Money Matters Tips & Lessons To Learn About Your Money

Last weekend I had the opportunity to attend a financial workshop in downtown Detroit. I posted about this FREE Money Matters happening in Detroit recently on the blog.

Money Matters Tips & Lessons To Learn About Your Money

This workshop is sponsored by The Rainbow PUSH Coalition and Chevrolet. They are hosting a series of seminars focused on Money Matters Financial Empowerment in the main urban markets across the country to help and inform young adults about the possibilities of financial literacy and financial health.

• The Money Matters Financial Empowerment program seeks to:
• Increase financial literacy awareness
• Build advocacy for financial planning to promote greater financial health and stability
• Leverage financial literacy to increase good lending practices among minority communities.
• Help African Americans “Find New Roads” and build brand affinity for Chevrolet

Here are my thoughts and money matter tips and takeaways from this event:

Budgeting Basics – i.e. how to create and manage a personal budget, pay off debt, and help protect yourself from fraud.

By: Dominique Broadway – Personal Finance Expert and Money Therapist

Dominique talked about basic budgeting tips everyone should have, and shared some of her budgeting techniques. She shared the secret to building wealth is pretty simple, “always bring in more money than your expenses.”

Many people don’t know how much they bring in; Dominique expressed with the audience. Many of her clients and friends tell her they need to look at their pay stubs to figure out this important piece of information. Tip: You should always know how much money you have (gross and net). 

She asked the audience to think about where their money is going? If you’re not sure, track your money for about 30 days. I have talked about this here on the blog and shared my experiences on where my money went in a 30-day no spending challenge.

So many people spend money on gym memberships, cable, clothing, dining out, and other things they never include in their budget. I used to do this. I didn’t plan for the additional memberships, haircuts, nail appointments, eating out, etc. Then, I would wonder where all my extra money went every single month. Tip: Always budget your extra-curricular expenses into your budget. 

Dominique stressed the importance of having a budget. She also said, “if you can’t figure out the simple expenses, you won’t be able to figure out the hard ones.”

Another tip that is critical when it comes to saving your money is to have it automated. This way you are saving money each paycheck right off the top. I do this by having a specific amount deducted from my bank account each month. Even though I am self-employed, I still keep up with doing the automation of my savings. I have a Capital One savings account, and it automatically deducts the amount each month. I also use Digit {Dominique also mentioned Digit as a saving app}. Digit is an app which helps you save money too! It automatically deducts a small amount from your checking or savings account daily. It looks at your spending habits to determine how much money to deduct each day. You can read more about Digit HERE.

Other apps and websites recommended from Dominique’s workshop:

• Credit Sesame
• Level Money
• Mint
• Ready for Zero

Overall, Dominque’s workshop was one of my favorite sessions from the Money Matters workshop.

Give Me A Little Credit: Understanding Credit – i.e. understanding how to apply for credit, the meaning of credit scores, cleaning up your credit history, and understanding debt.

By: Bill Cheeks – President, ABBA Associates Inc.

Bill Cheeks’ presentation came right after Dominique’s. Before Bill started his presentation, he mentioned that the only way he will get up and talk about credit, and the importance of using credit, is if there is a conversation prior about budgeting.

Here’s why: You can only talk about credit when you understand how to budget your money. Bill, by the way, has a perfect credit score of 835 (previously it was 850). He mentioned his wife also has a perfect credit score, and they compete on who has the best credit score.

Some of the takeaways from his session on credit are:

• When it comes to using credit cards (on being right or wrong to use), it’s the person, not the credit card.
• Understand the credit card terms.
• Don’t be a revolver.
• Pay more than the minimum each month.
• Say no to cash advances.
• Pay your bills on time.
• Stay WELL within the credit limits.
• 50% off collections are health related bills.

Be sure to head to www.annualcreditreport.com to get a FREE copy of your credit report each year. He noted this is the only site you should use to get a FREE credit report. Tip: It’s also wise to get a copy of your credit score (which is separate), and there is a fee to obtain this information.

Investing 101 – i.e. how to find multiple sources of income, stocks vs. other investments, creating a simple portfolio.

By: Gail Perry-Mason – Senior Director of Investments, Oppenheimer & Co.

Gail’s presentation was another great one! She shared sites with the money matter audience on where you can find freebies, samples, and ways to save money! She shared that we have all made mistakes in the past. We want to share our knowledge with young people, so they don’t make the mistakes. The goal is to have the young people be better than us.

• fragrance.net
• freecycle.org
• ebates.com
• teeneyes.com
• negash83.com
• renttherunway.com
• Nike Tester {she shared how her son gets free shoes because he became a tester for Nike.}
• Google Ambassador
• Microsoft Ambassador {great way for your kids to get free video games and the latest gadgets}
• Cypher Research (in Canton)- They pay $100- $150 per hour
• Gazelle.com (sell older equipment)
• GoFobo.com- go to the movies for free
• Restaurants.com
• Become a seat filler (call the venue to be a seat filler)
• pennyhoarder.com
• studentloanhero.com

A few takeaways from Gail worth noting:

• She said, “Put a GPS on your money and make sure it’s never homeless.”
• Set up your own board of directors. Have a banker. accountant. Bills. Everyone needs a mentor.
• You are going to have to bring in some income- “if you come in.”
• Generation Y- why I have to … why do I have to put gas in the car…

Also, have a day where you mind your own business. This means you spend time looking at where your money is going. When’s the last time you called your cable company to negotiate rates? Call your auto insurance to make sure you’re getting the best price. You may have to lay off the cable provider, etc. Cancel things you don’t need! She also mentioned you can not run your house like a non-profit, there is no grant money for that.

College Financing – i.e. overview of financial options to consider when planning for college, including Financial Aid Programs.

By: Jeff Taylor – College Funding Resources, LLC

Jeff Taylor’s presentation was another one of my favorite sessions because I will eventually have kids in high school in just a few years. My Mom was AWESOME about finding FREE money for college through scholarships and grants. However, she is gone now, so I am on my own in finding these funds for college for my boys.

Jeff runs a website called payzeroforcollege.com

He asked this question to the audience, “What would your life look like if you had a plan to pay zero for college?”

I thought about this question. If I had paid ZERO for college, I would have a extra money in my pocket each month. I wouldn’t have a ton of loans and a better credit score.

Jeff shared tips on how Parents and students can look for ways to find money for college.

Here are a few of his tips:

• Position yourself for a full ride. 
• Admissions application is a lottery. 
• Schools have plenty of money, but they are not a charity organization (don’t go in giving them a sob story. Have the grades, energy, dedication to prove you want to be there). 
• Don’t let your reality be a fantasy. 
• Understand what is required by the school and exceed that expectation. 

One huge takeaway from Jeff’s presentation that stuck with me is his tip on how to get the money. You have to be willing to apply for at least ten scholarships every single week. Say WHAT?

Yes, at least ten scholarships every single week if you want to look at getting a FREE ride to college. You also have to qualify for the money. Yes, the money is out there, but don’t expect to get handouts just because you apply!

If you have high school or college kids, be sure to check out Jeff’s website for more valuable information.

 

Entrepreneurship – i.e. how to establish your personal brand and get your idea off the ground.

By: Arian Simone – Entrepreneur, Celebrity Publicist, Author

The last session spoke about Entrepreneurship. Arian (a Detroit Native), shared her story of graduating with two degrees, working for Apple Bottom Jeans and with top celebrities like Oprah, and then everything falling apart. Arian shared how she went from having everything to nothing. However, she didn’t this stop her from hustling hard and faking it till you make it. he went from living in her car to being a successful entrepreneur. She encouraged the audience to keep pushing and learn how to dance in the rain.

At the end of the workshop, several iPads were given away through a raffle. Not only did people live equipped with knowledge and power on how to make their money grow, but they were also given booklets and handouts on understanding credit, budgeting, and additional resources.

Overall, I felt this was a GREAT workshop on teaching people how to manage their money and understanding it. I would love to see this program expand to more cities and states.

The next Money Matters workshop is happening in Atlanta on October 22nd. You can find more information about these events and how to register by going here. 

This is a sponsored conversation written by me on behalf of Chevy. The opinions and text are all mine.