FINANCES (ALL ABOUT THE COIN)

 

 



SETTING AND REACHING GOALS IS A PERTINENT STEP IN ACHIEVING FINANCIAL FREEDOM AND WEALTH. IN A ERA WHERE WOMEN ARE BECOMING MORE FINANCIALLY INDEPENDENT AND ARE ABLE TO MAKE MORE INCOME WE STILL ARE NOT PAID AT THE SAME RATE OF MEN IN THE WORK PLACE. IT IS IMPORTANT FOR BOTH WOMEN AND MEN TO HUSTLE HOWEVER, AFRICAN AMERICAN WOMEN ARE IN NEED OF MORE WEALTHY AFRICAN AMERICAN WOMEN AS ROLE MODELS. BELOW ARE STEPS AND TIPS TO SETTING AND REACHING GOALS.

** APPLY THEM AND WATCH YOUR FINANCIAL STATUS IMPROVE**

 

ASK YOURSELF:

1. WHAT ARE MY GOALS?
2. HOW MUCH MONEY WILL I NEED TO ACCOMPLISH MY GOALS?
3. WHAT IS MY DEADLINE FOR THESE GOALS?

 

**FOR GUARENTEED SUCCESS PUT YOUR ANSWERS TO THESE QUESTIONS IN WRITING AND PLACE THEM IN A VISIBLE PLACE EX. BATHROOM MIRROR**

 

CREATE A BUDGET

 

1. FIGURE OUT HOW MUCH YOU EARN, SPEND, AND SUBTRACT TO SEE HOW MUCH YOU HAVE
2. DETERMINE HOW MUCH YOU NEED TO SET ASIDE TO ACCOMPLISH YOUR GOAL
3. ESTABLISH HOW LONG IT WILL TAKE YOU TO REACH GOALS

SAVE

1. START BY CUTTING BACK ON UNECCESSARY SPENDING HABITS
2. CUT DOWN ON DEBT
3. COUPON

HUSTLE HARD

1. CREATE EXTRA CASH FLOW TO HELP YOU REACH GOALS FASTER
2. EXPLORE TALENTS FIND A WAY TO CAPITOLIZE OFF OF THEM
3. FIND A SIDE HUSTLE FIND A SECOND JOB FOR THE WEEKEND. EX. MYSTERY SHOPPING
4. SELL PERSONAL ITEMS YOU NO LONGER HAVE ANY USE FOR.

 

 

 

WANT TO RETIRE YOUNG & SMART? EARLY RETIRMENT PLANNING FOR THE HUSTLAZ!!!

 

YOU ARE NEVER TOO YOUNG TO BE THINKING ABOUT YOUR FUTURE MAINLY YOUR RETIRMENT. WHETHER YOUR PLANS ARE TO TRAVEL THE WORLD OR JUST TO ENJOY YOUR LIFE AND FINANCIAL FREEDOM THERE ARE IMPORTANT STEPS TO FOLLOW TO ENSURE A COMFORTABLE RETIREMENT FULL OF FINANCIAL FREEDOM. HUSTLE HARD AND FOLLOW THESE STEPS TO RETIREMENT PLANNING:

 

• DETERMINE YOUR NETWORTH IS THE FIRST STEP IN PLANNING FOR RETIREMENT. BY KNOWING HOW MUCH MONEY YOU CURRENTLY HAVE YOU WILL BE ABLE TO DETERMINE HOW MUCH MONEY YOU WILL NEED TO RETIRE. TO DETERMINE YOUR NETWORTH YOU WANT TO FIRST ADD UP ALL OF YOUR ASSETS (RETIREMENT ACCOUNTS, STOCKS, VALUE OF YOUR HOME, CASH, ETC) AND SUBTRACTING YOUR LIABILITIES (CAR LOANS, CREDIT CARD DEBT, MORTGAGE DEBT, ETC). IF YOU STILL HAVE THE SAME EXPENSES AS A RETIREE, YOU WILL NEED 85% OF YOUR PRE-RETIREMENT INCOME TO MAINTAIN YOUR CURRENT LIFESTYLE. *THE GOAL IS TO DECREASE YOU EXPENSES ENOUGH TO ONLY HAVE TO DEPEND ON 60% OF YOUR PRE-RETIREMENT INCOME.
• MAKE DEPOSITS INTO A TRADITIONAL OR ROTH INDIVIDUAL RETIRMENT ACCOUNT (IRA). IRA'S ARE A MUST HAVE AND MUST BE INCLUDED IN YOUR FINANCIAL PORTFOLIO MAKING THE MAXIMUM CONTRIBUTION INTO YOUR IRA WILL BE BENEFICIAL BOTH WITH TAXES AND ALSO WITH YOUR RETIREMENT FINANCES. AS OF 2013 THE MAXIMUM CONTRIBUTION YOU CAN MAKE TO A IRA OR ROTH IRA  IS $5,500.00 IF YOU ARE UNDER 50 YEARS OLD AND $6,500.00 IF YOU ARE 50 YEARS OR OLDER.

 

 

• PARTICPATE IN YOUR EMPLOYERS (401)K PROGRAM: A (401)K PLAN IS A QUALIFIED PROGRAM IN WHICH THE EMPLOYEE REQUEST THEIR EMPLOYER A PORTION OF THEIR WAGES TO THE PLAN.THE EMPLOYERS GENERALLY MATCH THE CONTRIBUTION UP TO 5%. FOR EVERY DOLLAR YOU PUT INTO YOUR PLAN YOUR EMPLOYER WILL PUT IN A DOLLAR.
• DETERMINE THE AMOUNT OF YEARS YOU HAVE BEFORE YOU CAN START WITHDRAWING FROM YOUR IRA OR (401)K: IF YOU PLAN ON RETIRING AT AGE 45 YOU WILL HAVE 14 1/2 YEARS BEFORE YOU CAN WITHDRAW FROM YOUR IRA.