WE HAVE GOALS TO CRUSH AND GENERATIONAL WEALTH TO BUILD!
- Berley B, MS
- Oct 18, 2021
- 3 min read
2022 is less than three (3) months away. Improving our credit profile is one thing, but we want to be financially literate.
Let’s talk about the first FOUR (4) steps to take:
1. Get rid of bad debt
2. Build an Emergency Fund
3. Create at least one new income stream
4. Invest
1. Get rid of bad debt (Credit Cards)
A great way to change our money habit and build wealth is by getting rid of bad debt. Paying your credit cards in full every month will raise your credit score and keep you out of debt. Sometimes, we may not be able to pay the card off in full. So, pay it down to 30% or lower, but ALWAYS make AT LEAST the minimum payment by the due date. You can use the Avalanche method or Snowball method to get out of debt. For more information, read the below articles
2. What’s an emergency fund? I’m glad you’ve asked.
Your emergency fund is your “cushion”. It helps cover your monthly expenses in case of loss of income.
Add all your monthly living expenses (rent/mortgage, car notes, etc.) multiply it by 3,4,5, or 6 months, and that will equal to your ideal amount. I recommend that you open an online High Yield Savings Account with a 0.40%-0.60% APY (now) instead of using your regular bank’s saving account, where you only get 0.01% APY. Some of my favorites are American Express Savings account, Goldman Sachs, and Capital one.
For example, if your living expenses are $3600/month, you have a stable job/career, you should aim for at least 3 months. Therefore, your ideal amount would be $3600x3=$10,800.
You can also have different “funds”. For example, I have a vacation fund because I want to be able to go on vacations without having to rack up more credit cards debt.
Having an emergency fund (different saving funds) gives you peace of mind and time to get back on your feet in case you need to.
3. One stream of income is too close to none.
So, it is time to find new ways to earn income and monetize your skills. Below is a list of different ways to earn income:
·Refer people part-time or full-time for extra income for FREE. I’d recommend Melaleuca because I can personally vouch for their products since that is practically what I use, and you don’t need any money upfront. The great part is, it is not a Multi-Level Marketing (MLM). FOR MORE INFORMATION, CONTACT Camine at (954) 408- 3801. https://www.melaleuca.com/our-story?referralCode=caminemathurin
Start a blog about your unique experiences, and use affiliate marketing to promote places, products, etc.… (travel, motherhood, career)
Create an online course teaching people anything you know how to do
Write an eBook and sell it on your own website or Gumroad
Become a mystery shopper
Write and/or update others' resume for a fee.
Create YouTube tutorials on highly searched topics
Sell your unique creations on Etsy
Build a Dropshipping store on shopify
Offer advice for a fee
Become a virtual assistant and get jobs on Upwork
Sell virtual personal training sessions. (I am in need of a Personal Trainer. I can be your first client)
Sell Products on eBay/Amazon/theRealReal/Poshmark
4. Lastly, INVEST- LET YOUR MONEY WORK FOR YOU!
A great start would be to open an IRA or Roth IRA account, based on your yearly income, then invest in ETFs such as VOO, SPY, and IVV. You can also open individual accounts to invest. I personally have my individual and IRA accounts with Fidelity, E-Trade, and Vanguard. I also have Robinhood since it allows me to buy penny stocks.
***please do your own research when investing. Yahoo finance is a great tool.
To remain organize and keep myself accountable, I use my Personal Finance Planner. I have all my yearly goals, monthly budgets, vision board, and a lot more in it. I also use the Weekly Goal Planner for when I have a busy month ahead of me. I have a printed copy, and have it on my phone and IPad, so I am always on top of my finances and especially my budget.
It is never too late to create a budget, crush goals, and start our journey to generational wealth!
WE ARE GOING TO END THIS YEAR 2021 AND START THE NEW YEAR OFF RIGHT. Use the discount code below for an extra 15% off the already discounted Personal Finance Planner Bundle for the next 7 days. Trust me, you will not be disappointed!
Discount Code:
GOALS
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