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Prices Push Debt Balances Up. 20 Percent to Be Exact.
In this episode of TFG, the crew discuss how you can manage your money and specifically your credit better. With interest rates rising due to inflation, cash flow management will be key to keep your family afloat through the "not-a-recession" period. Your credit card debt is about to cost you more. So buckle up to find out what to do.
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It’s Either the Affordable Home or Unaffordable Lifestyle, Pick One!
Home prices are up in the US. Fueled by once-low interest rates and available cash, prices skyrocketed as much as 30% in the two years since the start of the pandemic. As inflation pushes all-time highs, the Feds are increasing interest rates in as little as 24 increments through 2024. Do we want affordable housing or are we addicted to unaffordable lifestyles?
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Debt is not Bad. Being #Debt Free is not FIRE, Invest More!
In this episode, Lovely and Lawrence talk about the growth of the #DebtFreedomJourney and how it's not always as great as it seems. Popularized by Dave Ramsey in the 2000s, Debt Freedom and #FinancialPeaceUniversity have been re-positioned as an emotional argument when in truth, money management is at the intersection of arithmetics and critical thinking. For example, local bank savings account is still going for 0.01%. An investment of $10,000 in 2021 would have yielded $1. In contrast, an investment of $10,000 in Bank of America $BAC would have yielded $14,881. An investment in JP Morgan Chase $JPM of $10,000 would now be worth $12,811. An investment in American Express…
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Divided State of Black America: the Growing Racial Wealth Gap
Most Blacks in the Americas can trace their genealogy to enslaved ancestors, forced into the trans-Atlantic slave trade that started in the early 17th century. From microaggressions in Brazil to colorism in Haiti, vestiges of the past still layer subtext of Black Excellence. To this day, Blacks in the United States continue to face institutional barriers and discrimination, including a growing racial wealth divide.
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Figuring Out Credit Scores, Credit Karma and Credit Cards
After getting a grand total of $16 donation bucks from 3 of 125 people that liked my picture on Instagram, I was motivated to write this “How to Credit Score Improvement Plan” thingy. Seriously, thank those three benevolent souls because I would have given this specific write-up, a side-eye. But I’m gonna link the FinCon homie Marko, since he is good at explaining this stuff, and MissBeHelful (cuz ya should know her too). Here’s the outline I came up with on the DC metro for about 8 minutes: Know your real money issues. The credit score is merely a report card. Where did all that interest go? There are rules to this. Budgeting is still a…
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How to Break the Paycheck to Stress Cycle Beyond the Pandemic
Becoming More than Average According to the Bureau of Labor Statistics, the median wage for workers in the United States was approximately $45,000 per year for a 40-hour workweek (as of December 2018). Granted, salaries vary significantly based on experience level, occupation, educational attainment, and location. Some college graduates in professional, technical, and management occupations earned an average of $65,000 annually. Others in service-related industries earned an average of $30,000 annually. No Matter How We Spin It, We are Living Above Our Means While Generating Stress. In larger cities like New York, Atlanta, and Washington, DC, jobs tend to pay more and are often adjusted to the cost of living increases vs…
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How to Avoid This Student Loan Debt Trap. I Added $10,000 Without Knowing
Full disclosure, this was my student debt experience. Your experience may vary. Yep, you read it correctly, I once spent $10,000 without knowing in a span of fewer than 18 months. What’s worse is that I have proof. What could have been 2 all-expense paid trips to the Maldives, 2 flights to Carnival (Trinidad and Rio), and/or many baller-rific nights where we would pop bottles; was merely an expense of $10k without knowing. With that said, I’m writing to spare you. As a Financial Coach, Tax Planner, and Bonafide Expert in all things poverty, I would like nothing more than for you to read this, think it over and share it with the nearest college student. Seth…
