~WHAT IS BEAUTY WITHOUT BRAINS~
Whoever said, “Knowledge is Power” wasn’t lying!!
Knowledge is the KEY to becoming successful in any area of your life, but more importantly with your personal finances!
Webster defines a knowledgeable person as “Possessing or showing knowledge or intelligence; perceptive and well-informed”
Some people were/are blessed enough to have “financially intelligent” parents or other role models in their lives that can share and pass information down to them.
Others have/had to find out the hard way…. You know the saying,
“You live and You learn”
Well, I was placed in the “You live & You learn” category….
It wasn’t until after I graduated from college in 2007 and had to start paying back student loans that I began to learn what it meant to become “financially intelligent”
A great book to read: Increase your Financial IQ
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Robert Kiyosaki states, “It is information, knowledge, wisdom, and know-how, a.k.a. financial intelligence, that makes one wealthy.”
Kiyosaki divides financial intelligence into five “Financial IQs”:
~Make more money. This is measured by how much money you earn. If you make $100,000 a year, you have a higher Financial IQ than someone earning $30,000 a year.
~Protect your money. Once you earn your money, you need to hold onto it. Protecting your money, especially from taxes, is the second Financial IQ.
~Budget your money. “Being able to live well and still invest no matter how much you make requires a high level of financial intelligence,” Kiyosaki writes. This Financial IQ is measured by how much money you have left after expenses.
~Leverage your money. This Financial IQ is measured by return on investment. How well do you make your budget surplus generate more money?
~Improve your financial information. Financial information doesn’t just mean knowledge of basic financial concepts — it also means detailed knowledge of the investments you make.
*You must educate yourself… then share the information to empower other people*
See, at the time I didn’t know what I was going do, but I didn’t let that stop me…
I could have just said forget it and never even thought about paying my student loans back, but that’s my character!
I could have also went out and got a 2nd, 3rd or even a 4th job to help pay them down, but I realized my “TIME” is way to precious…
(TIME~ the only thing in life that you can use and never get back)
My fear pushed me out my comfort zone and I did what “school” taught me how to do best, READ!!!
So, I read & read & read & took classes, went to workshops & seminars, volunteered, talked to wealth advisers at my church, & then read some more, until I found some solutions…. And what I learned was
“You can make more money with your mind, then you can ever make with your hands”
By increasing my financial intelligence… I was able to purchase a home, pay off my car and learn about increasing my wealth with real estate, despite having a lot of student loans… I am not bragging, I am sharing!!
~ Follow me ~
If you are out there spending hundreds of dollars on clothes and shoes, to keep up with the "Joneses"…yet your credit cards are maxed out, you have little to none in savings, your living in public housing and/or driving a car with a high interest rate and note!!! Then…
Girl, it’s time to get your money right!!!
Life is about learning and growing and then sharing what you have learned…
Some people may read this and think it’s a bunch of BS, others will read it and their minds will begin to open!!!
1st things 1st… You need to know where you are, before you can know where you are going!
What they don’t teach you in school....
~How to control your finances~
The key to learning how to control your finances, starts with managing your everyday money.
~Create a budget: Creating a budget will help you balance out all your spending.You need to know where your money is going. If every morning you stop at Starbucks to get a cup of coffee, imagine how much you could be saving in your account, than on frivolous items.
~Learn self-control: Stop using credit cards and start using cash. The mentality behind this is if you don’t have the cash to buy it, then you won’t.
~Pay yourself 1st: No matter how much you owe in loans or credit card debt and no matter how low your salary may seem, it's wise to find some amount (any amount) of money in your budget to save every month.
~Tithe: I believe this is crucial. 10% of what you earn belongs to GOD.
As my pastor would always say... "10% of your money belongs to God, but if you can live off 10% of your money, then you should give the rest away"
Recommended books to read about finances:
Also, a really great website to learn more about controlling your finances would be
http://www.suzeorman.com/
To sum it all up:
1. Spend less
2. Save more
3. Invest wisely
4. Give generously
~It's not how much money you make, but what you do with the money you make~
~ Your Credit History~
*Some people don’t even know what a credit report looks like*
Your
credit report contains detailed information about your credit history… including identifying information, credit accounts and loans, bankruptcies, late payments and recent inquiries. Borrower’s use this information to determine if a person is credit worthy.
Your
credit score is a three digit number based on the information in your credit report. Your # is created by the 3 major credit bureau’s: Equifax, Experian, and Trans Union, by factoring in… the number of years you´ve had credit, how much of your available credit you´re currently using, whether you´ve recently made any late payments, and how recently you´ve had any negative actions or credit applications.
In short ~ Your credit score will determine your interest rate, whether you can be approved for a loan, buy a house, get an apartment, get a job… pretty much everything nowadays!!
You are entitled to a
“FREE” credit report annually…. Go to
http://www.annualcreditreport.com/
~How to develop a Wealth Mind set~
Fortunately, having a wealth mind set has
nothing to do with money!
Wealth must first be created in the mind before it can be manifested into physical reality.
You create every moment in your life, especially your financial life. Your wealth is totally dependent on you and your thinking.
The 2 books that I have read and believe to be the BEST at changing my mind-set on money were:
Think and grow Rich by: Napoleon Hill ![]()
Secrets of a millionaire Mind by: T Harv Eker
In secrets of a millionaire mind, Eker lists seventeen ways in which the financial blueprints of the rich differ from those of the poor and the middle-class.
1. Rich people believe: “I create my life.” Poor people believe: “Life happens to me.”
2. Rich people play the money game to win. Poor people play the money game to not lose.
3. Rich people are committed to being rich. Poor people want to be rich.
4. Rich people think big. Poor people think small.
5. Rich people focus on opportunities. Poor people focus on obstacles.
6. Rich people admire other rich and successful people. Poor people resent rich and successful people.
7. Rich people associate with positive, successful people. Poor people associate with negative or unsuccessful people.
8. Rich people are willing to promote themselves and their value. Poor people think negatively about selling and promotion.
9. Rich people are bigger than their problems. Poor people are smaller than their problems.
10. Rich people are excellent receivers. Poor people are poor receivers.
11. Rich people choose to get paid based on results. Poor people choose to get paid based on time.
12. Rich people think “both”. Poor people think “either/or”.
13. Rich people focus on their net worth. Poor people focus on their working income.
14. Rich people manage their money well. Poor people mismanage their money well.
15. Rich people have their money work hard for them. Poor people work hard for their money.
16. Rich people act in spite of fear. Poor people let fear stop them.
17. Rich people constantly learn and grow. Poor people think they already know
Some people are happy with mediocrity…. Living a safe, comfortable life!
If that’s you, by all means, stay there!!!!
This is for people who want more out of life and willing to take on the challenge to get it!
Educate yourself....Read, attend church workshops, take finance classes, and talk to people...then educate someone else!!!
Learning is so vital for our growth!!!!
