that the other person will make timely payments on the joint loan. This is important because if the one person pays late or not at all, it will negatively affect the other person’s credit and ability to obtain the credit that may be needed after the divorce.  This is especially critical with credit cards.  Make sure to block the credit card lost/stolen and request a new card number to avoid future usage from the other part.

  

Update Beneficiaries

Don’t forget to update all financial documents! Update the beneficiary on your retirement savings account, insurance policies, bank accounts, etc.  Also, don’t forget to update the W-4 once the separation is final. During the divorce, many people forget to update this important information.

  

  

The best way to get through this tough situation is to try to think of the financial side as a business matter.  However, if the separation is not amicable, it may be best to have the divorce attorneys to discuss and negotiate these and other matters.

It is also a good idea to work with a financial professional or counselor for guidance during the financial divorce. Best wishes and contact us for further assistance.

  

  

Making Money Matters Manageable,

Tarra Jackson    

Characteristics of a "Financially" Virtuous Woman

Do you (or someone you know) want to be a "Financially" Virtuous Woman? I DO!

   

I've seen many articles about the characteristics of the Proverbs “Virtuous Woman.”  But, I haven't really found too many about how to be a "Financially" Virtuous Woman.  I not only strive to be a Proverbs Virtuous Woman, but I also strive to be a "Financially" Virtuous Woman as well.    

 

So, here are my interpretations of the Characteristics of a "Financially" Virtuous Woman based on Proverbs 31:10-31 (KJV). 

 

She knows her value.

“¹⁰ Who can find a virtuous woman? for her price is far above rubies.”

 

Like an authentic and priceless gem, she knows her value and doesn't settle. When a woman knows her value to an organization that she is working for, she will not settle for low pay or abusive working conditions. She knows that she is worth more and deserves better.

  

She is trusted by her spouse (or God).

“¹¹ The heart of her husband doth safely trust in her, so that he shall have no need of spoil. ¹² She will do him good and not evil all the days of her life.”

 

She protects the financial security of her family and is fiscally responsible. She only has the best intentions and helps to reach her family's financial goals. Therefore, her spouse “safely” trusts her and in her personal financial management. If she is single, she is trusted by God.

 

She will work to provide for her household.

“¹³ She seeketh wool, and flax, and worketh willingly with her hands. ¹⁴ She is like the merchants' ships; she bringeth her food from afar. ¹⁵  She riseth also while it is yet night, and giveth meat to her household, and a portion to her maidens.”

 

Whether it is going to work or getting another job, she will do whatever it takes to financially provide for her family, when and if necessary.

 

She is a homeowner or owns real estate.

“¹⁶ She considereth a field, and buyeth it: with the fruit of her hands she planteth a vineyard.”

 

She owns or has owned real estate as a homeowner or as an investor. This not only shows that she is financially self-sufficient, but it also shows that she is responsible with her finances and credit to be able to qualify and afford real estate.

    

She is fit.

“¹⁷ She girdeth her loins with strength, and strengtheneth her arms.”

 

She is not only physically fit with strength to handle the demands and responsibilities placed upon her; she financially fit with the strength of personal financial knowledge to handle or assist with the financial demands and responsibilities of the household.

 

She is disciplined.

“¹⁸  She perceiveth that her merchandise is good: her candle goeth not out by night. ¹⁹ She layeth her hands to the spindle, and her hands hold the distaff.”

 

Even when she doesn't feel like it or want to do it, she is disciplined enough to do what is necessary to do whatever needs to be done for the betterment of herself and her family.

She volunteers to help others.

“²⁰ She stretcheth out her hand to the poor; yea, she reacheth forth her hands to the needy.”

 

Whether it is at church, for a non-profit organization, or in her community; she gives her money, resources and time to help others who are less fortunate than she is. She understands that the Power of Prosperity lies in her Gift of Giving.

 

She is proactive and saves.

“²¹ She is not afraid of the snow for her household: for all her household are clothed with scarlet. ²² She maketh herself coverings of tapestry; her clothing is silk and purple.”

 

She plans for what is to come as well as prepares for what could happen. She saves for emergencies, establishes a budget, and ensures her household has what is needed at all times.

She respects her spouse.

“²³ Her husband is known in the gates, when he sitteth among the elders of the land.”

 

She creates a strong financial foundation with her spouse for their family.  She may not agree with her spouse all of time but she respects him and his financial decisions.  Because of her power of influence, her spouse is respected within the community. 

   

She is an entrepreneur.

“²⁴ She maketh fine linen, and selleth it; and delivereth girdles unto the merchant.”

  

She is a business owner or has an entrepreneurial mind and spirit. She is able to create a product or service that creates an income source to provide for her family.

 

She is respectful and respected.

“²⁵ Strength and honour are her clothing; and she shall rejoice in time to come. ²⁶ She openeth her mouth with wisdom; and in her tongue is the law of kindness.”

 

She respects others and commands respect from others. She helps to educate those around her about finances with honesty and love. This is why people appreciate her advice.                                                                      

 

She is NOT lazy.

“²⁷ She looketh well to the ways of her household, and eateth not the bread of idleness.”

 

She understand when it is time to rest and when it is time to get up and make it happen.  She is not lazy and idle with her thinking or her ways.

  

She is loved and respected by her family.

“²⁸ Her children arise up, and call her blessed; her husband also, and he praiseth her.”

 

She is loved and adored by her children and her husband and they appreciate everything she does to protect, defend, support and take care of the family. They know that the love she has for her family is her driving force to do what she does, only the way she can do it for them.

  

She is competitive.

“²⁹ Many daughters have done virtuously, but thou excellest them all.”

 

She is driven to do her best. She may not be competing with others. Rather, she is usually competing against herself with a goal to be financially better off than she was a month or year before. She reads books and seeks information and assistance to improve her personal financial management skills.

She is humble & loves the Lord.

“³⁰ Favour is deceitful, and beauty is vain: but a woman that feareth the Lord, she shall be praised.”

 

Although she is beautiful and has nice things, she remains humble and does not boast. She also has a relationship with God and understands that all that she has is a gift from God. She tithes because she believes that "You can't beat God's Giving!"

She is a Role Model.

“³¹ Give her of the fruit of her hands; and let her own works praise her in the gates.”

 

She is admired by others by the way she carries herself in public and at home. She doesn't take this responsibility lightly and understands her impact on her family and her community. Her financial success and freedom are her fruit she bears and shares.

   

  

How many characteristics do you possess? ;-)

  

Financially True,

Tarra Jackson
  

5 Signs You're Ready for Financial Coaching

Have you (or someone you know) ever thought about hiring a Financial Coach to help you create and accomplish your financial goals? Check this out ... 

The sense of frustration has become epidemic with today's economy, challenges are becoming more prevalent with personal financial matters. Building financial stability and wealth can be a confusing and complex huge pill to swallow. So, where is a person supposed to find the time to become a financial expert and learn what is necessary to build the financial stability desired?
  

Are You Ready for ...

  

Hiring a financial coach provides a competitive advantage by leveraging the person's time with specialized financial expertise that cuts through the clutter, confusion and contradictory information by teaching them what is relevant - efficiently and with minimal hassle.
  
Here are 5 Signs that You may be Ready Financial Coaching.

1. You're tired of procrastinating and ready to start building wealth and living your dreams.
2. You want to develop your own personalized action plan for building financial security based on principles that are custom designed to fit your specific situation - not a cookie-cutter or generic plan.
3. You want an accountability partner to help you maintain focus on your financial goals.
4. You're just "not interested" with traditional financial planning where all they want to do is sell you investment products. Instead, you want straightforward advice without all the sales pitches.
5. You realize that "true wealth" is not just about more money ... you want to balance your life while working toward financial freedom so that you don't make the mistake of sacrificing your family, health, or a fulfilling life in pursuit of money.

So, if you're ready to start working with a financial coach, feel free to contact me at Prosperity Now Financial Management Services.

  

Financially True,

  

Tarra Jackson, Making Money Sexy!

Exit Strategies: How to Leave Financially Abusive Relationships

Have you (or someone you know) ever been caught up in a financially abusive relationship and desperately needed an exit strategy? I have.

   

There are many consumers that are in financially abusive relationships with financial institutions that seem to be “not that into” them. They are dealing with ridiculously high loan interest rates, very low deposit rates, too many and extremely high fees, as well as poor customer service.

   

Being in a financially abusive relationship not only angered ME, but it made me feel weak and hopeless because I didn’t know how or if I could escape.  Then one day … I did!  So, here are a few effective Exit Strategies for getting out of a Financially Abusive Relationship.

   

Talk About It

There may be an opportunity of improving the situation by talking with the right person at the financial institution. So, before deciding to break up with the financial institution …

 

Be sure to

1. Share concerns with a Customer Service Representative,
2. Speak with a Branch or Department Manager about concerns for resolution, or
3. Write a letter to the Senior or Executive manager about concerns.

If efforts to resolve the matter are not addressed appropriately or ignored, move to the next strategy.

   

Start Financial Dating

Begin the process of financially dating other financial institutions to find one (or two) that can meet, at least, most of the required financial needs (deposit accounts, loans, internet banking, etc.). In my book Financial Fornication, I share the 5 phases of Financial Dating to avoid financially abusive relationships. These phases should not be skipped.  It is necessary and worth taking the time to get to know financial institutions to ensure they are right for a particular financial situation.

    

So, be sure to

1. Explore financial options (banks vs. credit unions).
2. Investigate the financial institution(s) selected via the internet or word of mouth (research).
3. Experience the Introduction by going to the branch(es) or calling customer service to ask questions.
4. Start slow Courting by using one or two of their financial services (open a savings or checking account), when ready!
5. After all 4 phases have been executed, Commit to the new primary financial institution (PFI) by using more of their products and services. 

   

Once a new financial “main squeeze” is found, it will make it easier to leave an existing financially abusive relationship.

  

Exit Slowly & Deliberately

Whether a new financial “main squeeze” is on standby or not, another Exit Strategy is to slowly stop using the financial institution’s products and services.

  

Be sure to

1. Review bank statements carefully to identify all direct deposit or automatic payments coming out of the accounts.
2. Stop or change automatic payments from the account(s) and update payment information with the new financial account information, if available.
3. Ensure that all accounts are in good standing or current. This will ensure a clean break. The last thing wanted is a reason for the abusive financial institution to remain in contact.
4. If possible or necessary, refinance loans to the new financial “main squeeze.” If this is not possible, keep this in mind … having loans with a financial institution is like having a child(ren) with an estranged spouse or mate.  Leaving the relationship does not diminish the responsibility of the child(ren). Therefore, leaving the financial institutions does not diminish the legal responsibility of the credit obligation.  If refinancing is not an option, continue to make loan payments to the financial institution on time until it is paid in full to avoid collection and credit report drama.
5. Lastly, stop or reduce direct deposit into the account.

 

Once these steps are executed, a clean breakis relatively available.

  

Even though the financial relationship may seem extremely challenging right now, just know that all financial institutions are not alike. There are lots of really good financial institutions out there that value and appreciate their customers.  Once you find them, some of them even provide an easier method of transiting automatic payments and direct deposits to them through what is called Switch Kits.

  

So don’t give up. There is hope. And most importantly, you deserve better!

    

Financially True,

 

Tarra Jackson, Making Money Sexy!

5 Things Asked on a Loan Application Used by Collectors

Have you (or someone you know) ever wonder why certain information is requested on a loan application that may not have anything to do with making the loan decision? I have.

  

When applying for credit, the loan application is not only a tool to acquire necessary information for the lender to make a judgmental credit decision. It is also a source of valuable data that is used to help collectors collect money that is owed to the lender if the borrower does not make their payments on time or at all.

 

Here are 5 Things Asked on a Loan Application Used by Collectors.

 

CURRENT & PREVIOUS ADDRESSES

The current address is not only used to request the applicant’s credit report, but it is also used to mail payment reminder or collections letters and, when necessary, for Skip Tracing.  Skip Tracing is a process of acquiring as much information about a person to find out where they are. Once the person is located, the collector can proceed with collection efforts or take further legal action.  Some skip tracing tools used are credit reports, white pages, a system called “Accurint,” social media, and especially Google.

  

EMPLOYER INFORMATION

The name and address of the applicant’s employer is sometimes used to have the borrower served if the lender chooses to sue the borrower by filing for a default judgment. However, this information is mainly used to file for wage garnishment.

 

PHONE NUMBERS

Home, work and cell phone numbers are used by collectors, of course, to call borrowers to discuss missed or past due loan payments and to acquire, what is called a “Promise To Pay.”  A Promise To Pay, is the borrower’s promise to make the agreed upon payment(s) to bring the loan account back to a current status.  Most collection calls may be friendly reminders. However, the more past due the loan becomes, the more “concerned” the collectors may be when calling.

  

EMAIL ADDRESSES

Most collectors are aware that many people may not answer unknown callers or callers that they do not want to speak to. They are also aware that many people may not read or ignore collection notices in the mail. This is why email addresses are very valuable.  In today’s electronic age, most people may respond faster to their emails than letters and voicemail messages.  This also gives the borrowers time to respond in a less intimidating manner.

  

REFERENCES

The names, addresses and phone numbers of the applicant’s family members and friends are usually requested in a loan application as references. This information is also used for Skip Tracing, when necessary.  Collectors may contact those references to obtain more information about the borrower and their whereabouts to continue collection efforts or further legal action.

  

  

Most first party collectors, which are usually employees of the lender, may be very open to assist borrowers that are dealing with financial hardships with payment plans. They are usually friendly and willing to assist as best as possible. So, please don’t ignore them.

 

Just make sure that you are aware of consumer rights regarding normal collection action, especially when dealing with third party collectors. No collector should verbally abuse or threaten you. That is against the law. The Fair Debt Collection Practices Act governs third party collectors, collection activity, as well as Consumer Rights.

 

Financially True,

   

Tarra Jackson, Making Money Sexy

  

What other application information is used by collectors?

5 Things I Wish I was taught "How To Be" when I was a Teenager (to be Financially Better Off)!

Do you, or someone you know, have things you wish someone taught you "how to be" when you were a teenager, to be financially better off?  I do!
  

“If I knew then what I know now.” This has got to be the theme song for most adults, especially when it comes to finances.  There are hundreds of things that I wish I was told, taught or nagged about when I was a teenager.  But, here are my top 5 Things I wish I was taught “how to be” when I was a teenager, to be financially better off.
 

I wish I was taught how to be …

  

A Boss!

No, not Bossy, but A Boss of my own business. Instead of being encouraged to go to school so I can get a good job, I wish I was told and taught to go to school to learn how to make jobs. Or to go get a job to learn what it takes to run a business. Seriously, we are told what to do and what not to do when we are children, only to go to school to get a job for other adults to tell us what to do and what not to do when we become adults.  Seems like a set up to me now.  
  

So teens … go to school and get a job, NOT to just be an employee, but to learn how to become an entrepreneur. Besides, there are not that many jobs out there right now anyway. Create your own business and Be A Boss!

  

A Giver

The first principle of Prosperity is Giving! In order to reap a harvest, a seed must be sown.  Always remember, there is no room to receive in a closed fist.  Whether your giving is spiritually, morally or emotionally based, give gladly and on good ground. Giving is not always about money. Sometimes your old clothes, knowledge, or time may be just as, if not more, valuable.
  

So teens … learn the power and pleasure of giving early to a church, non-profit or worthy organization or individual. You’ll be surprised of the blessings you will receive because of your openness to give.

  

A Saver

Who knew that if I had saved only $100 per month when I got my first job at the age of 14 in a savings account with an interest rate of 0.50% until now (25 years), I would have saved over $32,000? And if I had saved $200 per month, it would be almost $65,000.  The point is, if I really understood the power of saving at a younger age when I could afford it, I would be able to afford almost anything I wanted when I got older.
  

So teens … Start Saving Sooner!!! The younger you are when you start saving, the more you will have when you really need it when you get older. Trust me on this one.

  

Financially Proactive

Enjoy today but Live for Tomorrow!  Tomorrow is your future. Live like you are going to be alive for a long time and you want to be financially comfortable for the rest of your life. True story … If I had planned for the things that I wanted “tomorrow” (in the future); I would nothave borrowed money to get what I wanted “today” that I would have to be paid back “tomorrow” (in the future). Well, it’s tomorrow for me now and I’m still paying for what I borrowed “yesterday” (in the past).  My point is that using credit to get what you want right now will limit what you can afford tomorrow, when you really need it. It’s no fun not being able to afford to buy a home because you owe too much in credit card debt.  Credit is designed to be a leverage to help you acquire real “assets” (read Robert Kiyosaki’s book, Rich Dad Poor Dad) or to be an anchor and drown you deep in debt.
  

So teens … use credit wisely and do not use it until you are mature enough to handle its consequences (read my book, Financial Fornication).

 

Wealthy!

Not rich, but Wealthy! Rich is predicated on how much money you have, but Wealth is determined by how much you are able to do with the money you have. I’ve met hundreds of broke “rich” people, but I’ve never met a broke “wealthy” person.  Also, don’t believe the bling you see on TV! Nine times out of 10, the bling is borrowed! #IJS
 

So teens … follow my Financial Freedom Formula early and be wealthy for the rest of your life!

 

      

Those are my top 5 things I wish I was taught, but believe me there are more. Come to think of it, I was probably told to be a few of them, but I just didn't listen. Typical teenager.  ;-)

   

Best wishes on your journey to Financial Freedom!

   

Financially True,

   

Tarra Jackson, Making Money Sexy!

5 Ways to Avoid Financial STDs (Substantially Tremendous Debt)

Have you or someone you know been infected with Financial STDs? I have…
   

In my book Financial Fornication, I talk about Financial STDs (Substantially Tremendous Debt).  This financial dis-ease is not only financially and emotional painful, but families and cosigners can get infected as well because it can be contagious.

   
Here are 5 ways to avoid Financial STDS.
   
Use Financial Contraception.
Financial Contraception is better known as a budget or spending plan. Create a budget or spending plan that works with your lifestyle. Using a budget is the best protection against acquiring Financial STDs.
    
Avoid being financially promiscuous with multiple credit cards.
Pick a credit card that has the lowest rate and provides bonus points if you must or choose to use a credit card for purchases. Using multiple credit cards may result in excessive spending, which result in Financial STDs.
    
Limit or Avoid Financial One Night Stands.
A financial one night stand is a financial transaction, usually less than $50-$100, that should be paid in cash or paid in full if purchased with credit. If you choose to use credit for these types of transactions, avoid turning those financial one night stands into a long term financial relationship by revolving the balance and not paying it off in full. Vernacularly speaking, “Hit it & Quit it!”
   
Become Financial Abstinent.
When your finances feel like they’re getting out of control, sometimes it’s best to just STOP using credit to get a handle on your finances. Being financially abstinent stops the leaks in finances so a budget can be created to build up immunity against Financial STDs.

 

Get out of Financially AbusiveRelationships.

If you are getting your butt kicked with ridiculously high loan rates, low deposit rates, lots of fees and poor customer service, they’re probably really not that into you, which means that it’s time to plan your exit strategy from that financially abusive relationship.  You don’t have to stay. Date financial institutions to find the best one for you.

 

For more tips, check out my book “Financial Fornication.”

 

Financially True,

 

Tarra Jackson, Making Money Sexy