Financial Success Blueprint pt. 7 - Own where you live! E132: Talking Money in the Morning LIVE!2/8/2017
Owning where you live is a critical element to the wealth equation. However, most are going about it the wrong way. We have all bought into the American dream. You know the one home, picket fence, 2.5 kids and a dog (or cat). How you get a half a kid I'm not sure but you get the point.
I want to challenge your thinking today though. Consider instead of buying that starter home right out of college, you leverage the same debt for a multi-family dwelling of some sort. It could be a duplex or 4 family dwelling or more. A place where you could live rent free while at the same time having a couple tenants pay the mortgage. Now that's the American Dream. The dream of capitalism it's just that we're fed that very dream from the wrong side of capitalism, the consumer side. Check out today's replay of Talking Money in the Morning LIVE to get my complete thoughts on this topic and more below. Please support today's show sponsors
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Talking Money in the Morning LIVE E132
Own where you live!
Show Notes
Daily Proverb: Even on the stormiest of days the sun still shines! ~ H Cortez
Daily Proverb Sponsored by: ERGJ Enterprises - Certified Financial Educator
Daily Book Excerpt: Today's excerpt came from: Think and Grow Rich - A Black Choice
by: Dr. Dennis Kimbro
Daily Book Excerpt Sponsor: Solid Foundation Athletic Academy
This months book list: My personal goal is to read 5 books per month.
See the books on the list for the month so far. Your purchase of these books through my affiliate link earns me a small commission which helps in the production of the show so by investing in yourself you're investing in me too.
1. Overcoming Time Poverty - Bill Quain, Ph.D
2. The 21 Day Financial Fast - Michelle Singletary
3. Are You Fired Up? - Anne Whiting
4. Think and Grow Rich, A Black Choice - Dr Dennis Kimbro
5. Help us choose our 5th book. Leave us a comment with your suggestions
This Months Book List is sponsored by: IAmCortez.com - Click here to learn how to make money online from home in as little as 30 minutes per day!
Daily Proverb Sponsored by: ERGJ Enterprises - Certified Financial Educator
Daily Book Excerpt: Today's excerpt came from: Think and Grow Rich - A Black Choice
by: Dr. Dennis Kimbro
Daily Book Excerpt Sponsor: Solid Foundation Athletic Academy
This months book list: My personal goal is to read 5 books per month.
See the books on the list for the month so far. Your purchase of these books through my affiliate link earns me a small commission which helps in the production of the show so by investing in yourself you're investing in me too.
1. Overcoming Time Poverty - Bill Quain, Ph.D
2. The 21 Day Financial Fast - Michelle Singletary
3. Are You Fired Up? - Anne Whiting
4. Think and Grow Rich, A Black Choice - Dr Dennis Kimbro
5. Help us choose our 5th book. Leave us a comment with your suggestions
This Months Book List is sponsored by: IAmCortez.com - Click here to learn how to make money online from home in as little as 30 minutes per day!
Share and leave us a comment. Let us know what you think about today's show.
Most people know and understand the need to have an emergency fund but according to USA Today 70% of Americans have less than $1,000 put to the side for a rainy day. Knowing what to do and actually doing it are two completely different things. As we continue our Financial Success Blueprint series we wouldn't be doing our job if we didn't do our best to hammer home this point. Check out the video replay of the show below for complete commentary on the importance of a emergency fund. You can read the quick list of the 9 reasons you need an emergency fund here as well.
1. You lose your job - I'm not wishing this on anyone but are you prepared for the next 6-12 months if it should happen to you?
2. Large bills that you forgot about - Property tax bills are easily forgotten about if you don't pay them right away then all of a sudden you need a large lump sum of money. Could you handle that?
3. Suddenly become pregnant - I know you don't just don't suddenly become pregnant but if it happens when your not consciously planning for a new addition would you be prepared?
4. Illness or disability - What if you war in an accident that kept you out of work for 6 months or an illness caused you to be bedridden for a year. Would you survive?
5. Car breaks down - I've had this experience a few times, one if which was at a time where between my wife and I we only had one car. Not only could I not get to work but neither could she. If your car breaks down is that an inconvenience for you or is it an emergency.
6. Your hours at work get cut - All of that overtime that you've been doing for the last 12 months suddenly goes away, but the bills you acquired during this time of plenty don't. Are you prepared to handle that.
7. Emergency care for a child - Kid all of a sudden needs emergency medical attention that your insurance won't cover. What do you do?
8. Marriage ends - now I don't wish this on my worst enemy but if it happens would you be able to maintain for 8-12 months?
9. Identity gets stolen - What happens if you're identity get's stolen would you be able to survive while getting things sorted out?
These may seem like some odd scenarios but when you're not prepared just about anything can become an emergency. Check out today's show replay and leave us a comment and let us know what you think.
1. You lose your job - I'm not wishing this on anyone but are you prepared for the next 6-12 months if it should happen to you?
2. Large bills that you forgot about - Property tax bills are easily forgotten about if you don't pay them right away then all of a sudden you need a large lump sum of money. Could you handle that?
3. Suddenly become pregnant - I know you don't just don't suddenly become pregnant but if it happens when your not consciously planning for a new addition would you be prepared?
4. Illness or disability - What if you war in an accident that kept you out of work for 6 months or an illness caused you to be bedridden for a year. Would you survive?
5. Car breaks down - I've had this experience a few times, one if which was at a time where between my wife and I we only had one car. Not only could I not get to work but neither could she. If your car breaks down is that an inconvenience for you or is it an emergency.
6. Your hours at work get cut - All of that overtime that you've been doing for the last 12 months suddenly goes away, but the bills you acquired during this time of plenty don't. Are you prepared to handle that.
7. Emergency care for a child - Kid all of a sudden needs emergency medical attention that your insurance won't cover. What do you do?
8. Marriage ends - now I don't wish this on my worst enemy but if it happens would you be able to maintain for 8-12 months?
9. Identity gets stolen - What happens if you're identity get's stolen would you be able to survive while getting things sorted out?
These may seem like some odd scenarios but when you're not prepared just about anything can become an emergency. Check out today's show replay and leave us a comment and let us know what you think.
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E131: Talking Money in the Morning LIVE! Personal Financial Success Blueprint pt 6
9 Reasons you need an emergency fund.
Show Notes
Daily Proverb: Even on the stormiest of days the sun still shines! ~ H Cortez
Daily Proverb Sponsored by: Solid Foundation Athletic Academy
Daily Book Excerpt: Today's excerpt came from: Overcoming Time Poverty by: Bill Quain, Ph.D
Daily Book Excerpt Sponsor: Best Services Unlimited LLC
This months book list: My personal goal is to read 5 books per month.
See the books on the list for the month so far. Your purchase of these books through my affiliate link earns me a small commission which helps in the production of the show so by investing in yourself you're investing in me too.
1. Overcoming Time Poverty - Bill Quain, Ph.D
2. The 21 Day Financial Fast - Michelle Singletary
3. Are You Fired Up? - Anne Whiting
4. Think and Grow Rich, A Black Choice - Dr Dennis Kimbro
5. Help us choose our 5th book. Leave us a comment with your suggestions
This Months Book List is sponsored by: Best Services Unlimited LLC
Daily Proverb Sponsored by: Solid Foundation Athletic Academy
Daily Book Excerpt: Today's excerpt came from: Overcoming Time Poverty by: Bill Quain, Ph.D
Daily Book Excerpt Sponsor: Best Services Unlimited LLC
This months book list: My personal goal is to read 5 books per month.
See the books on the list for the month so far. Your purchase of these books through my affiliate link earns me a small commission which helps in the production of the show so by investing in yourself you're investing in me too.
1. Overcoming Time Poverty - Bill Quain, Ph.D
2. The 21 Day Financial Fast - Michelle Singletary
3. Are You Fired Up? - Anne Whiting
4. Think and Grow Rich, A Black Choice - Dr Dennis Kimbro
5. Help us choose our 5th book. Leave us a comment with your suggestions
This Months Book List is sponsored by: Best Services Unlimited LLC
If you like this post please share & leave us a comment and let us know what you think!
Robert F. Smith is absolutely correct with that quote. Yet millions of black people all across America are forcing their children to aspire to be the next Labron James. Not necessarily putting a basketball in the kid's hands, which many of us do, but rather by only exposing them to a singular image of success like a ball player or entertainer.
Don't get me wrong there is absolutely nothing wrong with a kid playing sports...or is it? I have two sons that play basketball and as a coach I tell parents all the time of the life lessons that they can learn through the game of basketball. I wonder though if I had my sons put in the same amount of time into another area i.e. math and science would they be equally as good as they are at basketball. What I do know is that they stand a much greater chance at going pro in the field of engineering than they do with basketball. So is it true that I'm living vicariously through my sons hoping that they'd fulfill a shattered dream of mine? Where did that dream come from for me? What if I'd studied electrical engineering 4-6 hours per day like I did most summers growing up playing ball?
I guess my point is this, if we expose our kids to all of the wonders that they are capable of, let them pursue their vast interests unimpeded, would sports be at the top of the priority list? Again all things being fare, for every time they see a Kobe Bryant or Labron James and marvel at their accomplishments, they also see other professionals equally as accomplished in their respective fields. I get the feeling that there would be a few less kids playing sports and far more playing and winning at the game of life long after their physical gifts are diminished.
Don't get me wrong there is absolutely nothing wrong with a kid playing sports...or is it? I have two sons that play basketball and as a coach I tell parents all the time of the life lessons that they can learn through the game of basketball. I wonder though if I had my sons put in the same amount of time into another area i.e. math and science would they be equally as good as they are at basketball. What I do know is that they stand a much greater chance at going pro in the field of engineering than they do with basketball. So is it true that I'm living vicariously through my sons hoping that they'd fulfill a shattered dream of mine? Where did that dream come from for me? What if I'd studied electrical engineering 4-6 hours per day like I did most summers growing up playing ball?
I guess my point is this, if we expose our kids to all of the wonders that they are capable of, let them pursue their vast interests unimpeded, would sports be at the top of the priority list? Again all things being fare, for every time they see a Kobe Bryant or Labron James and marvel at their accomplishments, they also see other professionals equally as accomplished in their respective fields. I get the feeling that there would be a few less kids playing sports and far more playing and winning at the game of life long after their physical gifts are diminished.
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Maryland has 5 of the top 10 wealthiest black communities in the country and three of these communities are in Prince George County. I don't know about you but I never imagined that 5 of the richest black communities would be in Maryland.
10. Uniondale, NY - Average family income $76,553
9. Hillcrest, NY - Average family income $76,960
8. Friendly MD, - Average family income $82,827
7. Woodmore, MD - Average family income $103,438
6. Kettering, MD - Average family income $107,008
5. Fort Washington, MD - Average family income $114,243
4. Mitchellville, MD - Average family income $118,824
3. Ladera Heights, CA - Average family income $132,824
2. Baldwin Hills, CA - also know as Black Beverly Hills Average family income $157,033
1. View Park-Windsor, CA - Average family income $159,168
I would have thought Georgia would have made the list. After all some do consider it the Black Mecca. Can you even have a Mecca without a significant amount of wealth. Oh well...perhaps that's a post for another day. Comment and let us know what you think of this list.
10. Uniondale, NY - Average family income $76,553
9. Hillcrest, NY - Average family income $76,960
8. Friendly MD, - Average family income $82,827
7. Woodmore, MD - Average family income $103,438
6. Kettering, MD - Average family income $107,008
5. Fort Washington, MD - Average family income $114,243
4. Mitchellville, MD - Average family income $118,824
3. Ladera Heights, CA - Average family income $132,824
2. Baldwin Hills, CA - also know as Black Beverly Hills Average family income $157,033
1. View Park-Windsor, CA - Average family income $159,168
I would have thought Georgia would have made the list. After all some do consider it the Black Mecca. Can you even have a Mecca without a significant amount of wealth. Oh well...perhaps that's a post for another day. Comment and let us know what you think of this list.
10 Richest Black Communities in America
Leave us a comment and let us know what you think of this list. Are there any communities that we missed! Share if you like this kinda stuff.
What do wealthy people know about money that you don't? You'd be surprised...Check out Project 1,000 and get a glimpse of the secrets that they're using daily to build, grow and maintain their wealth. Funny thing is though, you can use these secrets too. Click here to learn how!
Most people don't realize that the American economy is split and have 2 sets of rules. One set is for employees and another set for business owners and investors. If you are ever going to achieve real personal financial success you'll eventually have to learn to play by the rules of the wealthy. Wealthy people, play on the side of business owner and investor.
Part 5 of our Personal Financial Success Blueprint encourages us to max out our retirement contributions. In part 3 we established the habit of investing and got our knowledge up in the subject. Part 4 we paid off most of our debt which feed up more of our money to invest. Now we want to take it to the max. As a master of your cashflow, a mini emergency fund in place, having a better understanding of investing with minimal debt now is the time to contribute the most we can to our retirement accounts. That's up to $24,000 in a 401K plan as an employee or up to $6500 in an IRA. However, if you're a small business owner or self employed you can contribute up to $54,000 into your investment account without penalty.
So again winning or losing financially comes down to the particular set of rules you're playing by. As for me and my family, we're going to play by the rules of the wealthy! Check out the replay of Talking Money in the Morning LIVE below. Be sure to leave a comment and let us know what you think.
Part 5 of our Personal Financial Success Blueprint encourages us to max out our retirement contributions. In part 3 we established the habit of investing and got our knowledge up in the subject. Part 4 we paid off most of our debt which feed up more of our money to invest. Now we want to take it to the max. As a master of your cashflow, a mini emergency fund in place, having a better understanding of investing with minimal debt now is the time to contribute the most we can to our retirement accounts. That's up to $24,000 in a 401K plan as an employee or up to $6500 in an IRA. However, if you're a small business owner or self employed you can contribute up to $54,000 into your investment account without penalty.
So again winning or losing financially comes down to the particular set of rules you're playing by. As for me and my family, we're going to play by the rules of the wealthy! Check out the replay of Talking Money in the Morning LIVE below. Be sure to leave a comment and let us know what you think.
Please Support Today's Show Sponsors
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Talking Money in the Morning LIVE E130
Financial Success Blueprint pt 5
Max out retirement account
Show Notes
Daily Proverb: Be not afraid of going slowly, be afraid only of standing still - African Proverb Daily Proverb Sponsored by: Solid Foundation Athletic Academy
Daily Book Excerpt: Today's excerpt came "The Millionaire Next Door by Thomas J Stanley, Ph.D. and William D Danko, Ph.D.
Daily Book Excerpt Sponsor: This could be your website or link. Advertise with us here! Your support of our sponsors is greatly appreciated. We do earn a small commission with helps us keeps the lights on continue to bring value to the working class!
This months book list: My personal goal is to read 5 books per month.
See the books on the list for the month so far. Your purchase of these books through my affiliate link earns me a small commission which helps in the production of the show so by investing in yourself you're investing in me too.
1. Overcoming Time Poverty - Bill Quain, Ph.D
2. The 21 Day Financial Fast - Michelle Singletary
3. Are You Fired Up? - Anne Whiting
4. Think and Grow Rich, A Black Choice - Dr Dennis Kimbro
This Months Book List is sponsored by: Best Services Unlimited LLC
Daily Book Excerpt: Today's excerpt came "The Millionaire Next Door by Thomas J Stanley, Ph.D. and William D Danko, Ph.D.
Daily Book Excerpt Sponsor: This could be your website or link. Advertise with us here! Your support of our sponsors is greatly appreciated. We do earn a small commission with helps us keeps the lights on continue to bring value to the working class!
This months book list: My personal goal is to read 5 books per month.
See the books on the list for the month so far. Your purchase of these books through my affiliate link earns me a small commission which helps in the production of the show so by investing in yourself you're investing in me too.
1. Overcoming Time Poverty - Bill Quain, Ph.D
2. The 21 Day Financial Fast - Michelle Singletary
3. Are You Fired Up? - Anne Whiting
4. Think and Grow Rich, A Black Choice - Dr Dennis Kimbro
This Months Book List is sponsored by: Best Services Unlimited LLC
Leave us a comment and let us know what you think!
As usual we wrap up another great week of shows with Free Game Fridays. We recap the shows for the week and open up the forum for questions via our Facebook audience. Be sure to send a friend request to Cortez Springer if you'd like to catch the show live or you and subscribe to the YouTube channel where it's streamed live there as well.
Thursday's Show - we talked about becoming Black Ninja Debt Assassins Click here for the replay! Until we realize what debt is really doing to us emotionally, psychologically and physically we won't take the necessary steps to rid ourselves of the ugly menace known as debt.
Wednesday's Show - was Establishing the Habit of Investing! Click here for the replay. At some point, if the plan is to be wealthy, you have to stop making excuses and start investing. Start with establishing the habit of just a few dollars every single paycheck, then move up from there. Right now if you're not investing the amount isn't as important as establishing the habit. If you already have investments going, you want to stretch a little farther and invest a little bit more.
Tuesday's Show - Preparing for a Rainy Day with Your Mini Emergency Fund! Click here for the replay. Murphy's Law basically says when you're prepared for an emergency you never have one, but when you're not prepared is when they occur. You don't want anything to get you off track from building wealth. It's easier to keep something going that it is to get something going. Now that you have momentum on your wealth building journey be prepared for the unexpected with a mini-emergency fund.
Monday's Show - We kicked of our Personal Financial Success Blueprint Series with step #1 - CashFlow Mastery! Click here for the replay. As we aspire to be wealthy we must first understand that we have to become rulers or good stewards of the few before we can be come rulers over much. If you're struggling to manage your household now on whatever income you have, what makes you think you're going to do such a good job managing even more. Take time to learn to manage the money you currently make better as that's the money that will make you wealthy.
Thursday's Show - we talked about becoming Black Ninja Debt Assassins Click here for the replay! Until we realize what debt is really doing to us emotionally, psychologically and physically we won't take the necessary steps to rid ourselves of the ugly menace known as debt.
Wednesday's Show - was Establishing the Habit of Investing! Click here for the replay. At some point, if the plan is to be wealthy, you have to stop making excuses and start investing. Start with establishing the habit of just a few dollars every single paycheck, then move up from there. Right now if you're not investing the amount isn't as important as establishing the habit. If you already have investments going, you want to stretch a little farther and invest a little bit more.
Tuesday's Show - Preparing for a Rainy Day with Your Mini Emergency Fund! Click here for the replay. Murphy's Law basically says when you're prepared for an emergency you never have one, but when you're not prepared is when they occur. You don't want anything to get you off track from building wealth. It's easier to keep something going that it is to get something going. Now that you have momentum on your wealth building journey be prepared for the unexpected with a mini-emergency fund.
Monday's Show - We kicked of our Personal Financial Success Blueprint Series with step #1 - CashFlow Mastery! Click here for the replay. As we aspire to be wealthy we must first understand that we have to become rulers or good stewards of the few before we can be come rulers over much. If you're struggling to manage your household now on whatever income you have, what makes you think you're going to do such a good job managing even more. Take time to learn to manage the money you currently make better as that's the money that will make you wealthy.
Please Support Today's Show Sponsors
Be sure to tell them we sent you!
E129: Talking Money in the Morning LIVE!
Free Game Friday Recap. Live Q&A w/Financial Health Mentor
Show Notes
Daily Proverb: Wisdom is more profitable than silver and yields better returns than gold. Prov. 3:14
Daily Proverb Sponsor: ERGJ Enterprises - Evan Jefferson certified financial educator wants to help you. Retirement planning, investing and more. ERGJ.net
Daily Book Excerpt: Today's excerpt comes from Dr. Dennis Kimbro's "Think and Grow Rich, A Black Choice" Grab your copy here and a portion of the proceeds will help us keep the lights on.
Daily Book Excerpt Sponsor: Solid Foundation Athletic Academy St. Louis MO premier athletic training for all sports. www.solidfoundationathletics.com
This months book list: My personal goal is to read 5 books per month. See the books on the list for the month so far. Your purchase of thes books through my affiliate link earns me a small commission which helps in the production of the show so by investing you yourself your investing in me too.
1. Overcoming Time Poverty - Bill Quain, Ph.D
2. The 21 Day Financial Fast - Michelle Singletary
3. Are You Fired Up? - Anne Whiting
4. Think and Grow Rich, A Black Choice - Dr Dennis Kimbro
5. Make a recommendation. What do you think book #5 should be?
Daily Proverb Sponsor: ERGJ Enterprises - Evan Jefferson certified financial educator wants to help you. Retirement planning, investing and more. ERGJ.net
Daily Book Excerpt: Today's excerpt comes from Dr. Dennis Kimbro's "Think and Grow Rich, A Black Choice" Grab your copy here and a portion of the proceeds will help us keep the lights on.
Daily Book Excerpt Sponsor: Solid Foundation Athletic Academy St. Louis MO premier athletic training for all sports. www.solidfoundationathletics.com
This months book list: My personal goal is to read 5 books per month. See the books on the list for the month so far. Your purchase of thes books through my affiliate link earns me a small commission which helps in the production of the show so by investing you yourself your investing in me too.
1. Overcoming Time Poverty - Bill Quain, Ph.D
2. The 21 Day Financial Fast - Michelle Singletary
3. Are You Fired Up? - Anne Whiting
4. Think and Grow Rich, A Black Choice - Dr Dennis Kimbro
5. Make a recommendation. What do you think book #5 should be?
Leave us a comment and let us know what you think. Your feedback is appreciated.
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